Search Results for: chicago-condos

What are Non-Warrantable Condos vs a Warrantable Condo Mortgage

What are Non-Warrantable Condos vs a Warrantable Condo Mortgage

Before you consider buying a condo, it is important to find out if the condo has been approved by Fannie Mae or Freddie Mac, if you are going to use a conventional loan. If you are using a government-insured loan from the FHA, VA, or USDA, the condo project has to be approved by their requirements.

Northbrook

Along the shore of Lake Michigan, and north of Chicago, lies the town of Northbrook. The town receives its name from the Chicago River’s Northern branch that cuts through the town. Northbrook is a part of the wealthier suburbs of Chicago that are collectively called North Shore. Population and Number of Homes The most recent […]

FHA Condo Spot Loan Approvals

FHA Condo Spot Loan Approvals

Back in 2010 FHA changed its rules for offering loans on condo units. The rules became so strict that a large number of condos across the country would not qualify for an FHA loan. Thankfully, changes are here. As of October 15, 2019, FHA will allow financing on a single-unit approved condominium project purchase. The […]

FHA Mortgage

FHA Mortgage Loans

For many potential home buyers, the FHA mortgage is a fundamental part of their buying strategy. This particular mortgage has been a staple program for multiple generations and has helped numerous people realize the dream of owning a home. FHA Mortgage Requirements FHA, an acronym for Federal Housing Administration, does not directly offer loans. Instead, […]

Buffalo Grove

Buffalo Grove is one of the many Chicago suburbs. Classified as a village, Buffalo Grove is located across two counties, Lake and Cook. Buffalo Creek runs through the village, deriving its name from the bison that were commonly seen by Potawatomi Native American tribe. The bison also frequented the grove near the creek, lending the […]

DSCR Loans: Debt Service Coverage Ratio Mortgage Guidelines

DSCR Loans: Debt Service Coverage Ratio Mortgage Guidelines

If you want to use rental income to help finance an investment property, a debt service coverage ratio (DSCR) mortgage could meet your requirements. The cash flow from the property can be used to qualify for the loan without needing to provide additional income documentation, such as tax returns. But is a DSCR loan right […]

Michigan USDA Mortgage Requirements

Michigan USDA Loan Requirements and Guidelines

USDA Rural Development Mortgage When you are choosing which loan program is right for you, you might not consider the USDA. As this program is designed for homes in rural areas, you might not think it is suitable for your situation. However, the majority of Michigan should be covered and this type of loan offers […]

2024 FHA Loan Limit in Illinois by County

Illinois FHA Loan Limits

Saving for a down payment can hold you back from purchasing a home. But with the Illinois FHA program, you can purchase a home with as little as 3.5 percent down, making saving for the down payment a little easier. You might have money saved in your checking or savings accounts, but family members can also […]

USDA Rural Housing Income Limits

USDA Rural Housing Income Limits

A USDA loan is a great way to buy a house. The ability to borrow up to the home’s value at interest rates that are competitive with FHA and conventional loans makes this a great option for first-time home buyers. There are also new USDA income limits that make the USDA mortgage even better in […]