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Government Insured Mortgage Loans in Illinois, Wisconsin, Minnesota and Florida

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Government Loans

If you are looking to make a low down payment or if you are a veteran, the government may be able to help you with a Wisconsin, Illinois, Minnesota or Florida purchase or refinance!

Check out these great programs:


FHA Mortgage Home Loans -
up to 100% Financing with Gift Funds (otherwise 3.5% down payment)
FHA loans are loans insured by the Department of Housing and Urban Development (HUD). They are available to all qualified buyers,
but are subject to maximum mortgage limits for each county. The loans offer low down payment options, flexibility and charge less for mortgage insurance premiums (MIP) compared to a conventional loan. More...

FHA 203k Streamline Loans - The 203k program has been the primary tool of the Federal Housing Administration (FHA) for providing insured mortgages for the purchase or refinance of single family properties (one to four units) in need of major rehabilitation. But what if a smaller scale of repairs is required? More...

FHA Reverse Mortgages - If you are like most seniors today, you are finding it more difficult to live on a fixed income when the cost of living is anything but fixed. Energy, gasoline, medical costs, food, rising taxes - all these increases are robbing your retirement of its' value. Nationally most seniors obtain Reverse Mortgage to get rid of their mortgage payment. More...

Federal and State VA Mortgage Loans
No down payment is required (Illinois, Minnesota, Florida and Wisconsin federal only. Wisconsin State VA loans require 5% down), but buyers have to be qualified veterans of military service. VA mortgage Loans are typically fixed-rate loans guaranteed by the US Department of Veterans Affairs for the purpose of making housing affordable to eligible US veterans. More...

USDA Rural Housing Single Family Guaranteed Mortgage Loans
The Guaranteed Rural Housing (GRH) loan program provides moderate income families with access to affordable home ownership in eligible rural areas. We provide home purchase financing requiring no down payment and can finance loan closing costs and repairs up to the property's appraised value. More...

 

 

 

Recent Government loan posts on our blog:

Low and No Down Payment Loans Still Exist: FHA and USDA Rural Housing Most Popular

If you have worked at the same place for the past two years, paid your rent and other bills on time and have an average credit rating, you can become a homeowner. Having a down payment equal to 10% of the sales price is just not necessary in every case.

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Property Condition Information for FHA, VA and USDA Loans

When purchasing a home with one of these loan programs its important to understand that a lender is taking higher risk because of the lack of down payment. They are going to be a little more strict on the condition of the property being purchased. When we take your application for this type of loan we will ask questions to you and your realtor to make sure the property is eligible. The bottom line is that lenders do not want to finance a property that has major issues that could cause the borrower financial strain. It greatly increases the chance of them defaulting on the loan or walking away from the property all together if problems arise.

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Types of FHA Mortgage Loans

FHA 203(B):
The most popular FHA program is the 203b. The 203b is for 1-4 unit owner occupied purchase and refinance transactions. The reason for its popularity is the low down payment requirement (currently 3.5% of the purchase price) and the increased temporary maximum loan limits. You can search loan limits for your area here.

FHA 234(C):
The 203c is the same program as the 203b except this program is for condos only.

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No Money Down 100% Mortgage Loans

Illinois 100% financing no money down mortgages have become a popular choice for financing a home. With recent changes in the mortgage industry the fico score requirement has increased and loan to values have decreased.

No Money Down Mortgage loans are a colossal risk for the lender, therefore, any borrower that applies for one of these programs must have extensive documentation to prove their eligibility for this mortgage program.

There are Illinois mortgage programs offered with no money down but you are going to be limited to FHA mortgage (now requires 3.5%), VA mortgage, Rural Housing mortgage loans and some refinance and cash out refinance mortgage programs.

We are your local Illinois no money down mortgage banker. No down payment loans are available in Illinois including Chicago,
Waukegan, Naperville, Arlington Heights, Carol Stream, Mount Prospect, Mundelein and Glenview. Contact us for questions or additional information

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No Down Payment FHA Loans

You can purchase a Wisconsin or Illinois home with no down payment. We have great FHA mortgage rates that can make you a homeowner today! We work with down payment assistance programs that can get you into a home with no money down.

Whether you are located in Wisconsin or Illinois we are here to help you obtain your no down payment FHA mortgage loan purchase or refinance at the best rate possible.

View our FHA condo spot loan article. Learn how you can purchase a condo not on the FHA approved list and still use FHA financing. With so many condos on the market in Chicago and any where in Illinois and Wisconsin, FHA spot loan approvals are becoming crucial in obtaining flexible financing with little money down especially in Chicago and Milwaukee.

FHA down payment going up to 3.5% effective January 1, 2009

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