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 or Illinois no money down 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...
Federal and State VA
Mortgage Loans - 100% Financing
No down payment is required (Illinois and Wisconsin federal only.
Wisconsin State VA loans require 5% down), but buyers have to be
qualified veterans of military service. Wisconsin and Illinois 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...
Rural Housing
Single Family Guaranteed Mortgage Loans -
100% Financing plus up to appraised value for closing costs and
escrows (pre-paids)
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 loans posts on our blog:
Types of FHA Mortgage Loans
October 26, 2009
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.
Read the rest of this entry »
No Money Down 100% Mortgage Loans
May 11th, 2009
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
Read the rest of this entry »
No Down Payment FHA Loans
August 6th, 2008
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
Read the rest of this entry »
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