Dennis Hardy

No and low down payment mortgage in Illinois: FHA, VA and USDA

It wasn't that long ago that just about anyone could obtain a Illinois mortgage until we reaped the consequences of easy credit market. Now the bar is so high that obtaining a conventional mortgage is a nearly impossible with less than perfect credit. Even with 20% down, if your middle credit score (middle of three) is below 740, you will not receive the best interest rate available.

Now, with government sponsored programs, such as FHA, VA and USDA Rural Housing, you can still obtain a Illinois home loan with a low or no down payment.

Illinois low or no money down programs:

Illinois FHA:
Up until late 2008 you could get an FHA loan with no down payment but due to the overwhelming popularity, the program has changed more in the last year, than it has in the last 30. Even so, FHA is a great program and still only requires a 3.5% down payment. Closing costs and prepaid items, such as homeowners insurance and tax escrows, can be paid for by the seller if it is written in the initial offer to purchase. The snag, there are loan amount limits. View Illinois's FHA loan limits on our website. You can also read other FHA program requirements and view our current FHA mortgage rates on our site www.MadisonMortgageguys.com.

Illinois VA:
For military veterans and current active duty members, this program is for you. You can view VA eligibility requirements online. The VA program requires no money down but closing costs and prepaid items will have to be paid our of pocket, unless you get a seller credit to pay for them. You can view VA program requirements and current VA mortgage rates on our website.

Once you obtain a VA loan, if refinancing makes sense to do, the VA streamline refinance program requires no appraisal and closing costs are less with a rate and term refinance. A VA cash out refinance will require a new appraisal.

The VA even has a jumbo VA program for loan amounts over the conventional loan limits. However, the VA jumbo program does require a down payment.

Illinois USDA:
The USDA rural housing program is by far one of my favorites. It also has the most restrictions. The first being that you must fall within USDA's income limits for the area you wish to purchase. You can view Illinois's USDA's income limits on our site. The second hurdle is USDA's eligible areas. There are pockets throughout Illinois where USDA will not let you use their loan program. Mostly larger cities such as Chicago or Cook County as a whole. You can view ineligible USDA areas by clicking on the county where you plan to purchase. If the county is un-clickable, then the entire county is eligible.

The reason this program is my favorite, is that there is no down payment required. If the house appraises for more than the purchase price, you can also roll in closing costs and prepaid items into the loan, up to 100% of the appraised value! There is no other program that allows you to do that. You can view detailed USDA program requirements and current USDA mortgage rates on our site.

To prequalify for an FHA, VA or USDA mortgage please contact me:

Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
http://www.MadisonMortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

View my other no down payment blog posts:

http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-mortgage-wisconsin-no-money-down-mortgage-loans/

http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-chicago-100-mortgage-home-loans/

http://www.madisonmortgageguys.com/blog/content/usda-rural-housing-mortgage-loans-in-illinois-and-wisconsin-no-money-down/

http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-first-time-home-buyer-loans-fha-va-and-rural-housing/

http://www.madisonmortgageguys.com/blogs_brian_collins/content/no-and-low-down-payment-mortgage-in-Illinois-fha-va-and-usda/

Illinois mortgage rates, Lyons, Markham, Melrose Park, Midlothian, Morton Grove, Mount Prospect VA, Niles, Norridge, Northbrook, Northfield, Oak Lawn, Orland Hills, Orland Park, Palatine, Palos Heights, Palos Hills, Palos Park, Park Ridge, Phoenix, Prospect Heights, Rolling Meadows, Rosemont, Schaumburg, Schiller Park, Skokie, Barrington, South Barrington, Streamwood, Tinley Park, Westchester, Western Springs, Wheeling, Willow Springs, Wilmette, Winnetka, Worth, Chicago, Arlington Heights, Bartlett, Brookfield, Buffalo Grove, Burnham, Country Club Hills, Countryside, Crestwood, Des Plaines, Elk Grove Village, Elmwood Park, Evanston, Chicago FHA, Flossmoor, Forest Park, Glencoe, Glenview, Glenwood, Hanover Park, Hickory Hills, No Down Payment Hoffman Estates, Indian Head Park, Inverness, La Grange, USDA Elmhurst, Northbrook, Shorewood, Bloomington Normal, Zion, Round Lake Beach, Grayslake, Gurnee, Waukegan, North Chicago, Libertyville, Mundelein, Lake Bluff, Wauconda, Cary, Lake Zurich, Deerfield, Lake Forest, Highwood, Vernon Hills, Highland Park, Roselle, Itasca, Wood Dale, Bloomingdale, West Chicago, No Money Down Carol Stream, Glendale Heights, Addison, Lombard, Glen Ellyn, Wheaton, Winfield, Highland Hills, Warrenville, Lisle, Naperville, Downers Grove, Oakbrook Terrace, Oak Brook, Hinsdale, Clarendon Hills, Westmont, Burr Ridge, Willowbrook, Daren, Woodridge, Franklin Park

If you are considering an Illinois home loan refinance, the first steps are to determine your short and long term goals and then to evaluate the different types of home refinance loan programs available. Refinance loans are available to obtain better interest rates and terms on your existing restaurant or cash out a portion of your equity in property.

Below you will find the most popular refinance programs offered by Inlanta Mortgage:

Conforming FHA:
Rate and term refinance
Cash out refinance
Debt consolidation refinance

FHA Refinance:
Rate and term FHA refinance
Cash out FHA refinance
Streamline FHA refinance (FHA to FHA)

VA Refinance:
Rate and term VA refinance
Cash out VA refinance
Interest Rate Reduction Refinance Loans (IRRRL) (VA to VA)

There are several reasons to refinance your home:

1. To lower the interest rate on your mortgage, reducing your monthly payments
2. To reduce the term or length of your loan
3. Consolidate your debt
4. To draw on the equity built up in the house to get cash for a major purchase, vacation, business venture etc.
5. Have an adjustable rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan

It is better to refinance if you can get an interest rate at least two percentage points lower than what you are currently paying. However, every situation is different. Most people would consider a savings of $100 or more a month to be worthwhile too. Here are some things to consider:

1. How much can I lower my current monthly payment?
2. How much will I pay in refinancing costs?
3. How much will I still owe on the house?
4. How much am I currently paying each month?
5. How much did I initially pay for the house?

There are other considerations, too, such as how long you plan to stay in the house. Most sources say that it takes at least three years to realize fully the savings from a lower interest rate, given the costs of the refinancing. Itemize all the expenses of the refinance and estimate your new monthly payments. Answering these questions can help you to decide if you should refinance. Visit our refinance calculator to find out how much you will save by refinancing your loan.

Illinois refinance and cash out refinance mortgage loans are available for condos, single-family homes, or multifamily buildings of up to four units. Cash out refinance loans provide the flexibility and variety so that individuals can meet a diverse range of needs, such as: obtaining cash for home improvements or major purchases paying off high interest rate debt (credit cards, auto loans, etc.). In addition to all of these features, cash out refinance loans may also be customized to allow the borrowers in special circumstances to use the proceeds of the refinance transaction to buy out the equity of a co-owner.

Illinois FHA refinance mortgage loans are also becoming increasingly popular among home owners trying to refinance out of subprime loans.
The FHA refinance loan is a great mortgage option for homeowners who want to tap into their home equity and use the funds for other personal needs.
An FHA refinance loan has to fit within the loan amount limits that the FHA sets for the county that you live in.

FHA streamline loans are only available to current FHA-insured homeowners who wish to reduce their monthly payments, however FHA refinance loans are also available to borrowers who have conventional or even subprime mortgages.

VA refinance loans offer veterans a great opportunity to refinance with no money down. VA cash out refinance loans are available for homes that are your principal residence and can be a refinance from a subprime, conventional or prior VA mortgage. If you currently have a VA mortgage and do not require cash out, then you may be eligible for a streamline VA refinance. These loans are also known as Interest Rate Reduction Refinance Loans (VA IRRRL) as these loans are designed to adjust the interest rate on VA home loans with limited documentation.

For additional refinance information visit out Refinance page on our website.

Inlanta Mortgage is your Illinois Mortgage Broker:

Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

http://www.madisonmortgageguys.com/blog/content/wisconsin-refinance-milwaukee-refinance-madison-refinance-cash-out-refinance/

http://www.madisonmortgageguys.com/blog/content/illinois-fha-refinance-wisconsin-fha-refinance-mortgage-loans/

http://www.madisonmortgageguys.com/blog/content/illinois-refinance-wisconsin-refinance-chicago-refinance-milwaukee-refinance-madison-refinance-cash-out-100/

http://www.madisonmortgageguys.com/blog/content/wisconsin-va-mortgage-loans-illinois-va-home-loans/

http://www.madisonmortgageguys.com/blog/content/illinois-refinance-mortgage-home-loans-chicago-refinance-illinois-cash-out-refinance-chicago-cash-out-refinance-to-100/

http://www.madisonmortgageguys.com/blog/content/illinois-and-wisconsin-fha-refinance-fha-cash-out-refinance-fha-streamline-va-irrrl-va-refinance-chicago-appleton-madison/

Illinois FHA Refinance, FHA Cash Out Refinance, FHA Streamline, VA IRRRL, VA Refinance: Chicago, Streamwood, Northbrook IL

Illinois first time home buyers returning to FHA loans: Chicago, Streamwood, Mount Prospect, Glenview and Vernon Hills

FHA mortgages are becoming popular again in Illinois! It's an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.

Blemished Credit History
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems.

The Illinois FHA Program applies to owner occupied properties and can be utilized multiple times:

• You can qualify for 1 to 6% credit toward: earnest money, application fees, mortgage insurance and tax credit
• There are minimal or no money down loans
• Any buyer not just the first time home buyer
• A co-mortgager or co-signer can be a non-occupant
• Interest rates are lower and are equal to or better than normal financing
• FHA can qualify for one to four unit properties and HUD approved condos
• There are NO reserve requirements (unlike conventional which requires 1or 2 month reserves)
• Gift funds are allowed for the entire down payment but must be a family member
• The maximum allowed amount for new FHA is $417,000.00 with a 3.5% down payment and mortgage insurance premium
• Only the VA and FHA loans are assumable (could be an advantage to either buyer or seller)

Illinois High Cost Areas:

$410,000 Loan Amount Limit
Cook County, DeKalb County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County and Will County

$339,250 Loan Amount Limit
Boone County and Winnebago County

$281,250 Loan Amount Limit
Bond County, Calhoun County, Clinton County, Jersey County, Macoupin County, Madison County, Monroe County and St. Clair County

The above loan limits are for single family homes. 2-4 family properties have different maximum loans amounts.

View the new premiums.

For more information on Illinois FHA refinance, FHA cash out refinance and FHA purchase loans please visit our Illinois FHA page.

Also view our other Government Loans including VA and Rural Housing: http://www.madisonmortgageguys.com/government_loans/index.htm

Inlanta Mortgage is your Illinois Mortgage Banker:

Dennis Hardy
Toll free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

FHA loan limit announcement: http://www.madisonmortgageguys.com/announcements/FHA_loan_limits.htm

FHA refinance information:
http://www.madisonmortgageguys.com/blog/content/chicago-fha-mortgage-loans-chicago-fha-refinance/

FHA spot loan approval checklist:
http://www.madisonmortgageguys.com/blog/content/fha-condo-spot-loan-approval-in-illinois-and-wisconsin-chicago-milwaukee-madison/

Illinois FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/chicago-fha-loans-illinois-fha-mortgage-home-loans-refinance/

Visit our FHA refinance blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-refinance-wisconsin-fha-refinance-mortgage-loans/

Visit our FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/

another blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-wisconsin-fha-chicago-fha-milwaukee-fha-madison-fha-mortgage-loans/

http://www.madisonmortgageguys.com/blog/content/fha-loans-in-illinois-and-wisconsin-including-chicago-fha-milwaukee-and-madison/

FHA mortgage loans in Illinois


http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm
First time home buyers mortgage in Illinois


no money down

http://wisconsinmortgageillinoismortgage.wordpress.com/2009/06/18/illinois-first-time-home-buyers-returning-to-fha-loans-chicago-streamwood-mount-prospect-glenview-and-vernon-hills/

No Money Down FHA VA Rural Housing in Chicago, Orland Hills, Elmhurst, Streamwood, Glenwood and Carol Stream Illinois


Illinois no money down loans are risky because you are starting off with no equity in the property. They are a colossal risk for the lender, therefore, any one that applies for one of these programs must have extensive documentation to prove their eligibility.

The three primary no money down mortgage solutions that we facilitate are USDA rural housing loans, FHA loans, and VA loans.

FHA, VA and USDA are also the best form of financing for Illinois no money down home mortgages.

Visit our no money down mortgage page for additional Illinois no money down program requirements.

Option 1: Illinois FHA Loans
Although this isn't a "No Money Down" option, the FHA loan is by far one of the best alternatives for people who want to buy a home and don't have much money to put down. With an FHA loan, you could put down as little as 3.5%. Plus, FHA loans are easier to qualify for.

Now, 3.5% may seem like a lot to come up with, but many people find that when they put their minds to it, 3.5% is actually possible. While you can't "borrow" the 3.5%, you can get a "gift" from a family member or borrow from your 401k.

FHA loans do have requirements and restrictions. Not all townhomes and condos qualify, and there is a maximum loan amount you can get based on where you purchase. FHA is the way to go if you've got the 3.5%..

Option 2: Illinois USDA and VA Loan Programs
The USDA and VA loan programs offer full 100% financing right now that will also allow the seller to pay all your closing costs.
The USDA loan is primarily used to help low/moderate-income families and individuals purchase homes in "rural" areas. View current income limits (PDF) and ineligible areas in Illinois
.

The VA offers no money down financing to most veterans depending on length of service. The seller or builder can pay all your closing costs and you have a low monthly payment.

View additional VA Program requirements and Rural Housing Program requirements on our site.

Option 3: Lease-To-Own
With a lease-to-own, you essentially lease a home, but make larger payments in order to begin accumulating a down payment. For example, if a house would normally lease for $900, you might lease it for $1,100/month, with $200/month going into a special account. At the end of a specified period (usually 12-36 months), you buy the home using the money in that special account as your down payment. However, if you decide somewhere along the line not to purchase the home, all of the money in the special account then goes to the seller.

Think of this option as renting with a forced savings account. If you can find someone willing to do this, it's not a bad option. However, most people who are selling their homes need their money out of it in order to buy their next home, so finding someone who is willing to lease to you may prove more difficult.

If you'd like to know more about your financing options give me a call or send me an email.

Dennis Hardy
Toll free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

Recent Illinois no down payment blog posts:

http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-mortgage-wisconsin-no-money-down-mortgage-loans/

http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-wisconsin-no-money-down-mortgage-loans/

http://www.madisonmortgageguys.com/blog/content/usda-rural-housing-mortgage-loans-in-illinois-and-wisconsin-no-money-down/

http://www.madisonmortgageguys.com/blog/content/how-to-get-a-no-money-down-fha-loan-in-wisconsin-and-illinois/

http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-first-time-home-buyer-loans-fha-va-and-rural-housing/

FHA, VA and Rural Housing Loans in Chicago, Waukegan, Naperville, Joliet, Schaumburg, Arlington Heights, Northbrook, Mount Prospect and Glenview Illinois

Illinois no down payment home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. Inlanta Mortgage offers three mortgage programs still available with no money down 100% financing for all Illinois residents:

• FHA Loans
• VA Loans
• Rural Housing Loans

Illinois FHA Loans:

FHA loans are federally insured loans that allow buyers who have little or no credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments. FHA home loans are also available for first time buyers. FHA Loans are assumable and streamline refinancing to lower the interest rate is available.

Illinois VA Loans:

VA loans continue to be eligible for 100% financing, of course only those few borrowers with a VA Certificate of Eligibility are able to qualify for this loan. In addition to no down payment, VA home loans have the added benefit of not requiring PMI or private mortgage insurance. VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA loans offer up to 100% financing on the value of a home.

Illinois Rural Housing Loans:

Rural home loans are optimal for firs time homeowners in approved Rural Housing Service areas. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The Guarantee Rural Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs, prepaids and lender required repairs can be rolled into the loan amount up to 100% of the appraised value (not the purchase price).

A no money down mortgage loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment.

Visit our website at http://www.madisonmortgageguys.com for additional No money down FHA, VA and Rural Housing loan program information.

Dennis Hardy
Toll free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.MadisonMortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

Recent Chicago no down payment blog posts:

Visit my rural housing blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-and-illinois-rural-housing-mortgage-loans/
Visit my VA loan blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-va-mortgage-loans-illinois-va-home-loans/
Visit my FHA mortgage blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/
Visit my no money down blog post at http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-wisconsin-no-money-down-mortgage-loans/

FHA page:
http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm

VA page:
http://www.madisonmortgageguys.com/va.htm

Jumbo VA page:
http://www.madisonmortgageguys.com/wisconsin_jumbo_va_illinois_jumbo_va_loans/index.htm

Rural Housing page:
http://www.madisonmortgageguys.com/government_loans/rural_housing/index.htm

Government Loans page:
http://www.madisonmortgageguys.com/government_loans/index.htm

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