Contact me with any mortgage questions.
I am happy to help!
Being a mortgage broker, I am able to help you check for the best possible interest rates from different lenders.
Whether you are ready to apply for a mortgage or just looking for an advice, I am always here to guide you in the right direction, so that YOU are happy and confident when making one of the biggest decisions in your life.
Useful links to check when applying for a mortgage loan:
What is a mortgage? https://www.investopedia.com/terms/m/mortgage.asp
Interest Rate Calculator: https://www.calculator.net/interest-rate-calculator.html
Loan types comparison: https://www.consumerfinance.gov/owning-a-home/loan-options/
Current interest rates on IL market: https://www.bankrate.com/illinois/mortgage-rates.aspx
Loan types
Everything you need to know about loan types:
Conventional
*Maximum loan amount $484,350
*Fixed and Adjustable Rate Mortgage (ARM)
*3% down payment
*No Private Mortgage Insurance (PMI) with 80% loan-to-value (LTV)
*No up-front PMI
*Gift funds are acceptable
*Home Ready / Home Possible programs (*income limits)
FHA - government loan
*Down payment at 3.5%
*Lower interest rates than Conventional loans
*Lower credit scores accepted
*Reserve funds are not required
*Maximum seller concession is 6%
*Gift funds are acceptable
*No income limits
Homestyle Renovation
*Kitchen/bathroom renovation
*New addition
*New flooring
*1-4 unit properties
*Condominiums (internal repairs only)
*Townhomes (internal repairs only)
*Eligible occupancy types: Primary, Secondary, Investment
*Minimum down-payment at 3%
VA Loans
* $0 down payment
*Minimum credit score 580
*Maximum loan amount $453,100
*Maximum seller concession at 4%
*Gift funds are acceptable
*No income limits
Limited 203K
*Kitchen/bathroom renovation
*New addition
*New flooring
*1-4 unit properties
*Minimum down-payment at 3.5%
*Condominiums (internal repairs only)
*Townhomes (internal repairs only)
*Eligible occupancy types: Primary, Secondary, Investment
FHA - 203K
*New addition
*Mechanical systems upgrade
Interior update
*Minimum down-payment at 3.5%
*1-4 unit properties
*Condominiums (internal repairs only)
*Townhomes (internal repairs only)
*Eligible occupancy types: Primary ONLY
WHAT TO BRING WITH YOU FOR A MORTGAGE CONSULTATION:
*Most recent two years of personal tax returns (business-if any)
*Most recent two years of W2 forms
*Most recent paycheck
*Most recent bank statement (includes any retirement and investment accounts)
*Photo identification
*Current mortgage statements (if any)