FHA

FHA, also known as the Federal Housing Administration, operates under the control of the Department of Housing and Urban Development (HUD) and has the primary responsibility for administering the government home loan insurance program. This program allows buyers who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by the FHA. The most popular FHA home loan program nationwide only requires a minimum of 3.5% from the borrower and permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency. The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing.

If you qualify, a FHA loan might be just what you need to purchase your first home and open a new door in your life.

Benefits of a FHA loan include:

•    The Federal Housing Administration insures the loan, which makes taking out a loan affordable and easy for many borrowers that qualify.
•    The FHA loan is made to make getting a loan for a new home as easy as possible.
•    The requirements for the FHA loan are broad which will help your client get a loan.
•    Borrowers need only 3.5% of the house pricing as a down payment.
•    The 3.5% can be gifted funds.
•    Those who qualify may receive a higher amount than with non-Government programs.

FHA Loan Limits for Chicagoland:

•    One Family Home - $410,000
•    Two Family Home - $524,850
•    Three Family Home - $634,450
•    Four Family Home - $788,450

Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Wintrust Mortgage Corporation, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you.

Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.