Loan Options
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FHA Loans are not just for first-time buyers. Get the truth on FHA Loans and enjoy 3.5% down and easy approval. Call us if you’re unsure if an FHA Loan is best for you.
- Qualify with a down payment as low as 3.5%
- Easy loan qualification
- Marginal credit acceptable
- Expert FHA advice
- Quick approval and closing complete within 30 days
What Does FHA Stand For?
Federal Housing Administration; FHA is part of HUD, which stands for the Department of Housing and Development (we love our acronyms in the mortgage industry!)
What Is The Loan Limit?
The current FHA loan limit for a single-family house or condo is $365,700. For a complete list of loan limits for FHA loans in the greater Chicago market for 2, 3 and 4-unit properties, click here.
How Does FHA Mortgage Insurance Work?
FHA requires a two-part mortgage insurance structure with an upfront premium and an annual premium which cannot be cancelled. The upfront mortgage insurance premium (UFMIP) is 1.75% of the loan amount and the annual premium is .85% for 30 year FHA loans with less than 5% down. Click here for a detailed chart of mortgage insurance premiums for different FHA loan types.
Learn More About FHA Loans
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