Tuesday, June 11, 2013

Buy a Home in Illinois with Only 5% Down – With a Conventional Mortgage!

There are many myths about buying a home that are just that, myths! Most people assume you cannot buy a home without a 20% down payment unless you use an FHA or VA mortgage. That is entirely untrue! In fact, there are several options available for both conforming and jumbo loans that allow for less than 20% down.

You can put as little as 5% down and still have a conventional 30-year fixed mortgage. With the lesser down payment comes mortgage insurance, but there are still options to avoid this extra expense.

Even so, mortgage insurance for conventional loans is cheaper than FHA loans and it goes away once you have 20% equity in your home! As of June 3, 2013, FHA mortgage loans no longer allow borrowers to cancel their mortgage insurance. This change will lead to an additional expense of up to $100,000 for FHA borrowers on a $300,000 loan, compared to those with a conventional mortgage.

United Home Loans has a team of experienced mortgage bankers that specialize in advising first time homebuyers. The loan process is unique for every borrower and we do our best to accommodate the needs of our clients while still keeping their best interests at heart.

For Illinois home buyers, getting pre-approved is the first step in the home financing process. Find out how much you can get pre-approved for by trying our new pre-approval calculator. Our calculator will give you an instant number and takes only 30 seconds to complete, no social security number required!

United Home Loans provides Illinois mortgage loans in addition to mortgages in Indiana, Michigan, Minnesota and Wisconsin. Check out our rates below and call us with any mortgage related questions at (708) 531-8388.


Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of June 11, 2013 3.950%/3.960 APR
IL 15 Year Fixed mortgage as of June 11, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more IL mortgage rates


Indiana Mortgage Rates
IN 30 Year Fixed mortgage as of June 11, 2013 3.950%/3.960 APR
IN 15 Year Fixed mortgage as of June 11, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more IL mortgage rates


Michigan Mortgage Rates
MI 30 Year Fixed mortgage as of June 11, 2013 3.950%/3.960 APR
MI 15 Year Fixed mortgage as of June 11, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more MI mortgage rates

Minnesota Mortgage Rates
MN 30 Year Fixed mortgage as of June 11, 2013 3.950%/3.960 APR
MN 15 Year Fixed mortgage as of June 11, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more MN mortgage rates

Wisconsin Mortgage Rates
WI 30 Year Fixed mortgage as of June 11, 2013 3.950%/3.960 APR
WI 15 Year Fixed mortgage as of June 11, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more WI mortgage rates


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