Illinois FHA Mortgage Loans
An Illinois FHA mortgage loan has many advantages to home buyers. Maybe you don’t want to use up all of your savings by making a down payment on a home; an FHA mortgage would be a great option for you. FHA mortgage loans only require you to make a down payment of 3.5% of your homes purchase price.
As with conventional loans, if you make less than a 20% down payment on your home, you will be required to have mortgage insurance. Mortgage insurance for FHA loans however, is typically higher than for conventional loans.
If you find yourself with less than perfect credit, an FHA loan may be the right choice for you. Unlike conventional home loans, FHA loans typically offer the same interest rates to all borrowers. FHA loans gives credit challenged home buyers the chance to qualify for interest rates which they may otherwise not be able to qualify for. You may also qualify for an FHA mortgage in Illinois with higher debt ratios then for a conventional loan.
If you are in the market for an FHA loan in Illinois give United Home Loans a call. A qualified mortgage banker will be more than happy to discuss your FHA loan possibilities and answer any other questions you may have.