Illinois Mortgage Approvals With As Little As 5% Down
While the local and national media outlets continue to report that you have to walk on water to get approved for a mortgage, banks and mortgage lenders are approving new Illinois home buyers with as little as 5% down. Of course, you will need to have OK credit (scores of 680 or higher) and a continuous source of income, but mortgage approval is not that difficult. As the Chicago area housing market slowly begins to improve, more mortgage programs serving the needs of first time buyers and move up buyers with limited down payment funds are being introduced.
Interest rates are still at historic lows for 30 year fixed rate Illinois mortgage loans. In addition, rates for 15 year fixed Chicago area mortgage loans are at new historic lows. Many homes in Illinois have fallen to the lowest prices in 10 years while rents throughout Illinois and greater Chicago continue to rise. Now may be the right time to purchase a new home in the suburbs of Chicago or a new condo or townhome in Chicago.
United Home Loans offers a variety of Illinois mortgage loans with down payments as little as 5% down. Some 5% down programs allow for no mortgage insurance as well. Of course prospective new homeowners in the greater Chicago area should closely evaluate their income, debts, and potential future expenses prior to deciding to purchase a new home.
United Home loans has been in business since April of 2002 and has closed over 9,000 mortgage loans, most in the greater Chicago area. We are a Better Business Bureau accredited company with an A+ rating. Please reach out to us with any questions you may have at (708) 531-8388. Start with a local lender.
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