Mortgage Loans for First Time Home Buyers in Illinois
Contrary to popular belief, today is a fantastic time to apply for a first time buyer mortgage loan. With home prices still substantially below previous highs and mortgage interest rates still near historic lows, today remains one of the most affordable times in recent history to purchase your first home.
Home buyers in Illinois have a variety of loan programs to choose from. An Illinois FHA mortgage loan allows a home buyer to purchase a new home up to a sales price of $425,000 with only 3.5% needed for a down payment. FHA mortgages are more flexible on credit score requirements as well as debt to income qualifying ratios. In addition, Illinois home buyers can receive a gift for their entire down payment and still qualify for an FHA mortgage loan.
Illinois conventional loans enable potential purchasers to buy a new home up to a sales price of $439,000 with only 5% down. Conventional loans offer a wide variety of mortgage insurance options that are much more affordable than in years past. While you may not need perfect credit to qualify for a conventional loan in Illinois you will probably need a credit score of 680 or higher to be approved with only 5% down.
For rate and payment quotes for any Illinois mortgage loan please contact United Home Loans today at (708) 531-8388 and speak to one of our mortgage bankers.