These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer. FHA loans are designed to benefit first-time homebuyers and buyers with less than perfect credit and not a lot of money to put down. FHA loan limits vary by county. If you are a veteran or a current member of the U.S. military, you can apply for a VA Loan, which currently offers up to 100% home financing.
Thank you for your service! Curious about refinancing your home in Illinois? Rates are historically low and now may be the right time to start saving money every month! Not sure how much of a home you can afford? You get to choose the ideal layout for your family's needs, and have a say in each and every design element. However, the process may also be daunting if you've never done it before.
Here are the pros and cons of building a house, . Old houses tend to cost less than modern builds. Additionally, if you're the type of person who appreciates the nostalgic appeal and charm of an older home, then this will be a gratifying choice for you.
Thank you for your service! Curious about refinancing your home in Illinois? Rates are historically low and now may be the right time to start saving money every month! Not sure how much of a home you can afford? You get to choose the ideal layout for your family's needs, and have a say in each and every design element. However, the process may also be daunting if you've never done it before.
Here are the pros and cons of building a house, . Old houses tend to cost less than modern builds. Additionally, if you're the type of person who appreciates the nostalgic appeal and charm of an older home, then this will be a gratifying choice for you.
Services
Over the past 25 years I have had the privilege of helping thousands of clients achieve their goal of home ownership.
In 1996 I started MBLO Funding with the goal of making the mortgage process both simple and transparent.
I understand that buying a home or refinancing a home is an emotional time and that no two loans are alike.
Everyone's situation is different.
My primary focus is to provide you with a simple process that is easy to understand and offers you the lowest rate possible without all of the lender fees.
In 1996 I started MBLO Funding with the goal of making the mortgage process both simple and transparent.
I understand that buying a home or refinancing a home is an emotional time and that no two loans are alike.
Everyone's situation is different.
My primary focus is to provide you with a simple process that is easy to understand and offers you the lowest rate possible without all of the lender fees.
A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government.
A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac.
It may have either a fixed or adjustable rate.
The maximum limit for a conforming loan depends on the county and state you live in.
Conventional loans can be either Fixed or an adjustable rate.
Fixed-rate mortgages have a set interest rate for the entire length of the mortgage term which can be between 10 and 30 years.
A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac.
It may have either a fixed or adjustable rate.
The maximum limit for a conforming loan depends on the county and state you live in.
Conventional loans can be either Fixed or an adjustable rate.
Fixed-rate mortgages have a set interest rate for the entire length of the mortgage term which can be between 10 and 30 years.
The FHA (Federal Housing Administration) home loan is one of several government-insured loans.
The FHA doesn't lend money directly to home buyers; they insure lenders against losses that may occur from client default.
Because of this, lenders have less strict requirements for borrowers.
One of the features borrowers enjoy the most is the low minimum down payment, which is typically less than the requirements for a conventional loan.
Additionally, your closing costs may be lower than a conventional loan.
The FHA doesn't lend money directly to home buyers; they insure lenders against losses that may occur from client default.
Because of this, lenders have less strict requirements for borrowers.
One of the features borrowers enjoy the most is the low minimum down payment, which is typically less than the requirements for a conventional loan.
Additionally, your closing costs may be lower than a conventional loan.
Fixed-rate mortgages are probably the most common type of mortgage.
You are able to lock into a set interest rate which results in monthly mortgage payments that remain the same for the entire life of the loan.
A fixed-rate mortgage (FRM) is a type of mortgage with a specific rate term.
A fixed-rate mortgage has a fixed interest rate for the entire length of the mortgage term.
These mortgages are typically available in 5 year increments between 10 and 30 year terms.
The 30-year fixed rate mortgage is the most common type of mortgage people take out.
You are able to lock into a set interest rate which results in monthly mortgage payments that remain the same for the entire life of the loan.
A fixed-rate mortgage (FRM) is a type of mortgage with a specific rate term.
A fixed-rate mortgage has a fixed interest rate for the entire length of the mortgage term.
These mortgages are typically available in 5 year increments between 10 and 30 year terms.
The 30-year fixed rate mortgage is the most common type of mortgage people take out.
If you're looking to buy an expensive home and need a large loan amount, a Jumbo Mortgage could be the right option for you.
Jumbo Mortgages exceed the conforming limit on loans set by Fannie Mae and Freddie Mac.
In most states, the conforming limit is around $453,100, but varies by location.
Other areas that are specified to have a higher cost of living have a higher conforming limit of about $679,650.
If you are looking to purchase a home and would like a loan amount greater than the conforming limit for your area, it's likely that you will want to apply for a Jumbo Mortgage.
Jumbo Mortgages exceed the conforming limit on loans set by Fannie Mae and Freddie Mac.
In most states, the conforming limit is around $453,100, but varies by location.
Other areas that are specified to have a higher cost of living have a higher conforming limit of about $679,650.
If you are looking to purchase a home and would like a loan amount greater than the conforming limit for your area, it's likely that you will want to apply for a Jumbo Mortgage.
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