When searching for mortgage loans in Chicago, it is important to realize that there is more than one type of loan available. If one loan type doesn’t fit you, then it is possible that another loan will. The trick is to know what those mortgages types are and how they can help you get your home. With that in mind, read on below for a few of the different types of mortgage loans available to you.
Conventional Mortgage Loans
There are many conventional home mortgage loans in Chicago that offer competitive rates to potential homeowners. While these do have competitive interest rates, they do require fair to good credit and documentation is required.
FHA Mortgage Loans
This program is designed for first-time home buyers who have less than stellar credit. It allows the first-time buyer to put down a lower down payment on their home. The seller can also contribute up to 6 percent of the price of purchasing the home to the buyer upon closing on the house.
Home Possible Mortgage Loans
Home possible mortgage loans make it possible for you to buy the home of your dreams with flexible credit terms. They also offer low down payment options, which make buying a home affordable and easier to do for many potential buyers.
Home Ready Mortgage Loans
A home ready mortgage loan is perfect for the homebuyer of today. They offer expanded eligibility to buy homes in areas that are struck by disaster, minority or low income areas that are designated in their area.
These are just a few of the types of mortgage loans available to you when you start searching for your dream home. For more information and to fill out an application, contact the professionals at Inlanta Mortgage for help.