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FHA Loan Requirements in Illinios

Real Estate Resource Home Loans based in Orland Park, Illinois is proud to provide you with the following post about FHA Loan Requirements, eligibility and limits.

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FHA Loan Requirements in Illinios

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  1. FHA Loan Requirements in Illinios

  2. Real Estate Resource Home Loans based in Orland Park, Illinois is proud to provide you with the following post about FHA Loan Requirements, eligibility and limits.

  3. Owning a home is a big part of the american dream whether you live in homer glen, palos park, orland park, tinley park, new lennox, chicago or anywhere in the chicagoland area. One method many first time home buyers use to finance their home purchase is an FHA (which stands for Federal Housing Administration but is part of HUD) loan.

  4. FHA loans are appealing because you can put as little as 3.5 percent of the purchase price as a down payment (for example if you were buying a $200,000 house with an FHA loan it would mean approximately $7,000 down).

  5. In today’s Illinois housing and real estate market an FHA loan is great option to fund the mortgage loan for first time home buyers. FHA loans are available on 1-4 unit properties but are also mobile homes and manufactured housing.

  6. If you are looking for a loan for one of those there are two loan products, one for those who own the land that the mobile home will be on and one for those located in a mobile home park.

  7. There are limits to FHA insured loans. In Cook county these are the loan limits for different programs.   A one family home with a FHA Forward loan the basic standard mortgage limit is $271,050.00. A one family home with an HECM (or Home Equity Conversion Mortgage) loan the basic standard mortgage limit is $625,500.00. A one family home with aFannie/Freddie loan the basic standard mortgage limit is $417,000.00.

  8. A one family home with a FHA Forward loan in a high cost mortgage area the limit is $625,500.00.   A one family home with an HECM (or Home Equity Conversion Mortgage) loan in a high cost mortgage area the limit is $$625,500.00. A one family home with aFannie/Freddie loan  in a high cost mortgage area the limit is $625,500.00.

  9. If the property has more than one unit then the loan limits are higher. These numbers are for the calendar year of 2015 but are subject to change so be sure to check with us for the latest accurate information.

  10. You can call us at 800-691-0057 during normal business hours. And you can always reach us on the web at http://www.rrhomeloans.com/ Illinois-Indiana Residential Mortgage Licensee Real Estate Resource Home Loans is an Equal Housing Lender NMLS # 178066 ♦ MB.0006710 ♦ DFI # 22934

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