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SERVING CHICAGO AND "MOST POPULAR" WEST SUBURBS !
BROOKFIELD - LA GRANGE - LA GRANGE PARK - RIVERSIDE - LYONS - HINSDALE - CLARENDON HILLS - LOMBARD - ELMHURST - GLEN ELLYN - LEMONT - OAK PARK - RIVER FOREST - ROMEOVILLE - WILLOWBROOK - DOWNERS GROVE - DARIEN - COUNTRYSIDE - WESTCHESTER - WILLOW SPRINGS - WESTERN SPRINGS - WOODRIDGE - BARTLETT
& NEAR NORTH SHORE: SOUTH LOOP- RIVER NORTH - STREETERVILLE - GOLD COAST - LINCOLN PARK - KENILWORTH - WILMETTE - WINNETKA - HIGHLAND PARK - EVANSTON
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Use our calculators to help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.
Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link.
For pre-qualification and to find out what you can afford call me at 708/369-8094 and I can refer you a professional home loan specialist to help you.
There are many types of loans, conventional, FHA, ARM, VA and making the right choice depends on your situation.
REAL ESTATE TERMS, LOAN TERMS AND GLOSSARY. Click home loans to learn more about different home loans and the home buying process.
Check out the latest news from the Mortgage Bankers Association.
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MY TOP PICKS FOR EXPERIENCED MORTGAGE PROFESSIONALS:
Contact Margaret Kapolka at Northwest Mortgage 773/586-6400 - ARCHER HEIGHTS
The Mortgage Advisor Greg Zaccagni 630/480-0876
Norman Stein at Landmark Financial 630/842-5947
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James P. Burke BANK OF AMERICA: 630/241-6457
Government Loans
At Bank of America, we offer special loan programs to make it easier for home buyers who may have limited savings to qualify for a loan. Government loans are available for first-time and low- to moderate-income home buyers and often offer easier loan qualification than conventional loans.
The perfect mortgage solution for veterans is a VA loan. For first-time and repeat buyers, these loans offer:
- No down payment – 100% of the sales price and VA funding fee (if applicable) can be financed up to 100% of conforming loan limits, $417,000 currently, depending on eligibility.
- Less cash needed – closing costs and pre-paids can be financed from a gift, grant, down payment assistance program, installment loan or seller contributions.
- Flexible guidelines – veterans can qualify with more debt than most conventional home loans allow.
- More purchasing power – 41% single qualifying ratio; adjustments available under family support guidelines based on family size.
- Streamlined processing – less documentation and automated underwriting for fast approvals.
FHA loans provide many benefits; including less out-of-pocket cash required from the borrower:
- Minimal cash needed – Just a 3% minimum investment that can come from a variety of sources.
- 2/1 buydown option – customers must qualify at Note rate.
- Alternative credit references acceptable – utility payment history, insurance premiums.
· Increased loan limits: FHA has increased the maximum loan limits determined by median house prices for that area and will vary from county to county.
- Reduced appraisal requirements: FHA permits an “as-is” appraisal for existing properties and eliminates required inspections for wood destroying insects/organism, a water well (individual water system), and for a flat roof when certain conditions are met (See Bank of America for details).
- Expanded loan products: Fixed rate and FHA Hybrid adjustable rate mortgage (ARMs).
Streamlined refinancing: Less documentation and automated underwriting for faster approvals.
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