FHA mortgage loans are an excellent source of financing in the State of Illinois. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. FHA financing also allows gift funds as the down payment for purchase money transactions. Contact your mortgage professional at 1-800-999-2489 x7972 or via e-mail at mbyrne@gfhomeloans.com.FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.
If you own a mobile or manufactured home on a permanent foundation in the State of Illinois you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.
The maximum loan amount for FHA Loans in Illinois varies by County. As of 4/2007 the single family loan limit in Illinois ranges from $200,160 in most Counties to $275,200 in Cook, Dupage, Grundy, Kane, and Lake Counties. Mult-family homes have higher loan limits. Consult with your mortgage professional at 1-800-999-2489 x7972 for details.
