Need an Arlington Heights mortgage specialist?
Whether you are buying or refinance a single family home, a townhouse or a condo, or a 2-4 unit property, you have options.
What options you have depends on whether you are buying or refinancing your primary residence, a second home or an investment property. It also depends on the amount of your down payment, your credit and employment history and the condition of the property that interests you.
Arlington Heights Mortgages: Options
Arlington Mortgage Specialist
I am an Arlington mortgage specialist because I help people in Arlington Heights get home loans. Here are some of the mortgage options available:
FHA loans are a popular option because they allow high LTV’s (loan-to-value ratios) and are easier to qualify for than conventional loans.
You can use them to buy or refinance any 1-4 unit property, as long as one of the borrowers uses it as their primary residence. Their main attraction is the low interest rates, They are for properties that are ready-to move in, homes that need remodeling and repairs, or to build a brand new one.
Conventional loans are for people who do not have no credit issues or employment gaps. Unlike FHA loans, they do not come with upfront mortgage insurance. In addition, borrowers can cancel the the monthly insurance premiums can be cancelled once they have 20% equity. Also, borrowers, they are not restricted to primary residences. Investment properties and second homes are a good fit too.
Like FHA loans, you can buy or refinance any 1-4 unit property. Or to remodel or build a brand-new 1-4 unit property.
Conventional loans come in two large groups: qualified mortgages and not-qualified mortgages.
The first group has strict rules that were put in place after the 2008 mortgage meltdown. The second group does not abide by those rules.
Among the most common non-qm loans are the no-income verification loans (cash flow and asset-based), bank statement-qualifying and jumbo. ITIN loans are also non-qm’s.
Did you notice that the above includes no-income verification loans?
They are loans for investment properties and for people who do not get wages.
See all the areas the Chicago Mortgage Broker covers.