Everything depends on credit - and Lenders look at your middle credit score. First time home buyers programs are out there for you, and the interest rates are awsome.....The things to decide is how much you want to spend, what you can afford on a mortgage payment, income, your debit to income ratio.
When you check with a realitor & Mortgage Broker - make sure they understand the Illinois Process and are able to do Illinois loans.
VA Loan Information: Visit the home page of the VA.
The Illinois has increased their loan limits! The maximum loan amount in most cases is $417,000. The Illinois also offers some advantages over conventional loans:
Other benefits of a Illinois Loan:
1. No Down Payment required at closing
2. Lower closing costs than conventional loans
3. No prepayment penalty if you pay off your Illinois loan early
4. No monthly Private Mortgage Insurance payment
5. The lender is willing to negotiate your interest rate
GOING TO THIS SITE, IS A MUST:
ON THE HOME LOAN: THERE ARE Pamphlets on the Illinois Home Loan Program
When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you...
If you have the Illinois option, use the the 1st home owner loan. It will leave you the option of using the Illinois loan later.
You can use the Illinois loan for a vacation home or income property.
They have a loan called the Neimiah grant (or something like that) that pays closing costs and everything. Its a 100% percent loan for first time home owners
If your va loan would be cheaper i would not even consider another. As I understand it you choose the lending institution, and the va basically gurantees your loan. They act as your co-signer, and assume your note in case of default.
As low as rates have been I was thinking a private company loan was just as cheap.
But at any rate you'll still get credit for having a loan regardless of who gives it. It builds your credit any way you get it.
Won't it depend on your individual context? How much you have for a down payment, how much the house costs that you want to buy? Wouldn't these things be more of a concern or affect which one is the best choice?
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