FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
What is a FHA Loan?
A FHA Loan is provided by the Federal Housing Administration and has a lower down payment.
Benefits of FHA Loans
There are many benefits to FHA Loans beyond just a lower down payment.
FHA Loan Eligibility
FHA Loans have more flexible requirements than a traditional conventional mortgage.
FHA Loan Limits
Different counties have different limits on how much you can borrow for an FHA Loan.
Get Pre-Approved for a FHA Loan
If you are a first time home buyer, or simply seeking a lower down payment in Chicago, including suburbs such as Plainfield IL, Naperville, Schaumburg IL, or anywhere in the entire state of Illinois, contact Zachary Kraus Mortgage Lending Team, a Division of Success Mortgage Partners, Inc. NMLS #130562 at (630) 230-8602 for more information, or fill out the form on this page.