Conventional Loans

Conventional Loans have been the Main Stay in Banking prior to the adjunct of FHA & VA Government Home Loans. These loans with a down payment of 5.00%  to 20.00%  require Private Mortgage Insurance (PMI) to make the loans more acceptable to end investors purchasing these mortgages. Generally speaking, Credit requirements are more stringent than government loans, cash reserves after closing are required, and co mortgagors must occupy the property after closing.

The basic Conventional Loan  requirements for approval may fluctuate from end investor to end investor, but generally all are guided by FNMAs underwriting criteria  of qualifying ratios of 28% Housing and 34% Total obligations including new housing expenses.  

30 Year , 20 Year , 15 Year Fixed Rate Mortgages are standard

10 Year , 7 Year , 5 Year , 1 Year Adjustable Rate Mortgages (ARMs) are available as well.

Funds to Purchase must be the borrower's own & seasoned money for at least six months in the Bank. 

Gift Funds are acceptable and verifiable. 

FICO Credit Scores are a determining factor in Interest Rate Quotes  

Robert J.Barouski - Mortgage Loan Originator - NMLS# 204947
American Fidelity Mortgage Services Inc
Ph: 630 885-1314Fax:630 681-1476
4200 COMMERCE CT STE 200
LISLE, IL 60532 US
License # 031:0010289
www.lowererates.com
Home Bandido Charlie Pre-Qualify Now Apply Online Calculators Mortgage Glossary Mortgage Articles Mortgage FAQs Mortgage Links Market Place Contact About Us Your Comments are Welcome

Copyright © 2013 American Fidelity Mortgage Services Inc
Illinois Mortgage Licensee License # MB 0000303
NMLS# 179785
In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
122 South Michigan Ave., Suite 1900 Chicago, IL 60603
Phone: (312) 793-3000
Fax: (312) 793-7097
Web: http://www.idfpr.com/default.asp
Toll Free Consumer Hot Line: (877)-793-3470

 

Powered by LinkURealty - Real Estate Web Design & Websites
email@afmsi.com
Copyright © 2016
Illinois Residential Mortgage Licensee # MB.0000303
NMLS# 179785
Indiana Department of Financial Institutions (DFI) License ID Number 11229
State of Wisconsin - Department of Financial Institutions License #159BA
In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
100 W. Randolph Street, 9th Floor, Chicago, IL 60601
Phone: (312) 793-3000
Fax: (312) 793-7097
Web: http://www.idfpr.com/default.asp
Toll Free Consumer Hot Line: (877)-793-3470