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
Copyright © 2013 American Fidelity Mortgage Services Inc
Illinois Mortgage Licensee License # MB 0000303
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
Toll Free Consumer Hot Line: (877)-793-3470