FHA Insured Loans

The FHA Program is the SECOND best way to purchase a home.

  • High FICO Score buyers get lower interest rates
  • Only need 3.50% down payment
  • All down payment funds / closing costs can be a gift from blood relatives
  • No reserve funds required in bank
  • FHA is assumable loan which makes it an attractive selling tool later
  • Maximum mortgage is $417,000 in our area of operation
  • Qualifying ratios slightly flexible 29 - 31 over 41 - 43 based on quality of borrowers
  • FHA Fixed Rate Loans 30 years , 20 years , 15 years
  • Qualifying Co-Mortgagor not required to live in the dwelling
  • Single Family Residencies, Duplex, Four Unit Bldgs, Approved Condos acceptable 

FHA Loans require Mortgage Insurance Premiums (MIP) paid up front in the mortgage and monthly as part of the mortgage payment. The UPMIP is currently at 1.75% of the loan amount. This applies regardless of the amortization term or the Loan to Value (LTV). The monthly FHA MIP is .85% of the loan amount divided by 12 months.

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
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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

 

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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