Roanoke, IL FHA Home Loan
Lower Rates, Better Service Since 1997
Serving Roanoke, IL Home Buyers Since 1997
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FHA Loans in Roanoke, IL
FHA loans have been helping people become Roanoke homeowners since 1934.
Some Benefits Of FHA Loans Are:
- Lower down payment of 3.5%
- Lower Credit Scores Excepted
- More Options with FHA Home Renovation
What Does FHA Have For You?
Roanoke, IL FHA First Time Home Buyer?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.
Learn About FHA Loans in Roanoke, IL
The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal. FHA allows a buyer to purchase a home with as little as 3.5% down with 580 plus fico scores, under a 580 fico score could require more money down, Normally 10%. They tend to be more lenient on areas such as credit, funds to close and co-borrowers. Most loans use a method of analyzing credit called credit scoring in the underwriting process. Studies have demonstrated a direct relationship between low credit scores and higher mortgage delinquency rates. As a result many lenders have established minimum credit scores at which they will accept loans. Unfortunately, a lack of credit, old delinquencies or incorrect information on the credit report can cause a low credit score. FHA in Roanoke, IL does not have specific credit score requirements. Although a high credit score may assist in getting the mortgage approved, a low score is not automatically cause for denial. If the credit scores are low, then it is up to the borrower to demonstrate his/her ability and willingness to pay the loan back. This allows the borrower to explain the circumstances surrounding the credit difficulties and have that explanation considered in the underwriting process. The underwriter on an Roanoke FHA loan will review the credit and payment history of a customer concentrating on the most recent 12 to 24 months. If the customer has had a good payment record over the past 12 to 24 months they can often get approved for a mortgage even when Conventional financing has turned them down. An experienced Roanoke, IL Mortgage Broker can help the customer clearly tell their story and will often make suggestions as to how to make the file more acceptable to FHA. Because of FHA’s leniency, some borrowers with past credit problems elect to use FHA for loans when they have a substantial down payment rather than getting a higher interest rate conventional loan. FHA tends to be more flexible than Conventional financing in the money needed to purchase the home. In an FHA mortgage the customer must put at least 3.5% of the sales price into the transaction. Some of this money may be used for down payment and the rest for closing costs. Keep in mind, however, that the total cost to close on an FHA is commonly over 3.5%. With the down payment, closing costs, money to establish escrows for taxes and insurance plus interest to finish out the month of closing, the total costs can be closer to 6 or 8% of the sales price. When borrowers do not have enough funds to put down they can qualify for a Roanoke, IL home buyer grant. The interest rate that you select will also have a bearing on the total costs. If you select a lower rate so that you can reduce your payment, you may end up paying additional money towards “points”. At the same time if you are comfortable with a slightly higher payment you may find a lender that is willing to reduce the costs to close in favor of a higher interest rate. If you do not feel you will qualify for FHA because of past credit hiccups please review our Alternative Lending Options. FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions.
When putting money down becomes and issue, always remember to check USDA eligible areas, some clients are surprised to find out a USDA property area is eligible with no money down. Learn more about USDA Loans in Roanoke, IL.
Roanoke, IL Home Buyer Options
The FHA home loan allows for borrower’s to qualify with smaller down payments. Fico scores 580 and higher can qualify for a payment of 3.5% down. Fico scores between 500 – 579 can still qualify with 10% down. Pre-qualify for FHA mortgage financing 888-882-1058.
Grants for Homebuyers are available to assist with down payments and or closing costs. Grants at Smart Mortgage Centers are completely forgivable and you are not required to be a first time homebuyer. The grant program is only available to borrower’s applying for mortgage financing with Smart Mortgage Centers.
- 580 Credit Score Required
- Grant is completely forgiven – no repayment required!
- Grant can be used for down payment and/or closing costs
- Seller Credit of 6% is allowed
- Gift funds are allowed!
- Borrower(s) not required to be First Time Homebuyers.
- Income limit is based on qualifying income used for transaction, not household income.
Our licensed Mortgage Brokers are standing by to assist homebuyers with grant questions and pre-qualification. Apply for a Grant Now at 888-882-1058.
Home Possible® mortgages offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or under served communities. Home Possible® offers two programs for homebuyers. Our Mortgage Brokers are standing by to explain Home Possible® and can answer any question you may have. Pre-Qualify now for Home Possible® at 888-882-1058. Read more about the 3% Down option or the 5% down option. Home Possible Advantage® 3% down program.
- LTV: Maximum LTV of 97 percent; TLTV 105 percent.
- Property Options: 1-unit properties, condos and planned unit developments; manufactured homes are not eligible.
- Flexible Sources of Down Payments:Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.
- Cancellable Mortgage Insurance: Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.
- Stable Mortgages: Fixed-rate mortgages with a term of up to 30 years.
- Refinance Flexibility: Purchase and no cash-out refinancing options available.
- Income Flexibility: No income limits in underserved areas. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties.
- Primary Residence Only: All borrowers must occupy the property as their primary residence.
Home Possible® 5% down program
- LTV: Maximum LTV and TLTV of 95 percent.
- Property Options: 1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions.
- Flexible Sources of Down Payments:Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.
- Cancellable Mortgage Insurance: Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.
- Mortgage Flexibility: 15- to 30-year fixed-rate mortgages, 5/1, 5/5, 7/1 and 10/1 ARMs.
- Refinance Options: No cash-out refinancing option is available for borrowers who occupy the property.
- Income Flexibility: No income limits in underserved areas. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties.
- No Credit Score Necessary:Borrowers without credit scores are eligible for mortgages with down payments as low as five percent.
Our low down payment mortgage designed to help lenders confidently serve today’s market of creditworthy low- to moderate-income borrowers. HomeReady qualified Mortgage Brokers are standing by to answer questions and pre-qualify homebuyers now. Pre-Qualify for HomeReady® call 888-882-1058.
Ideal HomeReady Borrowers
- Have low to moderate income
- Are first-time or repeat homebuyers
- Have limited cash for down payment
- Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
- Have supplemental boarder or rental income
- Are looking to purchase or refinance
Cancellable Mortgage Insurance*
Unlike government-insured loans, with HomeReady, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road.
Flexible Funding
With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds ® – with no minimum personal funds required.
A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. USDA Mortgage Brokers are available to answer questions and supply homebuyers with pre-approvals to shop for eligible homes. Our Mortgage Brokers are happy to look up eligible USDA properties or homebuyers can check to see if a property is eligible here. https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Pre-Qualify for a USDA Home Loan 888-882-1058.
For eligible veterans and active duty military personnel a VA mortgage loan can be a wonderful benefit to take advantage of. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property, ensuring low rates and easier qualification guidelines when compared to conventional loans. Local VA Mortgage Brokers 888-882-1058.
Whether your home improvement projects are large or small, a home renovation loan from Smart Mortgage Centers may be right for you. With a home improvement loan, you’ll be able to finance simple upgrades, remodeling or more complex renovation projects, and everything in between. Monthly payments on home renovation loans are typically lower than credit cards or personal loans and, in some cases, financing may even be tax deductible*. If you’re considering a home remodel, here is more information about home remodeling loans and what they can do for you and your home. Get your Home Renovation Questions answered now 888-882-1058.
If you plan to purchase a fixer-upper or renovate your existing home, an FHA 203(k) loan may be the perfect loan for you. FHA 203(k) loans are backed by the federal government, and are a great loan option for those who want to purchase a home and perform upgrades, repairs, remodel or customize to their needs and wants. Smart Mortgage Centers has FHA 203(k) specialists standing by to answer all of your FHA 203(k) Renovation Loan questions.
What Is A Manufactured Home Loan?
Manufactured home loans are designed for factory-made homes built on a permanent chassis, and generally come in single or two-section units. This option offers various types of loans for homebuyers: FHA, VA, and conventional loans. Our Licensed Mortgage Brokers are ready to assist you at 888-882-1058.
What Are The Advantages Of A Manufactured Home Loan?
They may be small homes, but don’t be fooled – they come with big benefits. If you’re considering a ditech manufactured home loan, these are some of the advantages:
- Manufactured home loan rates are affordable
- You can choose between a conventional, FHA, or VA loan
- Down payment options as low as 3.5% for FHA and 5% for conventional
- Manufactured homes are environmentally friendly
The Requirements Of A Manufactured Home Loan
To find out if a property qualifies for a manufactured home loan, it makes sense to seek the advice from a lender, like us. But here are some general guidelines:
- The home was built on or after June 15, 1976
- Has no wheels and is designed as a single-family dwelling
- Has a minimum of 400 sq. ft. for an FHA mortgage
- Has a minimum of 600 sq. ft. for a conventional loan
- Is permanently affixed to the property site for more than 12 months
- You have a credit score of at least 580 for an FHA or 620 for a conventional (Other restrictions may apply, depending upon product and State.)
If you like small home living, or If you’re a renter and want to take the first step to homeownership, a manufactured home loan could be right up your alley. A Home Loan Specialist can give you more information on manufactured home loan rates and whether this loan is the right option for you.
We specialize in loans other banks turn down If you have been turned down for a conventional mortgage due to the property type, source of income, or a credit hiccup we may be able to help. We offer program’s designed to help borrowers who have had a previous bankruptcy, short sale or foreclosure. We also have a loan program for self-employed borrowers. These programs often require a higher down payment. Credit scores from 500 – 579. Call to see if you qualify 888-882-1058.
Roanoke, IL Mortgage Calculator
If you have questions for our Roanoke, IL FHA mortgage experts, simply call our 24 hour mortgage hotline.
Get Started on your New Home Purchase or Refinance today
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Roanoke /ˈroʊ.ənoʊk/ may refer to: