First Time Home Buyers In The Chicago Area Can Do Well With FHA Financing
June 29th, 2009 by admin
FHA loans are federally insured mortgages targeted toward increasing home ownership for people with moderate incomes. In the Chicago area you can get a mortgage up to the limit of $275,200 (Higher for a 2-4 flat). Because this is typically a 3% down payment loan, this means a purchase price of around $280,000. This figure changes every year, best getting a home mortgage loan and many experts expect that the limit will be raised considerably in order to make up for the loss of so many other financing options. Conventional loans usually require a minimum of 5% for a down payment. FHA only requires 3%, but this can be structured so you are not using any of your own money at all.