Illinois is a midwestern state bordering Indiana in the east and the Mississippi River in the west. Nicknamed "the Prairie State," it's marked by farmland, forests, rolling hills and wetlands. Chicago, one of the largest cities in the U.S, is in the northeast on the shores of Lake Michigan. It's famous for its skyscrapers, such as sleek, 1,451-ft. Willis Tower and the neo-Gothic Tribune Tower.
For one, it's by far the most ethnically diverse city in the midwest, which gives you a vibrant culture with some of the best food ever. Not to mention, it's home to tons of professional sports teams. The Black Hawks, The White Sox, The Bulls, The Cubs, and The Bears. We know, we had to do a double take too.
Illinois is the 18th-best state to live in the country, according to WalletHub's 2021 Best States to Live In list. WalletHub compared all 50 states across five metrics covering affordability, economy, education and wealth, quality of life and safety. Overall, the state is in a cooling housing market - it's the 47th ranked state in the country due to high unemployment and an increase in property value. However, there is a lot of reason to be hopeful. In November of 2020, prices were up 4.8% year-to-year, with median home prices at $219,000.
1 The Sears Tower in Chicago is the tallest building in America. 2 Illinois was the first state in the U.S. to ratify the Constitution's 13th amendment which abolished slavery. 3 The first McDonald's was built in Des Plaines, IL. 4 Illinois produces more nuclear energy than any other state in the country. Based on the most recent reports from Illinois Realtors, the answer is a resounding "Yes!" with tight inventory keeping housing prices high in the state high. It's true that Illinois has one of the hottest real estate markets in the country, and for good reason. The top Illinois cities we are serving: Chicago, Aurora, Naperville, Rockford, Joliet, Springfield, Peoria, Elgin, Champaign, Waukegan
Get approved to refinance. See expert-recommended refinance options and customize them to fit your budget.
All loans are not created equal, personal loan has become a great option for people to use.
There are certain requirements borrowers must meet to qualify for an FHA loan (may differ case to case and lender to lender basis), including:
• The home you consider must be appraised by an FHA-approved appraiser.
• You must occupy the property within 60 days of closing.
• You can only get a new FHA loan if the home you consider will be your primary residence, which means that it can't be an investment property or second home.
• An inspection must occur, and the inspection must report whether the property meets minimum property standards.
• The type of credit you have (whether you have credit cards, loans, etc.)
• Credit utilization, which is simply how much credit you use
• Whether you pay your bills on time
• The amount you owe on your credit cards
• How much new and recent credit you've taken on
• According to the Department of Housing and Urban Development, the maximum FHA lending amount for high-cost areas (such as large metropolitan areas) is up to $970,800 for 2022.
• The policies of lenders regarding Alaska and Hawaii do differ in terms of loan limits.
• In lower-cost areas, the FHA limit can dip as low as $420,680.
• Loan limits are set based on county property values.
• These are the limits for one-unit properties. If you have multiple units, limits may be higher.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
Yes, you can pay off your FHA loan without a penalty for early pay off. HUD explains that a borrower may pre-pay an FHA mortgage in whole or in part and that the mortgage lender can't charge a penalty if you decide to do this.
A refinance occurs when the terms of an existing loan, such as interest rates, payment schedules, or other terms, are revised. Borrowers tend to refinance when interest rates fall. Refinancing involves the re-evaluation of a person or business's credit and repayment status.
We offer Refinance loan programs for those who want to leverage their existing real estate investment portfolio's equity to acquire additional assets in order to generate more recurring monthly cash flows without the hassle of providing income documentation that traditional mortgages may require. These loan options are for Professional Investors as well as First Time Investors that are looking to explore opportunities in real estate investment.
If you apply before you are ready, you risk loan approval. How? Borrowers should be prepared to come to the home loan process with no fewer than 12 consecutive months of on-time payments on all financial obligations.
We are conveniently located in Tampa, Illinois with offering our loan services nationwide