Mortgage Programs

Conventional

Conventional mortgage loans aren’t insured or guaranteed by the government, but are rather backed by private lenders. Conventional mortgages are sold on the secondary market to either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).

 

Conventional mortgages have a lending limit of $484,350 for a one-unit dwelling.

 

Jumbo

A jumbo mortgage is a type of financing that exceeds conventional loan limits and is not eligible to be purchased by Fannie Mae or Freddie Mac. Designed to finance luxury properties and homes in highly competitive local real estate markets, jumbo mortgages come with unique underwriting requirements.

 

Jumbo loans specifically include lending amounts from $484,350 up to $3,000,000.

FHA

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S.
Department of Housing and Urban Development (HUD). FHA loan programs are particularly beneficial to first-time buyers or those with less available cash. Down payment requirements are lower than for conventional loans.

  • Loan limit (1 unit) $368,000 in Chicago Metropolitan Counties
  • 3.5% down payment
  • Loans require up-front mortgage insurance premium of 1.75% of the loan amount, which can be financed into the total loan amount
  • Loans are assumable to qualified buyers

VA

VA loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.

  • No Down Payment (100% financing)
  • VA charges a funding fee of 2.15% of the loan amount, which can be financed into the total loan amount
  • Loans are assumable to qualified borrowers

USDA

USDA loans are made by private lenders and guaranteed by the U.S. Department of Agriculture (USDA). Developed for moderate-to-low income homebuyers in eligible rural areas. Includes 97% of the geographic United States.

  • No Down Payment (100% financing)
  • Loans require an up-front mortgage insurance premium of 1% of the loan amount, which can be financed into the total loan amount
  • No cash reserves required

Reverse Mortgage

The Reverse Mortgage loan also known as a Home Equity Conversion Mortgage (HECM) is insured by the Federal Housing Administration, a federal agency under the U.S. Department of Housing and Urban Development (HUD). This program allows homeowners age 62 or older to eliminate debts, pay for healthcare or cover daily living expenses by accessing a portion of their home equity in cash, monthly payments, or a growing line of credit.

  • Eliminate monthly mortgage payments
  • Stay independent by aging in place
  • Non-borrowing spouse (under age 62) may remain in home after older spouse passes away

Non-qualified Mortgage

A Non-Qualified Mortgage (Non-QM) is any home loan that doesn't meet the standards set forth in the regulatory reform imposed after the 2008 housing crisis. Millions of borrowers that are credit worthy have been unable to qualify for agency loans because they don't meet the underwriting criteria for conventional or government financing.

  • Self-employed for less than two years
  • High debt to income ratio
  • Low income on tax returns

Talk to a loan expert today 

 224-655-7197

OUR EXPERTS ARE READY TO FIND YOU A GREAT RATE ON YOUR MORTGAGE. CALL TODAY TO GET STARTED.

Summit Lending Solutions Corp.
202 S. Cook Street, Suite 208
Barrington, IL 60010

 

  224-655-7197

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Summit Lending Solutions Corp. NMLS #1846549
Summit Lending Solutions Corp, NMLS #1846549 is an Illinois Residential Mortgage Licensee, located at 202 S. Cook Street, Suite 208, Barrington, IL 60010 and is regulated by the Commissioner of the State of Illinois Department of Financial and Professional Regulation, at 100 W. Randolph St., Chicago, IL 60601. Phone 844-768-1713

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