RESIDENTIAL LENDING

Making Mortgages Easier

Conventional
Conventional mortgage loans are not insured or guaranteed by the government but are 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 $548,250.00 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. Our services are 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 $548,250 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) $379,500.00in Chicago Metropolitan Counties. Most Florida Counties $356,362.00
3.5% down payment
Loans require an 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 to purchase a home. Veterans can apply for a VA loan with any mortgage lender 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). It is developed for moderate-to-low income homebuyers in eligible rural areas. It 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 is 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, cover daily living expenses by accessing a portion of their home equity in cash, monthly payments, or a growing credit line.

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

Non-qualified Mortgage

A Non-Qualified Mortgage (Non-QM) is any home loan that does not meet the standards outlined in the regulatory reform imposed after the 2008 housing crisis. Millions of credit-worthy borrowers 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