Accounts & Services
FHA Mortgage Loans
Advice You Can Trust
Whether you're a first time homebuyer, moving to a new home, or want to refinance your existing conventional or Federal Housing Administration (FHA) mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.
FHA loans offer flexibility with:
Difficult credit situations. FHA loans take into account not only your credit score, but your other debt and offers more flexible lending policies than conventional loans.
Lower down payments. Most conventional loans won’t allow a lower credit borrower to also have a low down payment but FHA loans allow for as low as 3.5% down.
More buying power. FHA loans allow you to be approved for more than you would typically qualify for on a conventional loan.
|Terms||15, 20, 25 or 30 Years, plus 5 year Adjustable Rate Mortgages (ARM) available|
|Down Payment||3.5% minimum (certain restrictions apply)|
|Credit Score||620 or higher possible|
|Rates||Call (815) 267-7700 for a quote|
|Loan Amounts||For maximum loan amount check your county|
|Pre-approval time||Typically less than 24 hours. May be slightly longer during peak times.|
|Approval time||4 to 6 weeks|
|Closing Costs||Call (815) 267-7700 for costs|
|Escrows||An escrow account for taxes, homeowner's insurance, flood insurance and private mortgage insurance is required.|
|Private Mortgage Insurance (PMI)||Required|
|Prepayment||No prepayment penalties|
|Co-Borrowers||Family members that will not live in the home are allowed|
Contact our Real Estate Specialist at (815) 267-7700 for more information.