Liberty Mortgage

4415  West Harrison,  Hillside, IL 60162   Phone: 773-677-6460 Email: financing.information@comcast.net NMLS # 1807234

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RESADENTIAL LOAN PROGRAMS

Conventional Loans

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans),

but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically,

conventional loans have better rates, terms and lower fees than other types of loans. However, conventional

loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt

obligations, a down payment of 5-20% and reliable monthly income. Conventional loans are ideal for

borrowers  with excellent credit and at least a 5% down payment.

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FHA Loans

FHA insured mortgages are some of the best kinds of mortgages available. This is because they can help

more people into the home buying market. Check out the list below to understand some of the most basic

benefits of an FHA mortgage.

* Easier to Qualify for because they’re backed by the federal government lenders are more likely to give

   you the kind of loan that you need.

* Low Down Payment  FHA insured mortgages only require a 3.5% down-payment which makes it easier

   for people to own homes.  Additionally the 3.5% can come in the form of gifts, unlike many other loan

   programs.

* Lower Credit Borrowers Qualify  because FHA insured loans are backed by the government those

   with a poor credit history have an easier time getting this kind of loan.

* Better Interest Rates with the backing of the government these loans typically have a better interest

   rate than most traditional mortgage loans.

* Better Home Stability – the FHA has programs designed to help homeowners keep their homes during

   hard times. The will work with you to help your home from falling into foreclosure. Always try to work

   out problems with your lender before the situation becomes dire.

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Jumbo Loans

A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000.

for a Single Family Home. Jumbo loans feature similar loan programs – fixed rate and adjustable rate

programs.  The main difference between jumbo loans and conforming loans is loans is the interest rate.

Because jumbo loans are riskier for lenders they usually have higher rates.

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USDA Loans

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to

qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a

major metropolitan area by USDA.

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Generally these loans are available to anyone who meets minimum credit guidelines and local area income

requirements and is purchasing a home or refinancing their home in an area that is not considered a major

metropolitan area by USDA.

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Reverse Mortgage Loans

Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the

equity they have built up in their homes.

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A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage loan you make

monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly

installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly

installments. The money that you receive is dependent on your age, the value of your home and the current

interest rate.

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One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until

the home is no longer your primary residence or you fail to maintain the home, or fail to pay property taxes

and/or homeowner’s insurance or do not otherwise comply with the terms of the loan.

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If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage loan. Contact us

to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the

process of tapping the equity in your home.

FHA LimitsFNMA LimitsFor More information: Contact Us: Enter a Loan Application: Click Here