Liberty Mortgage
4415 West Harrison, Hillside, IL 60162 Phone: 773-677-6460 Email: financing.information@comcast.net NMLS # 1807234
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.
Loan Programs
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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.
Required Documentation
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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.
Benefits Of USDA Loans
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Benefits Of USDA Loans
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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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