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Debra Sineni provides borrowers with a personalized report showing the total cost of your
Chicago mortgage options, side by side in a detailed transparent analysis video.
Deb Sineni has been featured in Top Agent Magazine as a top mortgage professional for lending in Chicago and within Illinois.
Still Renting? Rents have been going up all over Chicago and the suburbs. With skyrocketing rents you can buy a home for the same and within your budget than what you’re paying in rent. (Even with the recent rise in interest rates)
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Whether your done renting, or branching out from your parents home, there are options to help you purchase your first home.
Conforming Loan Limits to Increase in 2017
FHFA announced it will be increasing loan limits for one unit single family homes starting January 1, 2017.
For a Chicago mortgage and metro areas of Illinois, the new loan limit for a 1 Unit property will be $424,100.
Two to Four unit properties allow for higher loan limits. This is very good news for borrowers who would like to purchase or refinance higher priced homes.
With Fannie and Freddie increasing their loan limits this allows borrowers to finance slightly more without getting into a Jumbo loan which carries slightly higher interest rates than conforming loans do.
FHA Increases Loan Limits in 2017 for Many Counties Nationwide
HUD and The Federal Housing Administration announced it will increase its’ loan limits effective with case assignments on January 1.
FHA calculates every year where they set their loan limits at and make their announcements at the end of every year.
For the Chicago mortgage market and Chicago Metro counties the FHA loan limits will remain the same.
These counties include:
Cook, DuPage, DeKalb, Grundy, Kane, Kendall, Lake, McHenry and Will.
For a free FHA mortgage quote click below
Mortgage Approval: Tips for a Winning Approval
I want a mortgage and you want want?! I feel your pain, I really do.
I know buyers can sometimes feel frustrated when learning the amount of documentation they have to provide.
The very best advice I can give you is to gather your documentation early on in your process and be prepared before even calling your loan officer.
Provide everything your loan officer is asking for,(there’s a reason for it) and get organized with it.
Read On for a winning Chicago mortgage approval.
What To Do If Your HELOC is About To Reset
If your HELOC, Home Equity Line of Credit mortgage will be resetting, you’re not alone.
Over the next 2 years (as of July 2015) $150 billion dollars worth of HELOC’s will be resetting, and due to almost certain increase in short term rates that could mean double and possibly triple mortgage payments from what you have been used to.
Solutions for HELOC resets
Mortgage Approval & Divorce
Deb Sineni specializes in helping divorcing couples with the division of marital property.
If you need to remortgage to remove a spouse, or if you will need a Illinois mortgage to buy a new home to move on entirely, contact or call Deb for guidance on how to help you through this transition.
Conventional Mortgages have two options within the conventional category of loans; Fixed and Adjustable Rate Mortgages
Conventional qualifications are very specific as it relates to FICO score, overall credit profile, available down payment and even condition and type of property.
So how do you know right which one is right for you? Read On
FHA mortgages are government insured loans, HUD does not originate FHA, rather they insure a percentage of the borrowed loan amount to the lender funding the loan against default.
The minimum down payment is 3.5% and FHA allows for lower FICO scores and has less stringent underwriting guidelines than a conventional loan does.
FHA also has less stringent guidelines for qualifying so if you have had a bankruptcy or other problems with credit, an FHA loan may be the solution for you. Read On
VA Loans and Welcome Home
VA Loans for Veteran and Active Duty
As a retired veteran or active duty service person, VA loans provide you with eligibility to purchase or refinance with no money down.
Benefits of a VA loan are lower rates, no down payment, no mortgage insurance and underwriters understanding the unique circumstances of veterans and military families. Read On
Foreclosure – Short Sale – Bankruptcy
Do you need information for getting back on track after Foreclosure, Short Sale or Bankruptcy.
Contact me for a consultation for establishing a timeline to help you with re-entry to home ownership.
Buying and Don’t Have a 20% Down Payment?
A Lender Paid Mortgage Insurance (LPMI) program is the solution. Purchasing a home with any amount under 20% and you will not be burdened with monthly mortgage insurance.
When a payment analysis is run, the majority of the time LPMI is cheaper than adding traditional monthly mortgage insurance into your mortgage payment.
Are you planning on selling in 2016 and are still short of equity?
Get connected with a experienced Real Estate agent for your Short Sale property – Find out who the professional is in your area
Do you plan on buying in 2016 and are considering short sale properties?
FHA Loan Limits – Review by County