| Illinois Loan Programs & Loan Limits |
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| Benchmark Mortgage | 1750 E. Golf Rd., Suite 310 | Schaumburg. IL 60173 Illinois Residential Mortgage Licensee |
What use to be a mind blowing array of loan products has condensed tremendously. Having said
that, Home buyers and existing Homeowners should still weigh carefully and consider the
choices.
By taking the approach that your home can actually help you toward your financial gain you
should keep in mind and not lose sight of what you can comfortably afford for a housing
payment.
Equally as important as rate and costs are, so is the type of loan you choose.
that, Home buyers and existing Homeowners should still weigh carefully and consider the
choices.
By taking the approach that your home can actually help you toward your financial gain you
should keep in mind and not lose sight of what you can comfortably afford for a housing
payment.
Equally as important as rate and costs are, so is the type of loan you choose.
There are three categories; Conventional/Conforming
Conventional/Non-Conforming and Government.
Each classification has its own different criteria based
on loan amount, your credit, job situation, assets,
short and long-term goals.
Knowing which program best meets your financial
strategy is the key in successful mortgage planning!
Conventional/Non-Conforming and Government.
Each classification has its own different criteria based
on loan amount, your credit, job situation, assets,
short and long-term goals.
Knowing which program best meets your financial
strategy is the key in successful mortgage planning!
| The right home loan program is a winning proposition |
What are “conforming loan limits” or the difference between conforming/conventional and non-
conforming?
Every year, new loan limits are announced for one-to four-family loans which may be purchased
by the Federal National Mortgage Association (or Fannie Mae) and the
Federal Home Loan Mortgage Corporation (or Freddie Mac).
These corporations are the two largest "secondary market" agencies -- corporations which
purchase closed loans from mortgage lenders.
"Conforming" loans are called this because the loan sizes 'conform' to the maximum loan
amounts, which may be purchased by the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation.
"Jumbos" are mortgages with loan amounts that exceed the current Fannie Mae and Freddie Mac
limits.
conforming?
Every year, new loan limits are announced for one-to four-family loans which may be purchased
by the Federal National Mortgage Association (or Fannie Mae) and the
Federal Home Loan Mortgage Corporation (or Freddie Mac).
These corporations are the two largest "secondary market" agencies -- corporations which
purchase closed loans from mortgage lenders.
"Conforming" loans are called this because the loan sizes 'conform' to the maximum loan
amounts, which may be purchased by the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation.
"Jumbos" are mortgages with loan amounts that exceed the current Fannie Mae and Freddie Mac
limits.
Illinois Conventional Conforming Loan Limits – 2008
• 1 unit: $ 417,000
• 2 units: $ 533,850
• 3 units: $ 645,300
• 4 units: $ 801,950
Jumbo pricing starts $1.00 above these loan limits.
Super Jumbo Loan Amounts up to $5 million
Government (FHA) Loan Limits - 2008
New Temporary Increased Limits - Effective 3/6/08
One-Unit Two-Unit Three-Unit Four-Unit
$ 410,000 $ 524,850 $ 634,450 $ 788,450
• 2 units: $ 533,850
• 3 units: $ 645,300
• 4 units: $ 801,950
Jumbo pricing starts $1.00 above these loan limits.
Super Jumbo Loan Amounts up to $5 million
Government (FHA) Loan Limits - 2008
New Temporary Increased Limits - Effective 3/6/08
One-Unit Two-Unit Three-Unit Four-Unit
$ 410,000 $ 524,850 $ 634,450 $ 788,450
Loan Programs
For Any Situation…Meeting Your Home Loan Needs
For Any Situation…Meeting Your Home Loan Needs
Purchase, Refinance, Home Equity
FHA
FHASecure
First Time Homebuyers
3-5% Down Payment
80/15/5 (No PMI) 80/10/10 (No PMI)
Lender Paid PMI Option (No Monthly Mortgage Insurance)
Interest Only Payments
Fixed, Adjustables, Jumbo's, Super Jumbo
Investment Property
Vacation/2nd Homes
Construction Loans
203K Rehab
FHA
FHASecure
First Time Homebuyers
3-5% Down Payment
80/15/5 (No PMI) 80/10/10 (No PMI)
Lender Paid PMI Option (No Monthly Mortgage Insurance)
Interest Only Payments
Fixed, Adjustables, Jumbo's, Super Jumbo
Investment Property
Vacation/2nd Homes
Construction Loans
203K Rehab
The Nehemiah Program provides gifts funds for down payment and closing costs to
qualified homebuyers using an eligible loan program, such as FHA or a conventional loan
that allows gifts from charitable organizations.
Gift funds of 1% to 6% of the final contract sales price can be received, up to what the
loan program allows.
qualified homebuyers using an eligible loan program, such as FHA or a conventional loan
that allows gifts from charitable organizations.
Gift funds of 1% to 6% of the final contract sales price can be received, up to what the
loan program allows.
Down Payment Assistance Programs
What is The Nehemiah Program®?
Nehemiah FAQ's
What is The Nehemiah Program®?
Nehemiah FAQ's
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| "Deb, It has been a breath of fresh air to work with someone who is truly professional. You listened to our concerns and acted on them promptly. All phone calls were returned and appointments on time. Although we agreed to what was a fair rate, when it came time for our closing, you had gotten us an even better rate than was anticipated. Closing was quick and with no problems. In the world of banking it just doesn't get any better than this. With sincere appreciation for your dedication to your profession." |