Buying a home can be an exciting time. It can also be a time filled with stress and mortgage headaches. Let our team at Compass Mortgage make it easier for you, from start to finish. We have the tools and the resources to help get you into your dream home quicker.
When you know it is time to start looking for that special home for you and your family, let our experienced home mortgage loan team go to work for you. Whether it is looking for your very first home, refinancing, upgrading, or downsizing, we have the mortgage options that will help you achieve your goal.
At Compass Mortgage, we have a wide variety of mortgage loan options, all of which are designed to assist our clients in securing a home loan. One of our most popular mortgage loan options for those in LaGrange, IL is the FHA loan.
FHA home loans are government-backed loans. These loans are insured by the Federal Housing Administration, which protects the lender against loss if you can no longer make monthly mortgage payments.
FHA loans are available to homeowners with low down payment options and lower minimum credit score limits. If your lender says you do not qualify for a conventional loan, turning to an FHA loan is always a good option.
LaGrange FHA loans are very attractive mortgage vehicles for first-time homebuyers, but you do not have to be a first-time homebuyer to qualify. The benefits of an FHA loan are many:
FHA loan lenders in LaGrange will let you know everything you need to know when it comes time for qualifying for an FHA loan. Anyone can apply for an FHA loan, whether you are a first-time homebuyer or a returning homebuyer. There are specific loan requirements in order to be eligible for an FHA loan.
At Compass Mortgage, our LaGrange FHA mortgage loans are some of our most popular mortgage options. Even though an FHA loan is one of the easiest types of loans to qualify for, you may be left with more questions than answers, especially if you have never purchased a home before.
One of the requirements you will have with an FHA loan is that of FHA mortgage insurance. Mortgage insurance is put in place to insure your FHA loan lender against losses should you default on your loan.
You will pay mortgage insurance for the life of the FHA loan. If you made a down payment of 10% or greater, the mortgage insurance will be on your loan for 11 years.
With any FHA loan, there is a maximum limit on how much you can borrow. Loan limits are set based on county property values. LaGrange, IL FHA mortgage loans, and their loan limits, will differ based on whether the property you are buying is a single-family property, or multiple units.
Interest rates are at historic lows these days and if you are looking to buy a home or refinance, a LaGrange FHA home loan could be just right for you. Your home is personal, and we want to see you living there as soon as possible.
It used to be a confusing process to secure a mortgage loan for the home of your dreams. At Compass Mortgage, we will help you achieve the results you have been dreaming of. Contact our mortgage loan team today.