Page 27 - February 2018 FOP Newsletter

Is an FHA loan right for you?
Let’s take a look at the Federal Housing Administration (FHA). The FHA provides
To make yourself a promising applicant, know your credit score before you start the home search. If you don’t think your score is high enough, take steps to start repairing it now. Pay down debts and make sure there aren’t any errors on your credit report
MIKE COYNE
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ortgage insurance on loans made by FHA-approved lenders throughout the U.S. and its territories. FHA insures mortgages on single-family and multi- family homes, including manufactured homes and hospitals. It is the largest in- surer of mortgages in the world, insuring
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more than 47.5 million properties since its inception in 1934.
FHA loan limits in Cook County include: One unit: $365,700
Two units: $468,150
Three units: $565,900
Four units: $703,250
FHA loans make room in the marketplace for borrow- ers with lower credit scores and those who don’t have a 20-percent down payment to put down on a home. These loans are offered for applicants who have as little as 3.5 percent down and a credit score under 600.
tion in order. You’ll need to show proof of income, such as W-2s, tax returns and pay stubs, as well as re- cords of all your financial assets, including the source of
your down payment funds.
Interested in seeing if an FHA loan is right for you?
Contact Blueleaf Lending today so we can guide you through the process and help you get into the home of your dreams. d
For more information, please contact Michael Coyne, vice president of residential lending, Blueleaf Lending at 773- 250-6492 or 847-494-9731 or by email at mcoyne@blue- leaflending.com.
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that could negatively affect it.
It’s also important to get all of your documenta-
CHICAGO LODGE 7 ■ FEBRUARY 2018 27