Real Estate Financing Chicago

Neighborhood Loans: Old Irving Park - NMLS ID: 222982

Real Estate Financing Chicago
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Address
4327 West Irving Park Road
 
#1B
Place
Chicago, IL   60641 
Landline
(773) 938-4848
E-Mail
info@neighborhoodloans.com
Twitter
@nbrloans
Facebook
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Website
neighborhoodloans.com

Description

At Neighborhood Loans, we are passionate mortgage banking professionals with one goal in mind – make our clients, our priority. Neighborhood Loans is a Residential Mortgage Lender utilizing a business model aimed at educating and enabling consumers in a rapidly changing market. Our mission is to provide the finest service based on the highest standard of ethics, values and customer care. In doing so, we will earn the loyalty and trust of home owners who will become our lifelong customers and friends.

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Payment Options

Visa , Check , Discover , Financing , Invoice , MasterCard

Products And Services

  • Adjustable Rate Mortgage Loan

    An adjustable rate mortgage (ARM) is a type of mortgage that issues an interest rate that changes periodically that is reflected off an index, which can make payments go up or down. ARMS have a different layout compared to other mortgages. For example, the initial rate and payment amount for an ARM will remain active for a limited period of time, typically ranging from 1 to 5 years.

    Link: Adjustable Rate Mortgage Loan

  • Conventional Loan

    A conventional loan is a type of mortgage loan that is not guaranteed by the government or federal agency. This includes the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). Lenders offer conventional loans that are usually fixed with specific terms and rates.

    Link: Conventional Loan

  • FHA 203 Streamline

    If future homeowners are in the market to purchase a house that needs extensive repairs and maintenance work prior to moving in, they can finance an FHA 203(K) loan. Some lenders do not grant loans to homeowners that want to purchase a home that is in poor condition or until repairs have been made. And most of the time, repairs cannot be made until you own the home. That is when the FHA 203(K) loan comes into play. This loan combines expenses by allowing homeowners to purchase the property, in addition to covering the repair and improvement costs.

    Link: FHA 203 Streamline

  • FHA Loan

    An FHA loan is insured by the Federal Housing Administration and issued by a private mortgage lender. FHA loans are attractive to potential borrowers because they allow people to purchase a home with a small down payment and require an average credit score.

    Link: FHA Loan

  • FHA Streamline Refinance

    An FHA Streamline allows borrowers to refinance their existing FHA-insured mortgage loan. Streamline refinance requires limited borrower credit documentation and underwriting from lenders. FHA streamline refinancing offers borrowers the choice to qualify under credit or non-credit options.

    Link: FHA Streamline Refinance

  • Homepossible

    HomePossible is a special loan product offered by Freddie Mac that is designed for low to moderate-income borrowers. This program is currently expanded to help low credited borrowers finance homes in low-income areas.

    Link: Homepossible

  • Homeready

    HomeReady is a special loan product offered by Fannie Mae that is designed for low to moderate-income borrowers. This program is currently expanded to help low credited borrowers finance homes in low-income areas.

    Link: Homeready

  • Homestyle

    The HomeStyle loan is offered through Fannie Mae which provides borrowers a convenient and economical way to make moderate improvements on their home. The HomeStyle loan is a single-close loan that allows borrowers to purchase a home in need of repairs or refinance their mortgage on their existing home. If borrowers choose to use a HomeStyle loan, their lender will calculate the necessary funds for renovation costs into their total loan balance. The loan amount your lender will present to borrowers is based on “as-completed” value of the home, not the present.

    Link: Homestyle

  • Jumbo Mortgage Loan

    A jumbo loan, also referred to as a non-conforming mortgage, is a loan for homeowners that need a larger loan that is greater than the conforming loan limit in their area. In 2017, Fannie Mae and Freddie Mac implemented a conforming loan size limit of $424,100. However, loan limits can exceed this limit in higher-priced markets. Typically, people will use a jumbo mortgage if their loan amount is greater than $417,000. Regardless, make sure you check your area’s loan limits to see what is classified as jumbo. As a rule of thumb, most mortgage lenders will deem anything higher than $417,000 as a jumbo, even in high-cost areas.

    Link: Jumbo Mortgage Loan

  • USDA Loan

    The United States Department of Agriculture (USDA) created a loan program that allows borrowers to purchase a home with a zero percent down payment. More commonly, this mortgage product is known as the USDA loan program or Rural Development Guaranteed Housing Loan Program. USDA loans are issued through the USDA loan program and has helped over thousands of families buy and upgrade their homes in rural suburban areas.

    Link: USDA Loan

  • VA Home Loan

    The United States Department of Veterans Affairs (VA) created a mortgage loan that provides financial assistance to veterans. This mortgage is guaranteed by the VA, which has helped over 25 million veterans and service personnel obtain a mortgage. The VA was designed to help provide housing and assistance for veterans and their families by issuing easier financial qualifications. For example, if eligible, applicants are not required to make a down payment, and will not get penalized with private mortgage insurance (PMI).

    Link: VA Home Loan

Categories

Real Estate Financing
(773)938-4848 (773)-938-4848 +17739384848

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