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If you’re planning to buy or construct a new home in Illinois, you will need a home mortgage loan. At GO Mortgage, we can help you with any of the following home loans in Illinois.
USDA home loans are available to borrowers located in rural areas of the US. USDA provides mortgages for buying a home in rural and suburban areas.
If you get a USDA loan, you won’t have to provide a down payment, and is not limited to first time homebuyers.
VA home loans are available to eligible veterans, military members on active duty, and their surviving spouses. They’re issued by private lenders, but they’re backed by the VA (the U.S. Department for Veteran Affairs).
The VA provides a guarantee for a portion of the loan, enabling you to get much better terms when taking out the loan.
In most cases, VA loans don’t require a down payment. They offer low interest rates, and the option to refinance at a later date.
Fannie Mae and Freddie Mac conventional loans are available to eligible borrowers with a good credit history.
Fannie Mae loans are known as conforming loans, which have low interest rates.
You may be eligible to refinance your existing mortgage loan to change the length of the loan or reduce your interest rate.
Jumbo home loans are loans that are larger than the conventional loan limit of $510,400. They are more strict and require a down payment, usually 15% or more.
These mortgage loans are great for buying a high-quality property, be it a primary or secondary home, investment property, or a vacation residence.
Single Close Construction loans, or OTC (one-time close) loans, are loans for building a new home. They allow you to qualify once, get a fixed interest rate, get a single appraisal, choose your own builder, and pay for a single closing.
You can get a USDA, VA, or conventional home loan through a Single Close loan program. If you’re interested in these mortgages, or any other loans, GO Mortgage is here for you. We can help you find the right loan for your needs and simplify the process, helping you get your dream home faster.
Contact us today for a consultation with one of our Illinois mortgage experts!