Mortgage Loans Chicago, Illinois - FHA, VA, ITIN Home Mortgage Loans

Types of Loans:

An FHA loan is a mortgage covered by the Federal Housing Administration in which borrowers pay mortgage insurance to ensure that the lender is protected should the borrower default on payments. These loans are often more appealing to the general public since there are fewer restrictions placed on the borrower to qualify. Since these loans are monitored by a governmental agency, they can offer loans with minimum down payments of 3.5 percent provided the borrower has a credit score of 580 or higher. The lender must be FHA approved since the FHA does not directly offer loans but rather insurance to protect the lenders. FHA loans incorporate 2 payments: the initial down payments of 1.75 percent of the loan amount and monthly payments that vary based on interest rates and the amount financed. 203k loans are also offered through the FHA by financing the home on the final value after repairs allowing borrowers to use some of the loan to complete any repairs on the house. Our research indicates that you can own a single family home in Chicago, Illinois for $365,700. 


ITIN loans, also known as Individual Taxpayer Identification Number loans, allow undocumented aliens to open checking and savings accounts, credit cards as well as mortgages on homes. These loans usually require the borrower to submit a credit report, employment history and income tax documentation. The catch with these loans is that you have to be legally employed through permit, VISA or the immigration system in order to qualify. The benefit to these loans is that they do not require a social security number and legal citizenship in order to obtain a mortgage whereas the FHA does. Usually these loans are associated with higher initial deposits and interest rates but we promise to find the lowest cost mortgage for you and your family. We are one of the very few companies that offer ITIN loans. 


VA loans are loans offered through the US Department of Veteran Affairs in order to provide loans to returning service members forgoing down payments or a high credit score rating. Since the initial collapse of the housing market, VA loans have increased in popularity with veterans, active duty military members and their families. These loans do not require the borrower to purchase private mortgage insurance which would increase monthly payments if used. These loans offer competitive interest rates since they are less risk to the lender should the borrower default on payment. The VA loan includes a 2.15 percent fee for first time home owners or 3.3 percent for all subsequent loans. This fee goes directly to the VA to ensure that the program is funded without using tax payer dollars. We estimate a single family home in Chicago, Illinois being $424,100, including the VA fund fee.


It is important to have all of the facts before moving in so give us a call at 630-519-5955. We provide loans to homeowners in Aurora, Chicago, Joliet, Naperville, Rockford, Springfield, Peoria, Elgin as well as other cities within Illinois.

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VA Loans

Veteran Loans

Prime 1 Bancorp, Ltd is not affiliated with any government organization or bank nor do we act on behalf of the FHA or VA. This material is not from HUD or FHA and has not been approved by HUD or a government agency. We are not a Federally chartered or State Chartered Bank. We are an we are an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate License #MB.6761138, a Colorado Registered Mortgage Brokerage by Division of Real Estate, a Florida Residential Mortgage Brokerage Licensed by the Office of Financial Regulation License #MBR1930 dba Prime 1 Mortgage Inc, a California CFL Licensed Mortgage Brokerage by Department of Business Oversights 60DB055973 and a Texas SML Licensed Mortgage Brokerage by the Texas Department of Savings and Mortgage Lending. Prime 1 Bancorp, LTD Corporate Office is located at 2720 S. River Rd Suite 50, Des Plaines, IL 60018 our Toll Free Number is 888-205-3737. NMLS: 1434638

Loan product availability is subject to qualification of the borrower and loan approval after full review of the file. Not every applicant qualifies or is eligible for every loan program. Some loan products may not be available in all states. Loan approval, note rate and annual percentage rate are dependent on factors including, but not limited to, credit, collateral, income, assets and overall financial history. Not all applicants will be approved for a loan. All loan programs, terms and annual interest rates are subject to change without notice. NMLS: 1434638