5 Ways a Top Mortgage Broker Company In Chicago Keeps Their Customers Happy

5 Ways a Top Mortgage Broker Company In Chicago Keeps Their Customers HappyFirst-time homebuyers will tell you that it’s more fun to drive around looking at houses for sale than it is to sit in a mortgage broker’s office in Chicago going over your financial situation in painful detail.

Successful mortgage brokers understand their clients’ concerns and build their business around educating first-time homebuyers and helping them get approved for a home loan. These are five ways A and N Mortgage Services in Chicago makes sure their customers are satisfied with their services:

“I was a first-time homebuyer. A and N Mortgage made the process a thousand times less daunting…they guided me through the entire process…I was never left wondering what was next. I ended up getting approved for a great interest rate.” — Jo W., Chicago, IL,

 

1. Easy to Reach
All mortgage consultants are available around the clock. They give their personal cell phone number to clients and are just a phone call away for any questions and concerns.

 

2. Keeping You Informed
Even under the best circumstances, the mortgage loan approval process can be stressful, for first-time homebuyers. “That’s why we make sure our clients never have to wonder what’s going on,” said Neena L. Vlamis, president of A and N Mortgage Services, Inc. in Chicago. “Our mortgage consultants communicate with our clients by phone and email, letting them know the status of the process every step of the way.” Top 5 Arguments Couples Should Avoid During the Homebuying Process

 

 

3. More Mortgage Options
Compared to a limited number of home loan options from banks, mortgage brokers present your mortgage application to a variety of high-quality home loan programs, looking for the best fit for your financial situation. “We have a network of dozens of potential lenders that have different mortgage loan guidelines and criteria than big banks,” explained Vlamis.

 

From fixed-rate and adjustable-rate loan programs to VHA-backed and VA-backed loans with 3.5% down payments, the greater variety of home loan options improves your chances of being approved. Should You Both Be Co-Signers on Your Home Loan

 

4. Lower Rates and Fees
From lower interest rates and fees to lower down payments, a top mortgage broker company in Chicago like A and N Mortgage Services can save you thousands of dollars on your mortgage loan.

 

I was blown away by how smooth this stressful process was, and I owe it all to A and N Mortgage. They basically just cut to the chase and made me feel confident that it would all work out and it did–beyond my expectations.”   Abby N., Chicago, IL

5. Faster Response Times

 

 

Big banks have bloated mortgage departments where you become just another number. Mortgage brokers work directly with you, respond faster and help remove obstacles that get in the way of your home loan approval. How Does a Home Inspection Contingency Affect the Homebuying Process    

Don’t limit your options for buying a house by applying to traditional banks. When you consult with A and N Mortgage Services, an exciting world of mortgage loan opportunities will open up to you, making it easier and more affordable to buy the home of your dreams.

A and N Mortgage Services Inc, a mortgage broker company in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

 

  

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How to Overcome the 5 Biggest Obstacles in the Homebuying Process

How to Overcome the 5 Biggest Obstacles in the Homebuying ProcessWhile housing prices continue to rise across the nation, first-time homebuyers are facing daunting challenges throughout the homebuying process from a booming housing market that also has its downside. Here are 5 big obstacles you can overcome as a first-time homebuyer.

 

1. Affordability
In a seller’s market, buyers quickly experience the pain of higher prices and, in tighter markets, counter-offers and bidding wars from other buyers. Years of steady increases in home values are outpacing cost-of-living increases. The National Association of Realtors (NAR) reports that in December 2017, the median “SOLD” price for single-family homes oin the U.S. was $247,900—up 5.7% from a year ago. Key Advantages of Getting a Home Loan From a Non-Bank Lender

Consult with mortgage brokers, because they have access to dozens of reputable non-bank mortgage lenders with less stringent requirements than banks.  

The affordability issue is not just about the sales price of a house, it’s about being able to make the down payment. First-time homebuyers can find help by applying for an FHA (Federal Housing Authority) loan. If you qualify, your down payment is 3.5% of your mortgage loan, instead of 20% as charged by traditional mortgage lenders like banks. Top 5 Arguments Couples Should Avoid During the Homebuying Process

 

2. Poor Credit History
A poor credit history can be a big obstacle in the homebuying process if you only talk to traditional banks. Highly regulated, banks have stricter guidelines and fewer mortgage loan options. Consult with mortgage brokers, because they have access to dozens of reputable non-bank mortgage lenders with less stringent requirements than banks.  FHA loans, backed by the Federal Housing Authority, accept a minimum credit score of 500 with a 10% down payment. If you have a 580 or higher credit score, you’ll pay just 3.5% down. Other factors are considered in the approval process, but an FHA loan could work out for you.

3. Self-Employed
Mortgage brokers have plenty of experience helping self-employed individuals get approved for home loans. Brokers show your mortgage application to dozens of non-bank lenders, thereby expanding your options and improving your odds of finding the perfect match for your situation. Don’t be disheartened by your self-employment status. Talk to a mortgage broker; you’ll be surprised about their depth of knowledge and connections with non-traditional mortgage lenders. It could be much easier than you think to become a homeowner. Should You Both Be Co-Signers on Your Home Loan

Traditional banks offer just a handful of mortgage programs compared to many options available through non-bank lenders.

 

4. Down Payment
This can be an insurmountable obstacle for first-time homebuyers like yourself, especially if you approach banks for your mortgage loan, instead of non-bank lenders and mortgage brokers. Traditional banks offer just a handful of mortgage program options, compared to non-bank lenders. Mortgage brokers like A and N Mortgage Services in Chicago have access to dozens of non-bank mortgage lenders who routinely offer more flexible programs, lower down payments, lower fees, and better interest rates, all together saving homebuyers thousands of dollars in yearly home loan costs.

 

5. Availability of Houses
When the housing market collapsed in December 2007, the home-building industry was the first to lay off workers. Today even after the U.S. added over 200,000 new construction jobs in 2017, the industry’s growth rate keeps it from getting ahead of the rising demand for workers. This can be a major obstacle, but not if you look for a realtor who thinks “outside the box” and uses more creative ways to find your dream home. Smart ideas include searching for expired, withdrawn, or “Make Me Move” listings, as well as house rental listings by owners who may be open to selling.  

 

Armed with the right information, you can knock down the biggest obstacles in the homebuying process one by one and soon find yourself unlocking the door to your new home.

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

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5 Smart Questions You Should Ask a Mortgage Lender in Chicago Before Doing Business With Them

5 Smart Questions You Should Ask a Mortgage Lender in Chicago Before Doing Business With ThemLong before you go through your list of smart questions for the mortgage lenders and brokers in Chicago with whom you are considering doing business, it’s important to do your homework. Check customer reviews on Yelp and other review sites. Read their websites. Check the Better Business Bureau website for more reviews and possible complaints. 5 Key Benefits a Mortgage Broker in Chicago Can Give you that a Bank Can’t

When you first talk to mortgage lenders and give them key information about your financial situation and goals, they will be able to narrow down your best options. Be sure to also consult with mortgage brokers. They have access to a greater variety of home loan programs that could make it easier for you to be approved for a mortgage loan.

Once you have a better understanding of mortgage lenders and mortgage brokers, you can ask them these smart questions before you decide to do business with them. After all, buying a house or a condo could be the biggest investment of your life, carrying with a 10-, 20-, or 30-year financial commitment.

1. How much house can I afford?
Talk to a mortgage lender before you talk to a realtor. You need to know how much house you can afford to buy, so you won’t waste time day-dreaming about a house that’s out of your price range. After you are pre-approved for up to a $250,000 mortgage loan, for instance, you can narrow down your search and speed up the homebuying process. FHA Home Loan Limits in Illinois

2. Which kind of loan would be best for my situation?
The four main types of loans are: fixed-rate loans; adjustable-rate loans; interest-only loans, and negative-amortization loans. Your mortgage lender will explain the differences. Should You Both Be Co-Signers on Your Home Loan

3. What is the interest rate of the loan you are recommending?
Interest rates are a fundamental element of any mortgage program, because knowing the rate gives you a point of reference. Based on the type of loan and your credit, mortgage lenders in Chicago will offer you a specific interest rate.

4. What exactly does my monthly mortgage payment include?
It depends on the kind of home loan you have. If you made a substantial down payment of at least 20% of the sale price of the house, you monthly payment includes principal and interest. If your down payment requirement is less than 20%– FHA loans and VA loans require only 3.5% down payment—your monthly house payment will include principal, interest, property taxes, homeowner’s insurance and private mortgage insurance (PMI).

Your mortgage company will place the amount that covers your property taxes and home owner’s insurance into an escrow account and pay those bills from your escrow account when they are due.

As soon as the equity in your home equals 20% of your mortgage loan, you’ll no longer have to make monthly PMI payments.

5. Are there other costs that I’ll have to pay at closing?
You’ve come this far, and you don’t want to be surprised with additional costs when you are ready to sign on the dotted line and receive the keys to your new home. Although there are dozens of types of closing costs, only some may pertain to your closing such as fees for home inspection, appraisal, credit report, and your attorney. Be sure you know exactly what your closing costs will be.

When you talk to an experienced mortgage lender in Chicago, you will learn much more about the homebuying process. Every step of the way, the best mortgage lenders and brokers will answer all your questions, always keep you updated, resolve problems that arise, and reduce the stress of buying a new home.

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial to

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Key Advantages of the National Flood Insurance Program

Flood Insurance ProgramOver the last decade, extreme weather events have become a common occurrence across the United States. Recently, a series of nor’easters pounded the northeast with blizzard conditions and record-breaking snowfalls. Last year, Hurricane Harvey caused unprecedented torrential rain and deadly flooding far beyond Houston’s recognized flood plain areas. Traumatized flood victims told television reporters, “I don’t live in a flood plain area. Why is this happening?”

How FEMA’s National Flood Insurance Program Protects You
According to the Federal Emergency Management Agency (FEMA), the National Flood Insurance Program (NFIP) aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations.

These efforts help mitigate the effects of flooding on new and improved structures. Overall, the program reduces the socio-economic impact of disasters by promoting the purchase and retention of general risk insurance as well as flood insurance.

Statistics show that more than 20% of NFIP claims come from outside of mapped Special Flood Hazard Areas.

Managed by the Federal Emergency Management Agency, NFIP enables homeowners, business owners and renters in participating communities to purchase federally backed flood insurance. This insurance offers an insurance alternative to disaster assistance to meet the escalating costs of repairing flood damage to buildings and their contents.

There are now more than 20,600 participating communities in the U.S. and its territories. If you live in a participating community, you can apply for NFIP flood insurance and enjoy the protection of this special type of affordable insurance. Statistics show that more than 20% of NFIP claims come from outside of mapped Special Flood Hazard Areas.

The average cost of a FEMA flood insurance policy is about $600 annually or much less if you live in a moderate-to-low-risk area.

Key advantages of the National Flood Insurance Program include:

  • Flood insurance claims are paid even if the President doesn’t declare your area as a disaster.
  • It is not a loan. When you apply for disaster assistance from FEMA, you must pay it back with interest because it is a loan. When you have insurance from the National Flood Insurance Program, there is no payback requirement for the settlement you receive from your flood claim because you are paying monthly insurance premiums.
  • NFIP flood insurance policies are continuous, so your policy cannot be classified as non-renewed or canceled for repeat losses.
  • The average cost of a flood insurance policy is about $600 annually or much less if you live in a moderate-to-low-risk area.

For more information, visit: National Flood Insurance Program (NFIP).

To learn more about how the National Flood Insurance Program compares to disaster relief loans, visit: Benefits of Flood Insurance vs Disaster Relief.

To get a better idea of what your NFIP insurance premiums might be, visit:  National Flood Insurance Program Elevation Certificate and Instructions.  

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

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FHA Home Loan Limits in Illinois

FHA loan ratesFHA (Federal Housing Authority) loans on single and multi-unit properties are designed for borrowers who are unable to make large down payments. Instead of the traditional 20% down payment required by banks, FHA loans only require a 3.5% down payment which helps make the dream of home ownership a reality for a larger population. The FHA does not lend money to homeowners. Instead, the FHA insures qualified loans made by private lending institutions.

FHA loans help first-time homebuyers purchase a single-family home and helps first-time real estate investors purchase a duplex, three-plex, or four-plex property where they can live in one unit and rent the other units. With an FHA-backed mortgage, buying a multi-unit property can be a smart financial move, because you will be able to pay off your mortgage with drastically lower payments and build equity much faster.

If you live outside of Illinois, visit National FHA Loan Limits to calculate the FHA mortgage loan limits for the area where you are considering purchasing a single-family house or a multi-unit (up to 5 units) property.

Illinois FHA Mortgage Lending Limits by County
The lending limits for FHA mortgages vary by county and are based on a variety of housing types and the cost of local housing.

Out of all 102 counties in Illinois, 91 counties have these FHA lending limits:

Single Family $294,515
Duplex $377,075
Three-Plex $455,800
Four-Plex $566,425

The 91 counties are: Adams, Alexander, Bond, Brown, Bureau, Calhoun, Carroll, Cass, Champaign, Christian, Clark, Clay, Clinton, Coles, Crawford, Cumberland, De Witt, Douglas, Edgar, Edwards, Effingham, Fayette, Ford, Franklin, Fulton, Gallatin, Greene, Hamilton, Hancock, Hardin, Henderson, Henry, Iroquois, Jackson, Jasper, Jefferson, Jersey, Jo Daviess, Johnson, Kankakee, Knox, LaSalle, Lawrence, Lee, Livingston, Logan, Macon, Macoupin, Madison, Marion, Marshall, Mason, Massac, McDonough, McLean, Menard, Mercer, Monroe, Montgomery, Morgan, Moultrie, Ogle, Peoria, Perry, Piatt, Pike, Pope, Pulaski, Putnam, Randolph, Richland, Rock Island, Saline, Sangamon, Schuyler, Scott, Shelby, St. Clair, Stark, Stephenson, Tazewell, Union, Vermilion, Wabash, Warren, Washington, Wayne, White, Whiteside, Williamson, Woodford

 

Two Illinois counties have these FHA lending limits:

Single Family $339,250
Duplex $434,300
Three-Plex $524,950
Four-Plex $652,400

Boone County, Winnebago County,

 

Nine Illinois counties have these FHA lending limits:

Single Family $365,700
Duplex $468,150
Three-Plex $565,900
Four-Plex $703,250

Cook County, Dekalb County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County, and Will County

Visit Illinois FHA Mortgage Lending Limits, for a complete alphabetical listing of FHA mortgage lending limits by county in Illinois.

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

 

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Summer Refinance Tips

 

Summer refinance tipsPaying your loan off in a shorter period of time is not only a surefire way to save money over the life of your loan, but it is also a way to obtain an attractive rate on your mortgage. If shortening the length of your new loan to a 15 or 20 year loan fits into your monthly budget, then consider going the short term, conventional mortgage route.

 If you don’t think you can handle higher monthly payments with a short-term loan, go with the longer term and make additional principal payments as circumstances allow. Though you may not get the best rate available, you’ll avoid getting stuck with a high contractual monthly payment that is a stretch for your monthly finances.

If you’re a homeowner with great credit and plenty of equity, odds are those lower rates are within your reach. But if your score is less than desirable, work at improving it by paying all of your bills on time, paying down your credit card debt, keeping your credit lines open and increasing your credit limits.   


You May Also Like To Read :

6 Ways To Improve Your Credit Score

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Should You Both Be Co-Signers on Your Home Loan?

It’s very tempting for spouses or partners to co-sign for a home loan. Your combined income and credit scores can help you qualify for a bigger mortgage which can pay for a bigger house in a better neighborhood. Who doesn’t find that scenario appealing? You’ve always wanted a sunroom, a guest bedroom, or space for a home office. Bigger is better, isn’t it?

As co-signers, you and your spouse or partner equally share the legal commitment to make the loan payment every month. Two incomes feel safer than one.

Why One Mortgage Signer Is Safer than Two Co-Signers

Practically speaking, being co-signers on a mortgage loan doesn’t produce the benefits you may be expecting. In fact, there is a serious financial downside to being a co-signer. Each of you is 100% responsible for the full mortgage loan should something prevent the other co-signer from helping with the mortgage payments.

…if you can just tie up one person’s income and credit for a home loan instead of both of you, you’ll have far more buying power as a couple.

If your spouse/partner can qualify alone for the mortgage, don’t become a co-signer. If you can qualify alone for the mortgage, don’t let your spouse/partner become a co-signer.

Why tie up both of your credit-and-debt-to-income ratios with one home loan? This answer is very important! Because if you can just tie up one person’s income and credit instead, you will have far more buying power as a couple.

Here’s how it works:

If your spouse/partner is the sole signer on the home loan, your own credit-and-debt-to-income ratio is not affected. You still have the buying power to qualify for a car loan or another type of loan should it become necessary in the future. That’s buying power you wouldn’t have if you had co-signed the mortgage loan.

Buying a house may easily be the biggest financial commitment you’ll ever make. Be sure it’s a smart financial decision, too.

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

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How Does a Home Inspection Contingency Affect the Homebuying Process?

Although there is no single, national law governing home inspections during the homebuying process, home inspection contingencies are an essential part of the purchase contract in most states. This practice gives prospective buyers the freedom to make an offer and yet be able to cancel or alter their offer based on problems that surface during the home inspection. Additionally, homebuyers can use the home inspection findings as a valid reason for negotiating the needed repairs.   

Key Advantages of Getting a Home Loan From a Non-Bank Lender  

The average home inspection costs around $315, with condos and small homes under 1,000 square feet costing as little as $200. Larger homes over 2,000 square feet will run $400 or more.

Home Inspection Timeframe

Scheduling and paying for the home inspection are the buyer’s responsibility. Normally, the buyer must have the home inspection completed within one or two weeks depending on the deadline stated in the contingency. The timeframe for the home inspection can be lessened or increased during the offer negotiation process. Your real estate agent can help you coordinate inspections and send the findings to the seller in a timely manner.

What Does a Home Inspector Inspect?

It is imperative that an objective third-party professional inspect the house. The American Society of Home Inspectors (ASHI) trains and certifies inspectors across the country. They state that “the standard home inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.”

The home inspection report may include one or more recommendations for further inspections by licensed specialists regarding issues such as plumbing, electricity, mold, or termites and pests.

A professional home inspection is an invaluable tool for understanding a house’s real condition and value without having your judgment clouded by the strong emotions of buying a new home.   

What Are Your Rights When You Buy a “Fixer-Upper?”

You will still need a home inspection if you are interested in buying a fixer-upper for a low price. However, in your situation, you can take advantage of a special program from the Department of Housing and Urban Development. HUD’s 203(k) program provides FHA-insured loans specifically designed for homebuyers planning on repairing and occupying “handyman-specials and fixer-uppers.” The 203(k) program allows borrowers to purchase or refinance a property and include the cost of repairs and improvements in the loan.

The popular This Old House TV show cautions against buying a “fixer-upper” in need of “significant structural improvements” such as plumbing and electrical system overhauls, foundation upgrades, and extensive roof and wall work. These repairs are usually “invisible” and hardly ever raise the value of the house enough to offset renovation costs.

What Does a Home Inspection Cost?

The average home inspection costs around $315, with condos and small homes under 1,000 square feet costing as little as $200. Larger homes over 2,000 sq ft. will run $400 or more. Radon or mold testing will cost extra, but typically will cost less if you purchase them with a home inspection.

A professional home inspection is an invaluable tool for understanding a house’s real condition and value without having your judgment clouded by the strong emotions of buying a new home.

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

You May Also Like To Read :

How To Negotiate Repairs After Home Inspection?

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Why the FHA Self-Sufficiency Test Is So Important For First-time Investors in 3- or 4-Unit Properties

An FHA loan is a mortgage insured by the Federal Housing Administration. Backed by the Federal Housing Administration, an FHA loan may require a down payment as little as 3.5% for a credit score of 580 or higher versus the average 20% down payment required by bank mortgage loans.

An FHA loan is a very affordable way for first-time investors to buy a 3-to-4-unit property and occupy one of the units. In return for making a smaller down payment, you must pay mortgage insurance premiums which protect the lender should you default. As a first-time real estate investor, you must also pass the “FHA Self-Sufficiency Test” to be approved for a FHA loan.

An FHA loan is a very affordable way for first-time investors to buy a 3-to-4-unit property and also occupy one of the units.

When real estate investors ask our specialists at A and N Mortgage Services about an FHA mortgage loan for a 3-to-4-unit property, we educate them about the importance of the mortgage loan calculation as well as passing the FHA Self-Sufficiency Test to qualify.

FHA Self-Sufficiency Test Checklist
FHA guidelines for 3-to-4 units state that, regardless of occupancy, the property must be self-sufficient. This means that the maximum monthly mortgage payment is limited to 75% of the total rental income. This percentage must be at least enough to cover the mortgage payment known as PITI (Principal, Interest, Taxes, and Insurance).

  1. Zoning – The property must be zoned for residential multi-unit use.
  2. Market – The property appraiser must provide data on projected market rents. Although the loan amount can be higher for multi-units, we need to make sure that the loan calculation complies with the requirements of the FHA Self-Sufficiency Test.
  3. Net Rental Income – This is the appraiser’s estimate of the fair market rent from all units including the unit chosen by the borrower for occupancy. The calculation for the FHA Self-Sufficiency Test takes the total rental income less the vacancy factor of 25% as determined by the jurisdictional Homeownership Center (HOC).
  4. Loan Calculation –Calculating your mortgage loan correctly is very important, because it can affect the maximum mortgage amount that you will be allowed to finance.
  5. Conditional Commitment — Always double check your lender’s “Conditional Commitment” letter which states that a lender will offer the loan if certain conditions are fulfilled. Loans are always conditional in the early stages, but the conditions are cleared progressively as the loan moves through underwriting and processing.
  6. Income and Ratio Guidelines – Keep in mind that the FHA Self-Sufficiency Test calculations are used only to determine the maximum monthly payment. As the borrower, you must still qualify based on income and ratio guidelines. Please note that the projected rent may only be considered as gross income for qualifying purposes and may not be used to offset the monthly mortgage payment.

It is extremely important to calculate your mortgage loan correctly, because it can affect the maximum mortgage amount you will be allowed to finance.


Underwriting Your FHA Mortgage Loan
“As underwriters,” said Neena L. Vlamis, president of A and N Mortgage Services, “we will consider the FHA Self-Sufficiency Test calculation—regardless of the appraised value–to determine that the property can carry itself if the owner-occupied borrower were to move out.”

Specifically, Vlamis added, if the borrower’s total monthly net rental income from all units multiplied by 75% is equal to $2000.00, the total monthly PITI payment cannot exceed this amount. The mortgage loan amount will have to be adjusted accordingly to achieve this regardless of the amount for which the borrowers have qualified. Additionally, A and N Mortgage Services will need to condition for a Comparable Rent Schedule and Operating Income Statement from the appraiser to complete your calculation.

FHA Self-Sufficiency Test Helps First-Time Buyers
Guaranteed by the Federal Housing Authority, FHA loans are available to help first-time investors buy 3-to-4-unit rental properties with an attractively low 3.5% down payment. Once borrowers pass the FHA Self-Sufficiency Test, the FHA approves the mortgage loan.

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

 

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5 Homebuying Tips for Building Your New House

It’s an exciting time for you and your family. You’ve decided to build a new house instead of buying an existing one. For the first time, your new home is going to have every feature and detail you’ve ever wanted. Congratulations!

Here are some wise tips from seasoned mortgage experts which can help you avoid common pitfalls that others experience when building a new house for the first time.

Energy-saving decisions will pay big dividends in lower heating and cooling costs, reduce your family’s carbon footprint and help save our beautiful planet.

Homebuying Tip #1

Never Try to Be Your Own General Contractor
The cards are stacked against you. Sure, you could potentially save money that way, but your inexperience could cost you a fortune in countless delays, coordination and timing errors among sub-contractors, re-doing inferior work, and relying on a crew that doesn’t always show up when you expect them. Sub-contractors are loyal to certain general contractors who give them repeat work. That’s understandable. But you only have one job for them. Even if they agree to work for you, they’ll always postpone your work in favor of the steady jobs that come from professional contractors. This is a very important homebuying tip. Don’t put your house and life on hold based on the remote chance you could save some money.

Homebuying Tip #2

Invest in Energy-Efficient Home Design
Energy-saving features range from your choice of insulation, windows and window treatments, doors, floors, sunlight-reflecting roofs, skylights that improve heating, lighting, and ventilation, exterior paint colors that reflect or absorb heat, and Energy Star kitchen and bathroom fixtures and appliances. Making energy-saving decisions will pay big dividends in lower heating and cooling costs as well as reducing your family’s carbon footprint and helping to save our beautiful planet.

Invest in higher quality materials that pay you back in value with longer life-cycles and lower maintenance and repair costs.

Homebuying Tip #3

Plan for Ample Storage Space
You didn’t build your own home to end up with overstuffed closets and a garage that looks like a permanent storage room while you park your cars in the driveway. Plan for extra closets and built-in cabinets specifically for storage. Build extra storage space in the area under a staircase. Add storage cabinets in your garage and still have room for your cars.

Homebuying Tip #4

Don’t Skimp on Materials
This is a house you’re planning to live in for a long time. Invest in higher quality materials that will pay you back in value with longer life-cycles and lower maintenance and repair costs. You don’t want to have admit a few years from now that you shouldn’t have chosen that cheaper type of flooring, paint, carpeting, or siding.

Homebuying Tip #5

Plan for the Future
Life is all about change, so make sure you build your new house with that in mind. Today you may think you’ll never have another child, but never is a long time. Build a bit bigger than your current situation needs. What can now be a home office or guest bedroom can easily transform into become a beautiful nursery for your second child. Embrace the fact that life is full of surprises, and plan accordingly!

A and N Mortgage Services Inc, a mortgage broker in Chicago, IL provides you with high-quality home loan programs tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

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