Illinois Welcome Home Heroes $10,000 Grant
Updated Oct. 24, 2014
We have a great program available for Illinois Veterans to take advantage of - today's rate as of 11/8 is 3.25% for a 100% 30 YR Fixed VA Loan with no mortgage inurance, and you get a $10,000 grant on top of it. You simply cannot get a better mortgage deal if you are a veteran. Here are some of the specifics;. Launched...

IHDA SmartMove for Illinois First Time Homebuyers
Updated Oct. 24, 2014
The SmartMove program is designed for qualified buyers who have limited funds for down payment and/or closing costs. The program has several features:. oA first mortgage with an affordable interest rate. See the current rates.oA second mortgage up to $6,000 for down payment and/or closing cost...

EU Troubles Continue to Help Mortgage Rates
Updated Oct. 9, 2013
The 10YR Treasury Bond Yield is currently at 1.91%, which is down 5 ticks from Friday's close and down significantly from it's YTD peak of 2.40. Since the mortgage rates/bonds move pretty closely in lock step with the Treasury market, any time the yields rise rate will usually follow and conversely. We...

90% Jumbo Financing - 10% down Jumbo's
Updated Oct. 24, 2014
I am seeing more demand for low down payment jumbo loans, and I wanted to provide some food for thought and dispel the myth that you need a huge down payment for jumbo loans.. We have a couple of different options available with as little as 10% down- 1 loan with 10% down, and with or without mortgage insurance. The rate...

Major Lenders open to sub 3% rates
Updated Oct. 9, 2013
We saw a second major lender open up sub 3% rates on their rates sheets this morning - specifically 2.75% on the 30YR and 2.25% on the 15YR. Disclaimer: these rates are costly to buy down to, but are now an option for the first time. This may portend that these rates are available without points at some point in the near...

$10,000 Grant for IL Veteran's
Updated Oct. 24, 2014
Illinois Veteran's can receive the $10,000 Welcome Home Heroes Grant, that can be combined with $0 down VA loans -currently at 3.25% - for an unbeatable way to purchase a new home.. Launched to honor those who sacrifice to safeguard our freedom, Welcome Home Heroes is open to all qualified Illinois veterans,...

Jumbo Loan Rates following conforming rates to all time lows
Updated Oct. 9, 2013
We are starting to see jumbo loan rates follow their conforming counterparts to all time lows. Currently we are consistently seeing sub 4% rates for a 30YR Fixed on a primary residence with excellent credit and good equity. Since the pricing is highly dependent on credit quality (FICO scores, Loan to Value,...

High Balance Conforming Loans Supersized
Updated Oct. 9, 2013
In Agency High Balance Loan areas, the use of a high loan to value HELOC is a great way to stretch your purchasing power and reduce your down payment.. For example, in Arlington County VA the Agency (Fannie Mae/Freddie Mac) High Balance Loan Limit is $625,500. Taking out a first mortgage at 80% or less (in order to...

FOMC Meeting Market Mover?
Updated Oct. 9, 2013
The Federal Open Market Committee's last meeting of the year begins Tuesday, and will conclude at 12:30 PM ET Wednesday. Be careful, as mortgage rates are susceptible to extreme volatility in terms of the direction the minutes lay out. The primary driver is the conclusion of "Operation Twist" that started...

Jumbo Loan Borrowers Borrowing Power Slipping Away
Updated Oct. 9, 2013
We are seeing a dramatic shift upward in mortgage rates, and as a result buyers who require jumbo loans to finance their new home purchases are seeing a reduction in the amount they can qualify for (and thus the purchase price diminishes). This week is traditionally the start of the Spring market for sellers to...