95% Conventional financing for credit scores down to 620!
I received this information from a good loan officer
that I know. This info was so useful, that I wanted
to share it with all my blog readers out there.
I will cut and paste his e-mail below. Feel free to
contact him with any questions. For VIP Treatment,
Be sure to mention you saw this info at www.773property.com.
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“Hello,
Mortgage insurance guidelines were relaxed on Monday.
Borrowers with credit scores as low as 620 can obtain
mortgage insurance on an owner-occupied single family
home, a 2-unit property or a condominium with as little
as 5 percent down!
This is a major reduction in scoring requirements as the
previous minimum score was 680. Your clients who
previously were limited to FHA financing can broaden
their home search and move forward with a home purchase.
Many customers with a 620 credit score also have limited savings.
Chicago Bancorp has an excellent home buyer program available
for any property in Illinois. Our Moderate Income program gives
3% down payment assistance to 1-2 person households with
income less than $75,000.
Our Low Income program gives 5% down payment assistance
for a single person who makes less than $42,000 or two people
who make less than $48,000. Both programs have higher income
limits for 3+ person households….”
For more information, please contact:
Phillip Williams
Senior Mortgage Banker
Chicago Bancorp
NMLS ID #217499
312-738-6006
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Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
