Home Purchase Service
One of the most important financial decisions you will ever make is purchasing a home, and at Robert A. Mortgages, we are here to make the process successful, easy, and stress-free. Whether you’re buying for the first time or planning to relocate to a dream home, we are here to support and guide you throughout the process with mortgage solutions.
As a trusted and reputable mortgage service provider in Illinois, Robert A. Mortgages understands the various challenges and opportunities associated with purchasing a home in the state. Based on your needs, we provide tailored mortgage solutions at competitive interest rates and operate with complete transparency, ensuring a quick and easy mortgage experience.
What are the various types of home loans?
Conventional Loans
A conventional loan is not government-backed and is among the most popular kinds of house purchase loans. To be eligible to obtain this loan, homeowners must have a good credit score with a lower amount of existing debt. Also, in a conventional loan, a very low percentage of down payment has to be made. The down payment varies and could be as low as 3% or could also go up to 20%.
- Fast Closing
- Minimum down payment
- Competitive rates
- Multiple options for mortgage insurance
FHA Loans
The Federal Housing Administration is a government agency that backs and insures FHA loans. This type of home purchase loan is usually lent to borrowers who don’t qualify for other lending options. It has a less stringent qualification process and has a minimum down payment. Such a loan is also a great option for a first-time home buyer.
- Flexible credit requirement
- Competitive rates
- Minimum down payment
VA Loans
VA loans are insured by the Department of Veterans Affairs and are made available to qualifying veterans, U.S. military service members, and eligible surviving spouses. To qualify for this loan, the minimum credit score is 620. VA loans neither require any down payment nor mortgage insurance.
- No lender Fees
- 100% Financing
- No down payment
- No mortgage insurance
USDA Loans
USDA loans are suitable for low-income borrowers who want a home purchase loan for a house in rural areas. Insured by the United States Department of Agriculture (USDA), USDA loans have lower mortgage insurance requirements, and no down payment is required. However, there are income requirements that one must meet in order to qualify for this loan.
- 100% Financing
- No down payment is available
- Stringent income limits
- Lower fee than FHA loans
Jumbo Loans
A jumbo loan is a loan suitable for individuals planning to buy a luxury or high-priced residential property. It exceeds the FHFA’s standard conforming loan limits. To qualify for this loan, the credit score requirement is higher than for conforming loans, and a large down payment is required.
- Interest rates similar to conforming loan interest rates
- Credit score down to 680
- Various down payment options
Home Purchase Loan Process
- Application
- Credit Report
- Loan Program
- Documentation
- Processing and Underwriting
- Approval and Closing Day
With each loan being different, we can close a mortgage in as few as 7 days or as long as 45, depending on the situation. All of our services can be completed 100% on-line except for closing, where the borrower will show up in person. Please note that several other parties participate in a closing (Title, Appraisal, etc.) that also needs to be performed. On average 95% of our files close in roughly 18-25 days without any problem under normal circumstances. Our referral partners all receive milestone updates throughout the entire mortgage process to stay completely informed. Our digital mortgage keeps our borrowers completely informed on exactly what is happening with their new mortgage. In addition, the best part of our services is the convenience for borrowers to apply for their mortgage on-line in minutes. As a borrower, you have the option to pick your interest rate and enjoy complete transparency.
If you also want a home purchase loan, connect with us at Robert A. Mortgages. Our team of experts will guide you throughout the loan process, from application to closing. We are here to guide you throughout.