1st Eagle Mortgage and Loan Company in Chicago Northfield Illinois

Purchase Programs

Federal Housing Administration (FHA)
An FHA loan is a mortgage that’s insured by the Federal Housing Administration and is appealing to first-time home-buyers because of flexible down payment and credit score requirements.

Program Features:

  • Low closing costs
  • The money for the down payment can be a gift
  • Parent or family member can help to income qualify
  • 1 to 4 unit property as long as it’s owner occupied
  • OK 2 years after a bankruptcy
  • OK 3 years after a foreclosure or short sale
  • A minimum down payment of 3.5% with a credit score of 580 or higher
  • 10% down payment with a credit score between 500 and 579

Veterans Administration (VA Loan)

This is a great loan for anyone with military service including the reserves.

Program Features:

  • No down payment
  • No mortgage insurance
  • Higher debt to income which means veterans with moderate incomes are often eligible
  • 1-4 unit property as long as 1 unit is owner occupied
  • No 2nd homes or investment properties

Fixed Rate

A fixed-rate mortgage is a mortgage loan that has a fixed interest rate for the entire term of the loan.

Program Features:

  • Interest rate that remains the same throughout the life of the loan
  • Monthly payments remain constant over the life of the loan
  • 1st Eagle Mortgage offers fixed rate mortgages with terms of from 8 to 30 years
  • 500 minimum credit score for FHA and VA
  • 620 minimum credit score for conventional mortgages (up to $453,099)
  • 660 minimum credit score for Jumbo mortgages (over $453,100)

Adjustable

Adjustable Rate Mortgages (ARMs) are loans where the interest rate is fixed for a certain number of years (such as 5, 7, or 10) and then recalculated on a yearly basis depending on market rates. After the fixed period, monthly payments may be higher or lower depending upon the current interest rate.

Program Features:

  • ARMs generally have lower rates than the traditional fixed rate mortgages
  • They make sense if you’re planning to move in 7 years or less
  • 500 minimum credit score for FHA and VA
  • 620 minimum credit score for conventional mortgages (up to $453,099)
  • 660 minimum credit score for Jumbo mortgages (over $453,100)

Jumbo

A Jumbo, or non-conforming loan, refers to any home loan that is greater than $453,100. Jumbo loans have similar features to fixed and adjustable rate programs. The biggest difference between a jumbo loan and a traditional loan is the interest rate – since jumbos are not guaranteed by Fannie Mae or Freddie Mac, they are considered a higher risk for lenders, and they may have a higher rate.

Program Features:

  • Generally a credit score of 700 is required to get the best rates

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