The mortgage industry has experienced positive changes in the last several years designed to protect the consumer, but many are still confused about what they need to do to get a loan. According to a survey by media research company Ipsos, 36 percent of Americans polled think that a 20 percent down payment is required to qualify for financing.
“Loan regulations have loosened this year to allow for more consumers to purchase a home, as long as they can prove that they are capable of paying back the mortgage,” said Steve DiMarco, president of Key Mortgage Services, Inc. “Through a variety of programs, you can obtain financing for as little as three percent down.”
A new program introduced this year through the Illinois Housing Development Authority (IHDA), called @HomeIllinois, provides 30-year, fixed-rate, affordable loans and grants of $5,000 to help with a down payment or closing costs. As the No. 6 IHDA lender in the state and the No. 1 local mortgage company on the list, Key Mortgage loan officers are intimately familiar with the program. For more information contact a Key Mortgage loan officer.
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