- Introduction
- Acknowledgements
- 1: Getting Ready
- 2: The Costs of Space
- 3: Understanding Credit
- 4: Professional Services
- 5: Finding Space
- 6: Residential Leases
- 7: Commercial and Industrial Leases
- 8: Buying Real Estate
- 9: Types of Mortgages
- 10: The Mortgage Application
- 11: Ownership Models
- 12: Purchasing Alternatives
- 13: Chicago Zoning Ordinance
- 14: Chicago Building Code
- 15: Chicago's Neighborhoods
- 16: Property Taxes
- 17: When You Find a Property
- 18: Inspections
- 19: After Moving In
- 20: Insurance
- 21: Utilities
- 22: Rehabbing Your Space
- 23: Safe and Healthy Spaces
- 24: Green Practice
- 25: When Disputes Arise
- 26: Space Emergencies
- 27: Facility Development Planning
- Bibliography
Government Loans
Unlike many homebuyer programs, Federal Housing Administration and other government-backed loans and mortgages are not limited to first-time homeowners. Select guidelines for standard government loans include:
- Terms of 15 or 30 years, with either a fixed or ARM loan
- Gift funds from nonprofit organizations, family members or friends can be used for the down payment
- No payment reserves are required for mortgage insurance
- Maximum total debt ratio is 41% (Visit Chapter 8 for more information on property debt ratio)
- Loans are assumable, meaning another party can take over the loan as long as they meet all of the FHA's requirements and qualifications
- Loan amounts are capped
Cons
These loans have both income caps and limits on the mortgage amounts. Government loans also include additional criteria that borrowers must meet to obtain the loan.