Welcome to iLoan, where we specialize in guiding you through the FHA home loan process with ease and expertise. Choosing iLoan for your FHA home loan means you’re partnering with a team dedicated to offering personalized service and unmatched expertise in the FHA landscape. Our knowledgeable professionals are committed to simplifying the home buying journey, ensuring you understand every step of the process. With iLoan, you’ll benefit from competitive rates, lower down payments, and more flexible qualification criteria, making your dream of homeownership a reality, especially if you’re a first-time buyer. Our streamlined application process, coupled with our commitment to providing clear, comprehensive guidance, sets us apart. At iLoan, we don’t just offer loans; we build lasting relationships, helping you secure the key to your new home with confidence and ease. Trust iLoan to make your home buying experience smooth and successful – because your home journey matters to us.

Explore Our Home Loan Options

FHA Loans

Overview: FHA loans are backed by the Federal Housing Administration and are popular among first-time homebuyers.

Advantages:

• Low Down Payments: As low as 3.5% of the home’s purchase price.
• Lenient Credit Requirements: Lower credit scores are accepted compared to conventional loans.
• Higher Debt-to-Income Ratios Allowed: Suitable for applicants with higher existing debts.

Considerations:

• Mortgage Insurance: Mandatory upfront and annual mortgage insurance premiums.
• Property Standards: Homes must meet certain safety and structural standards.
• Loan Limits: Maximum borrowing limits based on regional housing markets.

Conventional Loans

Overview: These are standard loans not insured by any government agency and are offered by private lenders.

Advantages:

• No Mortgage Insurance: If you make a 20% down payment.
• Flexible Terms: Wider range of loan terms and types.
• Higher Loan Limits: Generally higher than FHA loans.

Considerations:

• Stricter Credit Requirements: Higher credit scores needed.
• Higher Down Payments: Typically, 5-20% of the purchase price.

Questions Call (888)416-4805

USDA Loans

Overview: USDA loans are government-backed loans designed to help purchase homes in rural areas, offered by the United States Department of Agriculture.

Advantages:

• No Down Payment: 100% financing available.
• Lower Interest Rates: Generally lower than conventional and FHA loans.
• No Maximum Purchase Price: Based on your ability to repay.

Considerations:

• Geographic Restrictions: Only available in designated rural areas.
• Income Limits: Applicants must meet certain income criteria.
• Mortgage Insurance: Required despite no down payment.

Homebuyer Grants

• What are they? These are funds or subsidies offered to first-time homebuyers or those who meet certain criteria.
• Key Benefits:
  • Assistance with down payments or closing costs
  • Reduces upfront costs of home buying
  • Often does not need to be repaid if certain conditions are met

Non-Traditional Loans

Overview: These are loans that do not fit the standard criteria of FHA, USDA, or conventional loans. Examples include jumbo loans, adjustable-rate mortgages (ARMs), interest-only mortgages, and loans for self-employed individuals.

Advantages:

• Flexibility: Tailored for unique financial situations or property types.
• Higher Borrowing Limits: Especially with jumbo loans for expensive properties.

Considerations:

• Varied Interest Rates and Terms: Can be riskier with fluctuating rates.
• Stricter Qualification Requirements: Often require excellent credit and significant assets.

VA Loans

Overview

VA loans are offered to veterans, service members, and their spouses. They are backed by the Department of Veterans Affairs.

Key Features

• No Down Payment: No down payment is typically required.
• No Mortgage Insurance: No requirement for mortgage insurance.
• Competitive Interest Rates: Often lower than conventional loans.

Considerations

• VA Funding Fee: A one-time fee is charged, which can be rolled into the loan amount.
• Property Standards: Homes must meet VA appraisal standards.