Often your clients will look to you, the agent, for all things real estate. You are the quarterback of the transaction and Key Mortgage is a team that can make sure it happens. Here are some numbers you should know to help guide your client in selecting the right property for them.
Minimum Downpayment:
Conventional
- 3% down for first-time homebuyers (owner occupied)
- 5% down for repeat homebuyers (owner occupied)
- 15% down for investment properties (does not include multi-family)
FHA (has to be owner occupied)
- 3.5% down (1 – 4 Units)
VA
- 0% down (1 – 4 Units)
Max Loan Amount in Chicago Metropolitan Statistical Area:
Conventional
- 1 unit – $647,200
- 2 unit – $828,700
- 3 Unit – $1,001,650
- 4 Unit – $1,244,850
FHA Max Loan Amount
- 1 unit – $420,680
- 2 unit – $538,650
- 3 Unit – $651,050
- 4 Unit – $809,150
Jumbo (call your LO for competitive pricing!)
- 5% down – up to $1,000,000
As always, our Key Mortgage loan officers are available for a preapproval, application, or to answer questions at any time. Make sure that your client is preapproved by Key before going on showings and ask them about creative ways to win the deal!
