Loan Options & Programs
Expert Financing Solutions for Chicago and Beyond
With over 24 years of experience navigating the Illinois mortgage market, Clear Central Mortgage Inc. understands that no two financial situations are the same. Whether you are buying your first home in a quiet Chicago suburb or refinancing a property in the heart of the city, we provide the specialized knowledge to find the right product for your goals.
Best For
Borrowers with solid credit scores and a steady income.
Key Features
Available in both fixed-rate and adjustable-rate (ARM) options.
Benefits
Flexible terms typically ranging from 10 to 30 years. If you put 20% down, you can avoid private mortgage insurance (PMI).
Conventional Loans
Conventional mortgages are the most common type of home loan. They are not insured by the federal government but follow the guidelines set by Fannie Mae and Freddie Mac.
Best For
Borrowers with lower credit scores or limited personal savings for a down payment.
Key Features
Down payments as low as 3.5%.
Benefits
More lenient credit requirements and the ability to use "gift funds" for your down payment.
FHA Loans (Federal Housing Administration)
If you are a first-time homebuyer or have a less-than-perfect credit history, an FHA loan is often the most accessible path to homeownership.
Best For
Borrowers with lower credit scores or limited personal savings for a down payment.
Key Features
Down payments as low as 3.5%.
Benefits
More lenient credit requirements and the ability to use "gift funds" for your down payment.
VA Loans (Department of Veterans Affairs)
We are proud to serve those who served. VA loans are a specialized benefit for active-duty service members, veterans, and eligible surviving spouses.
Best For
Military members are looking for the most favorable terms on the market.
Key Features
$0 down payment requirement for qualified borrowers.
Benefits
No monthly mortgage insurance (PMI) and competitive interest rates that are typically lower than conventional loans.
Refinance Options
Your mortgage should work for your current lifestyle. If interest rates have dropped or your home value has increased, it may be time to restructure your debt.
Rate-and-Term Refinance
Lower your monthly payment or change the length of your loan to save on interest.
Cash-Out Refinance
Tap into your home’s equity to fund home improvements, consolidate high-interest debt, or cover major expenses.
Investor Loans / DSCR (Debt Service Coverage Ratio)
Designed for real estate investors, this loan focuses on the property’s income—not your personal income. Approval is based on whether the rental income can cover the mortgage payments, making it ideal for purchasing or refinancing income-producing properties.
FHA 203(k) Rehab Loan
A government-backed loan that allows buyers to finance both the purchase of a home and the cost of renovations in one mortgage. Great for fixer-uppers, it’s more flexible with credit requirements and requires a lower down payment.
HomeStyle Conventional Loan
A conventional renovation loan that lets you finance a home purchase and upgrades together. It typically requires stronger credit than FHA but offers more flexibility in the types of renovations allowed, including luxury improvements.
Not Sure Which Program Fits Your Needs?
With over two decades of lending experience, we specialize in simplifying the complex. Let’s look at your unique financial picture and find the path that puts you in your new home faster.