Fred Griffin: The Basics of Home Mortgage Financing in 2013!

The Basics of Home Mortgage Financing in 2013!

There have been many changes within the Mortgage Industry in recent times.  What are the basics of getting a Home Mortgage Loan today?  What Credit Score do you need?  Can you go FHA or VA?  How much Down Payment must you have?  Mortgage Lender Gene Mundt lays out the basics in the following Blog:



The Basics of Home Financing in 2013
      Changes within the Mortgage Industry have occurred quickly and become a constant over the past few years.  Those of us that work within the Industry have gotten somewhat used to this fact.  For the public though, the outlook can be quite different.Link to a FREE mortgage consultation with Gene Mundt, Mortgage Lender
      Much has been made of all the recent changes.  Because of that, it can be overlooked that many constants have survived within the Mortgage Industry as well.   And those basics ... those constants that remain ... are what I want to focus on here.
     Basic Mortgage Lending parameters still in place as of today are:
Loan Types  
  • VA Loans for Qualified Veterans - NO Money Down
  • USDA RD Loans (Rural Locations) - NO Money Down
  • FHA Loans (Insured by Fed. Gov.) - 3.5% Down
  • Conventional Loans  -  Typically 5% Down Minimum.  (Some Buyers can qualify with only 3% Down)

 Minimum Credit Score Requirements:

  • VA - 580.  Better Rates available at 640 or Higher
  • FHA - 580.  Better Rates available at 640 or Higher
  • Conventional - 620.  Better Rates available at 20 point intervals
  • USDA RD - 620 or Better

 Optimum Credit Score:

  • 740 or Higher for the Best Rates Available 

 Credit Score Ranges:

  • 320 (Low) to 844 (High)   

 List of Needed Documents/Mortgage Checklist from Gene Mundt, Mortgage lender     

     In particular I want to address the following, as I hear myths and untruths thrown around regarding them fairly often ...
* DISPELLING Myths & Untruths!
  Know and understand that ...
  • You do NOT have to have a 20% Down Payment saved to Buy a Home
  • Mortgage Lenders do NOT make it impossible to Borrow Money 
  • Borrowers do NOT have to have perfect credit to get a loan
  • If you've had a Foreclosure or Bankruptcy, you do NOT have to wait 7 years to get another loan
  • All Down Payment monies do NOT  have to be your own (dependent on loan program & percentage of down payment)
  • FHA IS still a viable loan option
  • Sellers CAN pay your Closing Costs (Negotiable)
  • If buying a Foreclosed Property, you do NOT have to pay Cash 
  • The Sales Price IS negotiable
  • Co-Signers ARE still allowed
      Truth is, obtaining mortgage financing is still an attainable goal and process.  That said though, I urge anyone hoping to Buy a Chicagoland Home (or hoping to Refinance their present Mortgage) to contact me as soon as they make the decision to pursue that action.  And the earlier in the decision-making process and pursuit of the goal, the better.
     Although facts indicate that financing success is indeed possible, it's also a fact that the process to secure that success can be far more detailed than it was in the past. To increase your chances of finding the success you seek during Mortgage Financing, you ...   
  •  WILL need to find and work closely with an experienced knowledgeable Mortgage Lender
  • WILL need to listen to their advice and follow it ... in a timely fashion 
  • WILL have to produce more proof and financial documentation than Mortgage applicants had to years ago 
  • WILL need to be educated about and involved in your Mortgage Processing in order to find success

       The above are facts, not myths or untruths.  These are presently The Basics of Home Financing in 2013.  Embrace these truths and fully commit to your Mortgage Process and you'll find the successful outcome you desire ...

 Contact Info for Gene Mundt, Mortgage Lender

     *  Hoping to Buy a Home or Refinance in the Lincoln-Way Region, Will County, DuPage County, or elsewhere in the Chicagoland area?  Contact me!  I'll put my 36 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
Click HERE for a Free Mortgage Consultation!
Ready to Apply for your Mortgage?
Link to a Full Mortgage Application with Gene Mundt, Mortgage Lender


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Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987


NMLS # 175656


Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  Gene Mundt, Mortgage Lender can be contacted at:  815.524.2280 or via his email:

Contact Gene Mundt, Mortgage Lender soon!

Frederick Griffin, Licensed Florida Real Estate Broker    







Tallahassee Florida Metropolitan Area    


Disclaimer:  Nothing in the above blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.


Comment balloon 2 commentsFred Griffin Tallahassee Real Estate • September 17 2013 03:04PM


Fred - Thank you for sharing an excellent blog about the basic of home mortgage financing in 2013.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 6 years ago

Some of the changes were, for once, actually postive changes. Thanks for the update.

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) over 6 years ago