Is a down payment required to purchase a home?
It depends on some key variables specific to each consumer. We have a vast array of programs, which require no down payment.
We were considering credit counseling as a means to improve our financial affairs. Is this a good idea?
Before proceeding with credit counseling there are ramifications of which you should be aware. The credit counselors don't tell you that once you are in counseling, it's reported on your credit and it is construed to be the same as a BANKRUPTCY 13. The reason is you did not honor your contractual obligations to these creditors. Also, by doing so you have demonstrated you are unable to manage your affairs. At least that is how it is perceived, so if you apply for any other credit while in counseling, most certainly you will be denied. Be sure you understand the ramifications before committing to one these services. There may be other ways to improve your financial affairs.

I am self-employed and I claim very little income. Do you have programs available for purchase and refinance?
Yes, we have many programs available specifically designed with you in mind. We offer fixed rates to adjustable rates for either purchase or refinance.

  • Stated income
  • Limited documentation
  • And more...
Do you charge points?
Not on most programs. FHA is usually the only program where it is customary to charge a discount fee. This fee can be waived by accepting a slightly higher rate. If you are purchasing a home and using this program often we can have the seller pay the discount fee (this can be negotiated at time of contract).

What are your closing costs?
It depends on the loan program you are choosing. Most of our products have a zero closing cost option. Be sure to inform your Loan Consultant when applying that you are interested in exploring this option.

Is my mortgage tax deductible?
In many cases when your mortgage is in the first position it may be tax deductible (consult your tax advisor). If the mortgage is in a 2nd position (such as a line of credit) it may be tax deductible (consult your tax advisor).

Can I expense or write off closing costs?
There are limitations on what can actually be expensed or deducted for tax purposes (consult your tax advisor).
I have made late payments on my mortgage or other creditors lately - can I refinance?
Unlike Banks and Brokers, we evaluate each consumer’s variables independently and use common sense underwriting for loan approval. The decision is made here! We are here to assist you, not to turn you down. We guarantee that when you apply we will explore all avenues in order to assist you.
If you have a question or need additional information please feel free to e-mail us at uslginfo@uslendinggroup.com
 
Call us today at 630-545-9930 or email us at uslginfo@uslendinggroup.com
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U.S. Lending Group, Inc.
800 Roosevelt Road
Building A, Suite 208
Glen Ellyn, IL 60137