CF Funding Launches "Graduate Advantage" Program to Benefit College Students, Recent Grads

CF Funding has launched a new loan program this month, which is aimed to benefit college students and recent graduates. The program allows those with large amounts of student debt (and lower income) to add a non-occupant co-borrower, in other words-- a "cosigner," to help create a better debt-to-income ratio. This blended ratio can help students & recent grads to qualify for lower interest rates, and mortgage loan terms that they might not otherwise qualify for.

Other benefits of this program include future income qualifications, for a student or grad who may be expecting to start a job or get a raise within 60 days. Depending on the buyer's income and credit qualifications, down payments as low as 3.5% may be required. CF Funding offers free credit counseling for those who need a score increase to qualify.

Graduate Advantage is available for any Freddie Mac purchase, rate and term, or cash out refinance.
Contact a CF Funding loan specialist today to learn more at 630-328-8900 or visit www.cffunding.com.

Company NMLS #202670, Illinois License MB .0005978

CF Funding Offers IHDA Grant for First Time Homebuyers, Military Personnel

CF funding shares exciting news for first-time homebuyers and military personnel this week, as the lender is approved to provide down payment assistance through the Illinois Housing Development Authority’s Welcome Home Illinois Program. Qualified homebuyers, which may include first-time homebuyers, active military personnel, veterans, and those who have not owned a home in the past 3 years, could qualify for $7,500 or more in grants to help cover down payment costs as well as additional funds for renovation. The program also offers below-market interest rates and a variety of loan options including FHA, conventional loans, and USDA loans.

In order to qualify for this limited-time program, homebuyers must purchase a one or two-unit property within Illinois, and live in this property as a primary residence. The homebuyer must contribute one percent or $1,000 of the purchase price, whichever is greater.

CF Funding is excited to start providing the grants to homebuyers, as IHDA’s programs not only provide down payment assistance, but can also allow federal tax credits that can reduce income tax liability by up to $18,000 over the life of the loan. Tax credits may apply to the Smart Move Trio program (for first-time homebuyers), or Welcome Home Heroes program (for veterans and active military personnel).

Another program that CF Funding now offers through IHDA is Illinois Building Blocks, which “helps strengthen communities with programs that turn vacant homes into valuable homeownership opportunities.” Eligible communities in this program include Belleville, Berwyn, Blue Island, Champaign, Chicago Heights, Cicero, Crest Hill, Joliet, Lockport, Lynwood, Maywood, Melrose Park, Park Forest, Peoria, and South Holland. According to ihda.org, up to 75 homes will be available through the end of 2014. These rehabilitated homes are “professionally renovated and move-in ready. Improvements vary in each house but may include HVAC, electrical, roof, updates to bathrooms and kitchen… etc).This program is also available to non-first-time homebuyers! Down payment assistance is slightly higher in this program with up to $10,000 cash for qualified buyers.

A refinance program called Smart Move Plus is also now available through CF Funding, which allows a 30-year fixed rate mortgage with competitive interest rates, and a variety of loan options to choose from including FHA, Conventional, VA, and USDA.

To apply for an IHDA loan, homebuyers should visit the lender online at www.cffunding.com or call 888-344-4080 today.