533 NORTH MILWAUKEE AVENUE
Libertyville, Illinois 60048
847-362-1335 (phone)
847-362-1347 (fax)
847-283-2111 (cell)
**Premier Residential Mortgage Lender
Jan Leasure, Sr. LO/Branch President NMLS #213431
See Jan Leasure for all of your residential mortgage needs. Purchase, Refinance, Investment
Old fashioned customer service. Old fashioned underwriting. ~e are the team that works for you! Diamond Residential Mortgage Corporation, founded in 2009, NMLS #186805 is focused on meeting the needs of our customers. Our company is made up of experienced mortgage banking professionals. Our President/CEO, Paul Diamond, has over 30 successful years of expertise in both banking and mortgage banking; additionally, he is one of the many DRMC team members with this level of proficiency. Diamond Residential is built on a foundation of common sense, integrity, and excellence within a “can-do” environment. Our family of mortgage professionals is well-versed in all aspects of home lending. We focus on government–insured products and conventional lending, as well as jumbo products and specialty lending. Diamond Residential strives to deliver every one of our products with integrity, on time, and error free. We put our heart and soul into our work with a goal of “Recommendation without Reservation.”
About
Full service mortgage bank, with locations situated throughout the Midwest: licensed in Illinois, Indiana, Michigan, Wisconsin, Minnesota, Missouri, and Kansas
Mission
To build an ongoing and growing franchise of which we can all be proud. To, at all times, conduct business with the highest integrity and in a professional, customer intimate manner, where every person we touch will recommend our products and our services without reservation, knowing us as the best in the class and as an asset in the communities in which we conduct business. It is not just a transaction; we care. Products
FHA
FHA loans originated in 1934 and are insured by the Federal Housing Administration. These loans allow a borrower to borrow money to either purchase a new home or refinance their existing home. There are a lot of good reasons to choose an FHA insured loan, especially if one or more of the following applies to you:
-Terms available: 30-year, 25-year, 20-year, 15-year, 10-year
-Adjustable rate mortgages allowed
-Minimum down payment: 3.5%
-Single family and 2-4 units allowed
-Primary residence only
-Grants and gifts allowed from acceptable sources
-Flexible or no credit scores
-2 years post bankruptcy
-3 years post foreclosure
-Common sense underwriting
-Seller concessions up to 6%
-203K Rehab loans
-Loans can be assumable
-Maximum loan amounts are restricted by geographical area
-Reduced monthly mortgage insurance
-Purchase or refinance
VA
VA loans were originated in 1944 by the United States Congress as part of the Servicemen’s Readjustment Act. A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long term financing to American veterans and their surviving spouses. More than 27 million veterans and service personnel are eligible for VA financing. Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans:
-Terms available: 30-year, 15-year
-Adjustable rate mortgages allowed
-100% financing (no down payment)
-Single family and 2-4 units allowed
-Primary residence only
-Flexible or no credits
-2 years post bankruptcy
-3 years post foreclosure
-Common sense underwriting
-Seller concessions up to 6%
-Loans can be assumable
-Maximum loan amounts are restricted by geographical area
-No monthly mortgage insurance
-Borrower must be an eligible veteran or a surviving spouse
-Purchase or refinance
USDA Guaranteed Rural Housing
The USDA Rural Development program serves the public through more than 800 field offices nationwide. Sometimes good credit and steady income are not enough to qualify for a home loan at a commercial financial institution, such as a bank, savings and loan or mortgage company. Many rural families and individuals may be eligible to become homeowners with the help of a USDA Guaranteed home loan. When the federal government agrees to guarantee a loan, lending institutions are better able to help buyers while incurring less risk. Through USDA’s Guaranteed Rural Housing Program, low and moderate income families can qualify for mortgages even without a down payment.
-Terms available: 30 year fixed
-100% financing (no down payment)
-Single family residence
-Primary residence only
-Grants and gifts allowed from acceptable sources
-Flexible or no credit scores
-3 years post bankruptcy
-4 years post foreclosure
-Common sense underwriting
-Seller concessions up to 6%
-Maximum loan amount $ $766,550
- Jumbo to $2m
-No monthly mortgage insurance
-No acreage limitations
-Purchase or refinance
Conventional/Conforming
A conforming loan is a mortgage that complies with the standard Fannie Mae and Freddie Mac guidelines. Fannie Mae worked with Freddie Mac to develop uniform mortgage documents meeting national standards for what would come to be known as a conforming loan. Conforming loans typically require enhanced borrower standards, which includes, higher credit scores, larger down payments, and stricter underwriting guidelines. In purchase or refinance transactions, conforming loans will generally require private mortgage insurance (PMI); unless the borrower has a 20% equity.
-Terms Available: 30-year, 25-year, 20-year, 15-year, 10-year
-Adjustable rate mortgages allowed
-Single family and 2-4 units allowed
-Second homes and investment properties allowed
-Minimum down payment: 3-5% (determined by property type or occupancy)
-Grants and gifts allowed from acceptable sources, along with 5% of your own funds
-Stricter credit requirements
-4 years post bankruptcy
-4 years post foreclosure
-Seller concessions allowed, based upon the down payment
-Renovation loans are available
-Maximum loan amount $647,200
-Purchase or refinance
Jumbo/Non Conforming
A jumbo loan is a non conforming loan that does not meet Fannie Mae or Freddie Mac guidelines because of the higher loan amount. Typically interest rates and down payments for a Jumbo loan will be higher than a standard conforming loan. Jumbo loans were designed to help high income individuals afford luxury homes or smaller homes in highly desirable areas. Jumbo loans are those that exceed the standard conforming loan amount of $766,550
-Terms Available: 30-year, 25-year, 20-year, 15-year, 10-year
-Adjustable rate mortgages allowed
-Single Family and 2-4 units allowed
-Second Homes and Investment properties allowed
-Larger down payments required
-More strict credit requirements
-4 years post bankruptcy
-4 years post foreclosure
-Seller concessions allowed based on down payment
-Loan Amounts in excess of $ $766,550
-Purchase or Refinance
-Licensed in Illinois and Wisconsin, Indiana, Florida, Texas, California, Missouri. Washington
