Illinois has taken a spot among the top 10 states with the most devastating economic problems. The statewide budget crisis, which consists of a 10.9 percent revenue reduction, a $13 billion deficit and a 47.3 percent budget gap has driven Illinois into a series of service cuts and increased taxes. The state economy just keeps getting worse and as of October 2009, Illinois takes sixth place for the highest foreclosure rates in the nation.

While the housing crisis is nowhere near the end, many homeowners in Illinois may be able to qualify for short refinancing. Short refinance negotiation is a viable option for those suffering from escalating interest rates or who owe more than the property value of a home. Learn more about the M3 short refi strategy and find out whether you qualify for an Illinois short refinance.

Illinois Short Refinance -- Features and Benefits

Short refinancing offers numerous homeowner advantages, namely the ability to keep your home with a reduced amount on the loan. You may also be able to lower your monthly payments, lower the interest rate or switch from an adjustable interest rate to a fixed interest rate. By and large, an M3 short refi can rescue underwater homeowners and create a more stable mortgage situation.

Illinois Short Refinance Qualifications

Short refinance qualifications consist of a satisfactory account of the applicant's financial standing. In order to be eligible for an Illinois short refinance, you must have a credit rating of at least 620. Other short refinance qualifications include a firm record of income and a clean mortgage payment history for the past 12 months.

Illinois Short Refinance Through the M3 Short Refi Program

M3 Strategy can handle Illinois short refinance negotiation for your primary residence, second home or vacation property. In order to commence with the M3 short refi process, you will be required to submit supporting documentation that satisfies the aforementioned criteria and confirms your ability to honor the new loan terms.

Following an assessment of your financial situation, M3 Strategy can help you cut through the red tape of your lending institution. We can carry out the short refinance negotiation process on your behalf, get your lender to approve a short payoff and help you qualify for a new loan.

Illinois Short Refinance -- FHA Loan Limits

The following are FHA loan limits for Illinois. Information is provided by county and includes the most densely populated regions in the state. For a detailed account of FHA lending limits in Illinois, visit the FHA website:


COOK COUNTY

Single Family $410,000
Duplex $524,850
Triplex $634,450
Four-plex $788,450


DUPAGE COUNTY

Single Family $410,000
Duplex $524,850
Triplex $634,450
Four-plex $788,450


LAKE COUNTY

Single Family $410,000
Duplex $524,850
Triplex $634,450
Four-plex $788,450


WILL COUNTY

Single Family $410,000
Duplex $524,850
Triplex $634,450
Four-plex $788,450


KANE COUNTY

Single Family $410,000
Duplex $524,850
Triplex $634,450
Four-plex $788,450


WINNEBAGO COUNTY

Single Family $339,250
Duplex $434,300
Triplex $524,950
Four-plex $652,400


MCHENRY COUNTY

Single Family $410,000
Duplex $524,850
Triplex $634,450
Four-plex $788,450


MADISON COUNTY

Single Family $281,250
Duplex $360,050
Triplex $435,200
Four-plex $540,850

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