Today's Current Illinois and Wisconsin Mortgage
Rates
December 01, 2009
Current Illinois and Wisconsin mortgage rates daily
on our website and our blog. Rates are updated between
9:00 AM and 10:00 AM CST Monday through Friday and
are effective from the time published until 5:00
PM CST.
We quote conventional rates, jumbo, ARMs, rural
housing, VA and FHA mortgage rates for all of Wisconsin
and Illinois including major cities such as Chicago,
Milwaukee and Madison.
How
to shop mortgage rates
Mortgage rates trend for Illinois
and Wisconsin as of 12/01/2009:
Steady
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Wisconsin Mortgage Rates Lower Again: Is It Time
To Refinance?
November 29, 2009
After a long holiday weekend it will be interesting
to see what the market brings us come Monday. Last
week brought us the lowest Madison mortgage rates
for the fourth time this year. A conventional 30
year fixed was at 4.75%, while the FHA 30 year fixed
was at a historic low of 5%. Now you may have seen
rates advertised lower but these rates are without
any origination fees or points. Visit our rates
page for daily updates of current Wisconsin
mortgage rates.
Refinance loans are also available
in major Wisconsin cities including Appleton, Fitchburg,
Stoughton, Sun Prairie, Racine, Wausau, Green Bay,
Milwaukee and Madison.
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this entry »
VA Mortgage
November 28, 2009
For VA loans, the VA only guarantees the loan thus
the borrower must apply at a traditional lending
institution including mortgage companies. VA loans
offer no down payment, reduced closing costs, and
interest rates that are usually comparable to, or
lower than, conventional rates.
Wisconsin VA home loans are made to eligible veterans
for the purchase of a home that will be occupied
as the veteran’s primary residence. VA mortgage
loans are highly regarded mortgages because loans
can be financed at 100% or with no down payment.
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this entry »
HUD Updates Second Appraisal Requirements
November 23, 2009
HUD has recently updated their second appraisal
requirements for FHA loans removing a second appraisal
requirement for loans in declining markets with
loan amounts over $417,000 and for cash out transactions
with loan amounts over $417,000.
However HUD has also reminded us that they will
still require a second appraisal when property is
resold between 91 and 180 days following acquisition
by the seller, if the resale price is 100 percent
(or more) higher than the price paid by the seller
when the property was acquired.
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this entry »
No Money Down Mortgage
November 22, 2009
If you want a home mortgage loan, and want to see
if it's possible to get a no money down mortgage
loan, our professional and knowledgeable staff can
help guide you through the decision making process,
and educate you about your options for a Chicago
or any city in Illinois no money down mortgage loan.
An Illinois no money down mortgage loan allows consumers,
who do not have 5%, 10% or 20% of a home's value
in cash, to put down as their initial down payment,
to still buy a home. In fact, many consumers who
apply for a no money down mortgage actually do have
the money for a down payment but they rather use
that money to fix up, decorate or furnish their
new home.
Whether you're a first time home buyer or have less
than perfect credit you've come to the right place
for your no money down mortgage loans.
Your Illinois and Wisconsin no money down mortgage
broker.
Contact us
for questions or additional information.
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First Time Home Buyer Programs
November 15, 2009
As Chicago first time home buyers, we recognize
the sacrifices you make in an effort to save enough
money to not only make a down payment on a home,
but meet the total amount necessary to actually
close on your desired home loan. For instance, the
largest hurdle most first time home buyers in Chicago
face is saving the funds necessary for a down payment.
Did you know that nearly every state has a program
to help first time home buyers with the down payment.
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this entry »
VA Streamline Mortgage loans: Wisconsin and Illinois
November 11, 2009
If you are a Veteran, with an existing VA Guaranteed
Mortgage, you are entitled to an additional benefit
from The Department of Veteran Affairs when it comes
to refinancing.
This program is called a VA Interest Rate Reduction
Refinance Loan or IRRRL (VA Streamline Refinance).
Under this program, you can refinance your existing
VA mortgage loan without having to re-qualify or
have a new appraisal done. In fact, the full credit
report is replaced by a mortgage only credit report
or a verification of payment history from your current
lender for qualification purposes. This report shows
only your mortgage payment history and none of your
other credit or credit scores.
The main eligibility for this program is the new
VA mortgage must have the purpose of lowering the
current interest rate, shortening the loan term
of the current mortgage or converting from an ARM
to a fixed rate loan.
Benefits of a VA
Mortgage
Jumbo VA Mortgage
Information
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Guideline Changes for FHA and VA Loans
November 3, 2009
FHA has recently come out with
changes to their guidelines including the practical
elimination of the streamline refinance program
among others. Since FHA has announced these changes
our lenders have now been coming out with their
own guideline changes and I thought I would highlight
them tonight. The biggest change below is the minimum
credit scores and the required credit report including
credit qualifying streamline refinance loans:
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»
FHA Mortgage Home Loans
October 29, 2009
The requirements demand that the applicant for a
cash out refinance loan has occupied the premises
for at least twelve months, and that payments on
the current mortgage have been on time for at least
twelve months. A cash out refinance loan cannot
be more than the FHA conventional loan limit for
the area of the house being refinanced. One of the
benefits of Wisconsin and Illinois FHA mortgage
loans is that those borrowers with less than perfect
credit can often still qualify for a mortgage.
The program comes with no prepayment penalty and
can allow you to refinance out of a higher risk
Sub-Prime (Bad Credit Loan), Adjustable Rate Mortgage,
or other type of loan product, to an FHA program
without having to jump through a whole lot of hoops.
FHA loans are available to all Wisconsin and Illinois
residents including FHA loans in Chicago, Milwaukee,
Appleton, Green Bay, La Crosse, Middleton, Fitchburg,
Sun Prairie, Racine, Brookfield, Waukesha, Whitefish
Bay, Glendale, Shorewood, West Allis, Greenfield,
Elm Grove, Brown Deer, Wauwatosa, Wausau and Madison.
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this entry »
Types of FHA Mortgage Loans
October 26, 2009
FHA 203(B):
The most popular FHA program is the 203b. The
203b is for 1-4 unit owner occupied purchase and
refinance transactions. The reason for its popularity
is the low down payment requirement (currently 3.5%
of the purchase price) and the increased temporary
maximum loan limits. You can
search loan limits for your area here.
FHA 234(C):
The 203c is the same program as the 203b
except this program is for condos only.
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this entry »
Chicago VA Mortgage loans
October 20, 2009
Because of the funding fee, Chicago VA mortgage
loans do not require monthly mortgage insurance,
keeping your monthly payment lower. The main purpose
of the Illinois VA home loan program is to help
veterans finance the purchase of homes with favorable
loan terms and at a rate of interest which is competitive
with the rate charged on other type of mortgage
loans.
The more you know about our Illinois VA mortgage
loan programs, the more you will realize how little
"red tape" there really is in getting a VA mortgage
loan. VA mortgage loans are usually comparable to
regular mortgages only you save much more since
they don't require money down. VA mortgage loans
are also assumable or can be "taken over" by other
eligible veterans.
When compared to conventional financing, the Illinois
VA home loan can save you several hundred dollars
a month because it does not require you to pay monthly
mortgage insurance as is common with conventional
loans.
Read the rest of
this entry »
VA Streamline Refinance: IRRRL
October 12, 2009
Outlined below are a few of the guidelines for a
VA to VA refinance (VA IRRRL)
Generally the parties obligated
on the original VA loan must be the same parties
on the new loan and the veteran must still own the
property. However, some ownership changes may be
acceptable. The following outlines when a change
in mortgagors is permitted:
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this entry »
$8,000 Wisconsin First Time Home Buyer Credit Expires
December 1, 2009
September 8th, 2009
In order to take advantage of the Wisconsin first
time home buyer credit, you must close no later
than November 30, 2009.
The $8000 tax credit for first time home buyers
provided by the stimulus package offers anyone who
has not owned a home in the past 3 years an $8000
tax credit maximum, or 10% of the home price. Best
of all, it does not have to be repaid if homebuyers
live in the hoe 3 years. Take advantage of the $787
billion American Recovery and Reinvestment Act today!
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USDA Rural Housing in Wisconsin: No Money Down
September 3, 2009
Today I thought I would address some questions that
I hear a number of times each week. ”What is the
Rural Housing program?” and “Do I have to buy a
farm house?” Wisconsin's USDA Rural Housing program
is about helping people purchase a home in any of
the smaller communities throughout the state.
Guaranteed Rural Housing and Direct Rural Housing
are completely different programs. The Direct program
is administered by the local USDA offices and is
a loan/mortgage (“directly” from USDA) to low income
buyers with no other way to purchase a home. The
guidelines and requirements are set by the USDA
and do not involve a bank or lender.
We will be discussing the Guaranteed
Rural Housing
program. The Guaranteed program is for low to moderate
income applicants to purchase a primary residence
in a “rural” area of the state. These mortgages
are processed, underwritten and serviced by a bank
or lender with certain “guarantees” from the USDA.
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this entry »
Jumbo Loans (Non Conforming)
October 11, 2008
Jumbo loans in Illinois and Wisconsin
come in all shapes and sizes, however unlike conforming
mortgages, the overwhelming majority of jumbo mortgages
are Adjustable Rate Mortgages, or ARM loans.
Because any borrower with less than a twenty percent
down payment were previously subject to purchasing
private mortgage insurance (PMI) to insure the lender
for the higher risk, jumbo borrowers were previously
paying a very large PMI fee on a loan with an LTV
(loan-to-value ratio) higher than 80%. However with
recent foreclosures on the rise lenders have turned
away from 80/20 loans and very few zero down loans
are available both for jumbo and conforming loans.
No money down jumbo programs are
generally not available, but instead require a minimum
of 5-10% down payment for a Wisconsin or Illinois
jumbo purchase or refinance mortgage including Chicago,
Madison and Milwaukee.
Read the rest of this entry »
