Today's Current Illinois and Wisconsin Mortgage
Rates
February 8, 2010
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,
Streamwood, Waukegan, Carol Stream, Mount Prospect,
Sun Prairie, Stoughton, Milwaukee, Appleton FHA
loans rates, Waukesha, Brookfield and Madison.
How to shop mortgage
rates
Mortgage rates trend for Illinois and Wisconsin
as of 02/08/2010:
Steady
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Conventional, VA and FHA Loans Prequalify for a
Purchase and Refinance
January 7, 2010
FHA allows single family homes, duplexes, 2-4 unit
properties, low and high rise condos, townhouse,
2nd homes, PUDS, and many others. Refinance or purchase
now to get a lower rate, turn your adjustable into
a fixed rate and get fast cash. FHA refinance Loans
are a great way to consolidate debt into one easy
monthly payment.
Our most popular Wisconsin refinance and purchase
programs offered for Germantown, Mequon, Sussex,
Muskego, Milwaukee Wisconsin first time home buyer,
VA, FHA, Refinance, No Money Down are listed below:
Conventional/Conforming, FHA and VA Refinance and
purchase in Wisconsin:
Our
FHA page
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VA Streamline Refinance: IRRRL
February 6, 2010
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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2010 Home Buyer Tax Credits
February 5, 2010
Just a reminder that congress extended the Homebuyer
Tax Credit. First time home buyers may receive a
credit up to $8,000 on home purchases made prior
to April 30, 2010.
This newly expanded bill also revises income
limits and would allow a $6,500 “move-up” buyer
tax credit for those who have lived in their current
principal residence for 5 or more years.
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FHA Mortgage Insurance to Increase 4/5/2010
February 5, 2010
I thought I would share some recent news concerning
the FHA program. Beginning April 5, 2010 the upfront
mortgage insurance premium (MIP) is being raised
from 1.75% of the base loan amount to 2.25%.
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VA Mortgage Home Loans: Purchase, Refinance and
Cash Out Refinance
February 3, 2010
Wisconsin VA loans are one of the benefits provided
by our Veterans Administration (VA). VA mortgages
do have some restrictions when compared to general
mortgages in the marketplace but in today’s market
the VA loan is a great option if you have no money
down. VA mortgages do not require the private mortgage
insurance that is usually necessary for loans with
little or no down payment.
VA mortgages do offer a cash out refinance option,
in which veterans may borrow up to 90 percent of
the value of the home. These loans also include
extremely competitive rates.
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FHA Mortgage Loans
January 31, 2010
Appleton FHA loans can be great alternative options
for borrowers with small down payments, lower incomes,
and past credit issues. These loans are currently
available only to homes that fit under the specified
mortgage limits.
You may use a Wisconsin FHA mortgage for buying
a 1-4 unit owner occupied home assuming that the
FHA mortgage amount does not exceed the maximum
FHA loan limits for where the property is located.
Wisconsin FHA loans is one of the only types of
real estate mortgage loans that currently does not
require a FICO credit score.
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First Time Home Buyer Programs
January 29, 2010
Illinois no money down home loans enable those who
have not been able to save for a down payment to
realize the dream of home ownership. We offer three
mortgage programs still available with little or
no money down 100% financing for all Illinois residents:
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FHA Streamline 203k Rehab Loans
January 27, 2010
The Streamlined FHA 203k program in Wisconsin, Illinois,
Minnesota and Florida is intended to facilitate
uncomplicated rehabilitation and/or improvements
to a home for which plans, consultants, engineers
and/or architects are not required.
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this entry »
Chicago FHA Loans
January 26, 2010
Chicago FHA loans refinance and purchase, which
have been out of favor in recent years, are especially
popular today because they typically have easier
qualification requirements than non-governmental
loans and require only a small down payment or very
FHA mortgage loan limits in Chicago have been increased
to $410,000 for all of 2010. If you acquire an FHA
loan to purchase a home, FHA is not actually lending
money to you, the buyer; FHA simply guarantees the
lender in case you, the borrower, default on your
mortgage payments.
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VA Builder Approval Process
January 18, 2010
All properties designated as "new," "proposed,"
or "under" construction must have a valid builder
identification number on file with the VA.
If you are not yet approved, you will need to
complete the following 3 documents.
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No Down Payment Rural Housing Loans
January 5, 2010
Wisconsin and Illinois USDA Rural Housing home loans
have a huge advantage in today's Real Estate market.
We've all heard these terms...
NO MONEY DOWN! ZERO DOWN! 100% Home Loan Financing!
These options for financing a home are no longer
available with conventional financing or through
FHA home
loan financing. The best option for buying a home
with No Money Down is with the
VA home
loans programs or the
USDA Rural
Development Home Loan, which will fund up to 102%
of the appraised value.
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VA No Money Down Mortgage loans
December 27, 2009
With such a wide variety of mortgages available
to individuals pursuing first time home buyer loans,
it is crucial to understand as much as possible
about each potential mortgage type. Almost all programs
offered are available to first time home buyers
in Illinois including Chicago.
If you are looking for a no down payment first time
home buyer mortgage then your best bet is to look
at our Government loans that we offer:
FHA Loans (now requires 3.5% down)
VA Loans
Jumbo VA Loans
Rural Housing Loans
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this entry »
Jumbo Loans (Non Conforming)
December 23, 2009
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.
While conventional banks and mainstream, conforming
lenders traditionally underserved borrowers of jumbo
mortgages, a few mortgage brokers specialize in
arranging jumbo financing up to multi million dollar
loan amounts. The difference in pricing between
conforming mortgages and jumbo mortgages (loans
with values in excess of conforming loan limits)
is usually considerable.
We offer jumbo mortgage loans in Illinois and Wisconsin
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