Illinois FHA Refinance Wisconsin FHA Refinance Mortgage Loans
Posted by madisonmortgage on April 4th, 2008
With a Wisconsin FHA refinance or Illinois FHA refinance loan, the program allows homeowners to take advantage of low fixed interest rates that aren’t required to increase based upon your loan-to-value or the reason you’re wanting to refinance. An FHA cash out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage.
FHA allows you to purchase or refinance a mortgage four ways:
Purchase loans with no money down
Streamline refinance to 97%(FHA to FHA)
Rate and term refinance to 97% (any type of loan to FHA)
Cash out refinance to 95% (any type of loan to FHA)
You can use FHA home loans as many times as you desire when buying a home or doing a mortgage refinance. Today’s FHA-Insured mortgage loan offers the flexibility borrowers are looking for along with the traditional benefits of low down payments, low closing costs, competitive interest rates, and easier qualifying ratios.
FHA streamline refinancing up to 97% of your homes value. FHA has permitted streamline refinances on insured mortgages since the early 1980’s.
The mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced should be current (not delinquent).
No cash may be taken out on mortgages refinanced using the streamline refinance process.
Lenders may offer streamline refinances and include the closing costs into the new mortgage amount.
Refinance now with an FHA refinance, the best option for those stuck in subprime or ARM mortgages or if you are looking for a no money down purchase FHA is your option in today’s market.
For more information on Wisconsin and Illinois FHA refinance, FHA cash out refinance and FHA purchase loans please visit our site at http://www.ameristarmdison.com.
To view additional FHA loans requirements visit our FHA Loan page on our website.
Also view our other Government Loans including VA and Rural Housing.
Your local Wisconsin and Illinois Mortgage Broker:
Dennis Hardy
Toll Free: (877) 240-5810
dennis.hardy@madisonmortgageguys.com
www.Madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
