Wisconsin First Time Home Buyers are Returning to FHA Loans
Posted by madisonmortgage on June 4th, 2009
Menomonee Falls, Brookfield, Racine, Waukesha Wisconsin First Time Home Buyers are Returning to FHA Loans
FHA mortgages are becoming popular again in Wisconsin! It’s an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.
Blemished Credit History
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems. A Bankruptcy won’t stop you from qualifying so long as it is 2 years out and you have reestablished credit with no late payments, collections or judgments since the bankruptcy.
Competitive Rates and Terms
· Mortgage insurance is funded into the loan, meaning a premium of 1.75% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion of the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
· Borrowers can finance 96.5% of the purchase price and put down 3.5 percent. In some instances, when combined with gift funds (ask your loan officer for additional information), the down payment can be zero.
· Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.
You can use FHA to refinance existing Conventional ARM’s with little or No Equity.
Wisconsin High Cost Areas:
$410,000 Loan Amount Limit
Kenosha County
$365,000 Loan Amount Limit
Pierce County and St. Croix County
$315,000 Loan Amount Limit
Milwaukee County, Ozaukee County, Washington County and Waukesha County
$293,750 Loan Amount Limit
Columbia County, Dane County and Iowa County
$278,750 Loan Amount Limit
Walworth County
The above loan limits are for single family homes. 2-4 family properties have different maximum loans amounts which can be checked at the link below.
View the new premiums.
For more information on Wisconsin FHA refinance, FHA cash out refinance and FHA purchase loans please visit our Wisconsin FHA page.
Also view our other Government Loans including VA and Rural Housing: http://www.madisonmortgageguys.com/
Your local Wisconsin Mortgage Banker:
Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
FHA loan limit announcement: http://www.madisonmortgageguys.com/announcements/FHA_loan_limits.htm
FHA Page:
http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm
FHA streamline refinance information:
http://www.madisonmortgageguys.com/government_loans/fha_streamline_refinance/index.htm
FHA spot loan approval checklist:
http://www.madisonmortgageguys.com/blog/content/fha-condo-spot-loan-approval-in-illinois-and-wisconsin-Wisconsin-milwaukee-madison/
Wisconsin FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/fha-streamline-refinance-in-wisconsin-and-illinois-including-chicago-milwaukee-and-madison/
Visit our FHA refinance blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-refinance-wisconsin-fha-refinance-mortgage-loans/
Visit our FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/
another blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-and-wisconsin-fha-refinance-cash-out-refinance-and-streamline-refinance/
http://www.madisonmortgageguys.com/blog/content/fha-loans-in-illinois-and-wisconsin-including-illinois-fha-milwaukee-and-madison/
FHA mortgage loans in Wisconsin
http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm
First time home buyers mortgage in Wisconsin
no money down
