Posted by madisonmortgage on August 5th, 2009
Don’t wait to find out if you qualify for a mortgage as a Wisconsin first time home buyer. November 30th is the deadline for closing on a new home to receive the $8000 tax credit offered in the President’s stimulus program. Wisconsin FHA, VA and Guaranteed Rural Housing are great ways to purchase and will allow many more people to qualify than conventional loans.
All three of these programs are loans from banks that will be all or partially, guaranteed by the agency that approves the loan. That means lower minimum credit scores (620) and low or no down payment to get into that home.
FHA is a 3.5% down payment program with partially financed mortgage insurance, no income limits and county-by county maximum loan limits.
VA has no down payment, no mortgage insurance, a 2.15% funding fee that is added to your loan and a $417,000 limit ($1,500.000 with money down).
GRH is a US Dept. Of Agriculture program with no down payment, no mortgage insurance and a 2% funding fee added to the loan. There are population restrictions (maps) and county-by county income limits. Go to our USDA Rural Housing page and follow the links to your state and county for more info.
Dennis Hardy
Toll Free: (877) 240-5810 x104|
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Related no money down blog posts:
http://www.madisonmortgageguys.com/blog/content/germantown-mequon-sussex-muskego-milwaukee-wisconsin-mortgage-broker-first-time-home-buyer-va-fha-refinance-no-money-down/
http://www.madisonmortgageguys.com/blog/content/first-time-home-buyer-information-for-illinois-and-wisconsin-residents-2/
http://www.madisonmortgageguys.com/blog/content/usda-rural-housing-mortgage-loans-in-illinois-and-wisconsin-no-money-down/
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This entry was posted on Wednesday, August 5th, 2009 at 11:59 am and is filed under FHA Loans, First Time Buyers, Madison Mortgage Programs, Milwaukee Mortgage Programs, No Money Down Loans, Rural Housing Loans, VA Loans, Wisconsin Programs.
