Posted by Brian Collins on February 6th, 2010
Outlined below are a few of the guidelines for a Wisconsin 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 table outlines when a change in mortgagors is permitted:
Posted by Brian Collins on February 5th, 2010
I thought I would share some recent news concerning the FHA program. Beginning in early April, the upfront mortgage insurance premium (MIP) is being raised from 1.75% of the base loan amount to 2.25%.
If you are considering a purchase or refinance using FHA, now is a good time to start the process and save some money.
Posted by Brian Collins on February 3rd, 2010
Today’s blog post is going to look at the many misunderstandings about VA loans in Wisconsin. Whether it was the broker giving the wrong information or finding outdated information from non-reliable websites – it was evident that for whatever reason, the facts about VA Loans were getting distorted.
Over the years – I’ve heard it all. I thought it would be a good idea to take a look at the 7 most common myths I’ve heard about Wisconsin VA Loans:
1. “Can I use my VA eligibility more than once”
This is by far the most common myth we hear – but this is definitely false. There is no limit on the number of times you can use a VA Loan. Now if you’ve had a VA loan previously, you need to have had your entitlement restored by paying off the mortgage (pay off balance, sell the property, refinancing into a conventional mortgage) in order to get another VA Loan. There is a possibility in which you could have more than one VA Loan outstanding at a time – but only if you didn’t use your entire entitlement on the purchase of the first property. Now if you’ve already used a VA Loan previously, you just have to keep in mind that the cost of the VA funding fee is increased from 2.15% to 3.3% (no down payment) for every subsequent use of a VA Loan. If you’ve accumulated equity on the sale of your first home, and you can put a 5% down payment the next time, your funding fee can be reduced from 3.3% to 1.5%.
Posted by Brian Collins on January 31st, 2010
Buying a home with an FHA home loan in Appleton is really no different than buying a home with any other loan except you have more protection against foreclosure with FHA, it is easier to qualify, you don’t have to have perfect credit and it can cost you less each month. Keep in mind that because the FHA does allow you to put such a small percentage down on your mortgage loan or take out a lot of cash when you refinance, you are required to carry mortgage insurance on your home until your loan to value reaches 78% with a minimum of 5 years of mortgage payments.
Visit our website for other no money down loans in Appleton, including VA and Rural Housing home loans at http://www.madisonmortgageguys.com
Posted by Brian Collins on January 26th, 2010
It is becoming harder and harder for a Wisconsin first time home buyers to purchase a home, yet there are still many affordable homes if you have a down payment or the advantage of a program that helps you qualify for more home.
Guaranteed Rural Home Loans: Rural families and individuals may be eligible to become homeowners with the help of a U.S. Department of Agriculture – Rural Development guaranteed loan. Sometimes good credit and a steady income are not enough to qualify. A sizable down-payment may also be required. But when the Agency agrees to guarantee a loan, lending institutions can help buyers with 100% financing, while incurring little risk. Through the Guaranteed Rural Housing Loan Program, low and moderate income people can qualify for mortgages even without a down-payment.
To view detailed program information visit our no money down Rural Housing page of our website.
Posted by Brian Collins on January 23rd, 2010
Appleton FHA loan requirements are standards that allow first time home buyers the opportunities to meet mortgage qualifications.
FHA home loans are easier to qualify for than conventional loans. FHA rules impose limits on some of the fees that mortgage companies may charge in making a loan. Whether you’re a first time home buyer, moving to a new home or want to refinance your existing conventional or FHA mortgage, the Appleton FHA loan program will let you purchase a home with a low down payment and flexible guidelines.