Posted by Dennis Hardy on February 5th, 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.
Details of the Tax Credit Include:
The temporary credit is available for home purchases made by April 30, 2010 and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000.
Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more their total tax liability that year, the buyer will get a refund check for the balance.
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. In addition, the bill will allow borrowers who have entered into a contract by April 30th to have 60 days (June 30th) to complete the transaction.
A first time home buyer is defined under the tax credit as an individual who has not owned a home in the last three years.
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Posted by Dennis Hardy on January 27th, 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. Due to the rehabilitation amount limitation of $35,000, eligible improvements are limited and can not include any major rehabilitation or remodeling, new construction such as a room addition, repairs to structural damage, or site amenity improvements. Repairs of this nature should be completed under the standard FHA 203k program.
Examples of eligible improvements are listed below (this list is not all-inclusive):
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Posted by Dennis Hardy on January 13th, 2010
Chicago FHA loans are available to $410,000 in 2010
Chicago FHA mortgage loans are available to anybody but are used most often by first time home buyers and low to moderate income buyers. FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium.
Chicago FHA loans have less stringent borrower qualifications than many other mortgages and generally lower interest rates. They also offer significant value to consumers because the interest rates are low with fixed monthly payments and mortgage insurance is now tax deductible.
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Posted by Dennis Hardy on January 6th, 2010
Illinois refinance loans are the biggest tools Illinois homeowners have in their arsenal. Illinois refinance Loans are a great way to consolidate debt into one easy monthly payment. Illinois refinance loans are usually used to change an existing loan to a more attractive loan offering lower interest rates.
Whenever interest rates drop or even fluctuate a bit, many people consider a refinance loan for their home. Usually, the main reason why people avail to refinance their mortgage is because they want to renovate their houses or remodel them. We take the headache out of choosing the right mortgage program, whether you choose a Illinois refinance mortgage or other type of loan. Even if you think you are not a candidate for a refinance loan due to a poor credit history, there is financial sector which focuses on providing loans to people in this category. With a refinance loan you can obtain lower monthly payments, save thousands of dollars or get cash out of your loan.
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Posted by Dennis Hardy on January 4th, 2010
I hope everyone had Happy Holiday’s as I did myself!
As we start a new year, and a cold one at that, we have made some changes to our website, including to my and my co-workers blogs. Starting today, I will no longer be providing daily mortgage rate updates on my blog. To see current rates, please visit our Mortgage Rates page of our main site or you can visit and subscribe to our main blog at http://www.madisonmortgageguys.com/blog/.
We have decided to go with this structure to better serve you, our customers, and to streamline our rate updates process. Please feel free to subscribe to our feed or email updates to see current up to date mortgage rates in Wisconsin and Illinois.
Happy New Year and may 2010 be a great year!
Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.MadisonMortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blogs_dennis_hardy/
Posted by Dennis Hardy on December 30th, 2009
Types of Wisconsin and Illinois FHA Loans: FHA Sections
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. The FHA mortgage can help you get the best and the lowest possible fixed rates for your mortgage and has helped a number of first time home buyers in getting a mortgage and buying the house of their choice.
Programs HIGHLIGHTED are programs that we currently offer. Visit our website for additional program information at http://www.MadisonMortgageguys.com.
FHA 203(B):
The most popular FHA program is the 203b. The 203b is for 1-4 unit owner occupied purchase and refinance transactions. The reason for its popularity is the low down payment requirement (currently 3.5% of the purchase price) and the increased temporary maximum loan limits. You can search loan limits for your area here.
FHA 234(C):
The 203c is the same program as the 203b except this program is for condos only.
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