Effective 05/05/2010 New FHA mortgage insurance premiums
Effective 01/01/2010 HUD announces 2010 FHA Loan Limits
Effective 11/18/2009 FHA Streamline Refinance Changes

Archived Announcements

We can point you in the right direction with a FHA Streamline Refinance!

FHA to FHA refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

• No Appraisal (since the changes in November of 2009, this is the only real advantage)

• The mortgage to be refinanced must already be FHA insured.
• The mortgage to be refinanced should be current (not delinquent).
• The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
• No cash may be taken out on mortgages refinanced using the streamline refinance process.
• You must be able to supply the lender with a copy of your current "NOTE" from your last mortgage settlement.

FHA program highlights:

• Get a preliminary loan approval in minutes
• Competitive and attractive rates
• Long-term amortization
• Spot loan approvals on condos view details (going away February 1, 2010)
• Fixed and arm loan rates
• Financing for 1-4 unit properties
• PMI is less than what it would be for a conventional loan
• Monthly mortgage insurance is automatically canceled once the unpaid principal balance reaches 78%
• Purchase, rate/term refinances, cash out refinances, and streamlined refinances
• Cash out refinance to 85%
• 3.5% down for 96.5% financing
• 100% financing (no money down) with gift funds is available.

HUD announces 2010 FHA home loan limits
Search FHA Maximum County Mortgage Limits by State
Illinois FHA Loan Limits (PDF) Sorted by County
Wisconsin FHA Loan Limits (PDF) Sorted by County
FHA mortgage insurance premiums (effective April 5, 2010)
FHA approved condo list

What is PMI (Private Mortgage Insurance)?
PMI is money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment of 1.75% and is added to the initial loan balance, instead of being paid out of pocket, as well as an annual fee of 0.55 percent of the loan amount added to each monthly payment. (1.50% and 0.50% respectively for streamline refinances)

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Recent FHA mortgage posts on our blog:

FHA Refinance, Cash Out Refinance and Streamline Refinance Mortgage Loans
August 31st, 2009

FHA Refinance:
FHA refinance loans are the ideal mortgage vehicle for mortgage loans under $417,000 because they are guaranteed by the federal government so that if the borrower defaults, the lender will be able to recoup its investment because an FHA refinance loan is insured.

FHA Cash Out Refinance:
Cash out refinancing is another popular type of FHA home loan that many homeowners use to obtain capital for home repairs, remodeling and debt consolidation. Cash Out Refinancing Loans with FHA In order to get the most benefit from refinancing your mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your home. Cash-Out up to 85% of your properties value.

FHA refinance, cash out refinance and streamline refinance mortgage loans are available to Wisconsin residents.

Read the rest of this entry »


FHA Streamline Refinance in Wisconsin and Illinois
August 15th, 2009

If you have an FHA Mortgage and live in Wisconsin or Illinois, give us a call. Rates are at an all time low.

If you currently have an FHA Mortgage, you can "Streamline Refinance" your current FHA mortgage.

What exactly does an FHA "Streamline Refinance" mean?

In most cases there is no appraisal required, no income or asset information listed on your application. We will need a 12 month payment history from your current lender. While your current credit situation does not matter in doing a "Streamline Refinance" you should not have any 30 day late payments on your current mortgage in the last 12 months. You must be able to supply the lender with a copy of your current NOTE and HUD from your last mortgage settlement.

Read the rest of this entry »


FHA Mortgage Loans
June 29th, 2009

Wisconsin and Illinois Identity of Interest Transaction (family member to family member purchase)

There's not a lot of information on this topic, so today I thought I would discuss what it is and what it means to you.

Not too long ago, purchasing a home from a family member and having them gift you equity so that you could get a better interest rate or lower loan to value was an easy task but that is no longer the case. Since conventional loans require 740 or better credit scores to even have a shot at the best mortgage rates, FHA has been picking up the slack. But there is a little known guideline that FHA has that conventional loans don't and that is the identity of interest rule.

Read the rest of this entry »


Chicago FHA Mortgage Home Loans
May 8th, 2008

FHA mortgage in Chicago 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.

FHA mortgage loan programs are designed to make homeownership more readily available, so take advantage of what’s available to you today.

For more information on Chicago, Illinois FHA refinance, FHA cash out refinance and FHA purchase home loans please visit our FHA page.

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FHA Refinance Mortgage Loans
April 4th, 2008

The Illinois FHA streamline refinance and Wisconsin FHA streamline Refinance must lower the borrower's interest rate, thus lowering monthly payments. Many people choose a FHA Streamline Refinance because they can refinance with no out-of-pocket costs. There are certain requirements of a FHA streamline refinance. Learn about your options to refinance or for FHA financing from one of our specialists. What "streamline" basically means in a nut shell is the amount of documentation and underwriting needed by your lender, it doesn’t mean that you will not pay any closing costs when you refinance your FHA loan.

FHA refinance loans are available to all Illinois and Wisconsin residents including Chicago FHA refinance, Milwaukee FHA refinance and Madison FHA refinance mortgage loans. Pre-qualify for an FHA mortgage today!

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