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Wisconsin and Illinois FHA Mortgage Home
Loans 
New FHA mortgage insurance premiums (effective April 5, 2010)
HUD announces 2010 FHA Loan Limits
FHA Condo Updates Effective February 1, 2010 (on our blog)
FHA Appraisal Portability Requirements Effective with case numbers assigned
on or after January 1, 2010 (on our blog)
Archived Announcements
Take the first steps to owning your own home
through FHA!
FHA provides flexible lending solutions for qualified borrowers
who may have past credit issues, only have a small down payment
saved, or are looking to refinance a current home loan.
Wisconsin and Illinois FHA loans are insured by the government and
were designed to help more buyers achieve the dream of home ownership.
They are only offered by certain approved lenders and brokers. We
are an approved broker for FHA loans in Wisconsin and Illinois including
major cities such as Chicago, Streamwood, Arlington Heights, Northbrook,
Milwaukee, Waukesha, Madison, Pewaukee, Appleton and Green Bay.
FHA loans are available to all qualified home buyers, but are subject
to maximum mortgage limits for each county. FHA loans offer low
down payment options, flexibility and charge less for mortgage insurance
premiums (MIP) compared to a conventional loan. |
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FHA loans are insured by the Federal Housing
Administration, which means if the homebuyer defaults, the lender is paid
from the insurance fund.
FHA is a great program for first time home buyers because the down payment
required is usually smaller than the down payment for a conventional loan.
However, you don't need to be a first time home buyer to take advantage
of an FHA mortgage; the only stipulation is that you may only have one FHA
mortgage at a time.
FHA program highlights:
- Get a preliminary loan approval in minutes
- Long-term amortization
- Competitive and attractive rates
- Spot loan approvals on condos
view details (went
away February 1, 2010)
- Fixed and arm loan rates
- Financing for 1-4 unit owner occupied 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.
FHA Streamline Refinance Program
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 0.5 percent of the loan amount
added to each monthly payment.
Other programs that may be of interest:
Rural Housing (still no money down 100% financing)
VA Home Loans (still
no money down 100% financing)
My Community Mortgage
Freddie Mac Home Possible
100% Financing Programs
All Wisconsin
and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Programs
My Community Mortgage
Government Loans including
FHA, VA and
Rural Housing
Wisconsin Refinance Illinois Refinance Programs
Current
Wisconsin and Illinois FHA Mortgage Rates
About Us
Apply or Pre-qualify
Online
Contact Us
Recent FHA mortgage posts on our blog:
Appleton FHA Loans
January 23, 2010
Appleton FHA 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, Appleton
FHA loans will let you purchase a home with a low
down payment and flexible guidelines.
Visit our website for other no money down loans
in Appleton, De Pere, Green Bay, Menasha, Neenah,
Oshkosh and Fox Cities, including VA and Rural Housing
home loans at
http://www.madisonmortgageguys.com
Read
the rest of this entry »
What You Should Know About Wisconsin and Illinois
FHA Loans
December 17, 2009
With all of the recent changes in FHA loans, I thought
I would take the time today to share information
that you as a home buyer should know.
Down Payment:
First, we’ll start with the down payment. About
a year ago, FHA changed the requirement to 3.5%
of the purchase price. 3.5% is not a lot and may
be raised to 5% or more in the future. In the mean
time, if you don’t have the 3.5% FHA allows gift
funds from relatives or in some cases an employer
or non-profit organization.
Read the rest of
this entry »
FHA Refinance and FHA Purchase Mortgage Loans in Chicago
October 1, 2009
FHA mortgage loans 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.
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.
Refinance your FHA mortgage in Chicago up to 97.75% or cash out refinance
up to 85%.
Read the rest of this entry »
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