Whether you’re a first time buyer
or looking for a no money down mortgage
Inlanta Mortgage has you covered.
Inlanta Mortgage has been a Mortgage Banker specializing in mortgage loans since we first opened our doors in 1993 in Brookfield, WI. With licensed offices in many states we have the staff and the experience to meet any home loan need.
Scotsman Guide named Inlanta Mortgage as a Top mortgage Lender for the year 2013 and Milwaukee Journal listed us as one of the Top Workplace for the year 2014. For three years straight, from 2011 to 2013 Mortgage Executive Magazine listed Inlanta as part of the Top 100 Mortgage Companies in America as well as part of the 50 Best Companies to Work For. Besides these accolades we are proud that Scotsman Guide’s #1 USDA Rural Development Loan Originator works for Inlanta and that this individual has reached the status of Platinum Million Dollar USDA Lender as noted by the USDA Rural Housing association.
Government Loans: FHA, VA and USDA Rural Housing
These Government programs are designed to enable people to buy a home with little or even nothing down! If you are a first time home buyer, if you are looking to make a low or no down payment or if you are a veteran, the government may be able to help you with a purchase or refinance!
Check out these great Wisconsin, Illinois, Minnesota and Florida mortgage programs:
The Federal Housing Authority (FHA) is a government organization that oversees the rules and guidelines for their mortgages. FHA does not make loans but they approve lenders, like Inlanta Mortgage, to make loans under the FHA approval. These loans are great for first time buyers. The down payment is only 3.5% of the sales price of the home and the credit requirements are more lenient compared to other types of loans. In addition, the down payment money can be a gift from a loved one, making it possible to buy a home with no out of pocket expense for the down payment.
Along with the traditional purchase program FHA also offers the following loans:
- FHA 203k Rehab Loan – one single loan to buy a property and make renovations
- FHA Mortgage Loans – FHA mortgages are available to all qualified home buyers, but are subject to maximum mortgage limits for each county
- FHA Back to Work – Designed to help people who suffered through financial hardship qualify sooner for an FHA loan
- FHA Streamline Refinance – existing FHA mortgage can be refinanced with reduced paper work and no appraisal
- FHA Reverse Mortgage – designed to help senior citizens tap in to their home equity without a monthly loan payment
The Veterans Administration (VA) works similar to FHA. They do not offer the mortgage loans but approve lenders to offer VA financing. People who have served in the military during wartime, peacetime and even just in the reserves can be eligible for the VA mortgage. This program will finance up to 100% of the purchase price, allowing the veteran to easily buy a home. The credit requirements are quite lenient as long as the other eligibility requirements are met.
Besides veterans that have served in the military it is also possible for the widows of veterans and the spouse and children of active duty personnel to also qualify for the VA mortgage.
The VA also offers other mortgages such as:
- VA Purchase – enjoy the privilege of no down payment loans for qualified veterans and reservists
- VA IRRRL Streamline Refinance – allows current VA home loan customers to refinance to a lower rate with reduced paperwork
- VA Refinance (Non-Streamline) – Veterans can refinance an existing loan to 100% loan to value
- Jumbo VA Mortgage – designed to help purchase loans priced over $417,000
The United States Department of Agriculture (USDA) is another government group that offers home loans. Unlike the FHA and VA offices the USDA actually has a hand in providing the loans. The USDA will approve lenders to offer mortgages. However, all loan applications must be sent to the USDA for underwriting in order for the loan to be approved.
The USDA offers loans up to 100% of the appraised value of a home. In addition the closing costs can be included with the loan as long as the total amount borrowed does not exceed the appraised value of the property. The USDA loan can be used for a purchase or a refinance. Refinances also allow loans up to 100% of the appraised value.
- USDA Purchase – you don’t have to live out in the country to qualify for a USDA Rural Housing loan
- USDA Refinance – USDA to USDA only refinance program
We also offer conventional loans! Conventional loans are mortgages offered with the lowest interest rates. For people with strong credit history, stable employment and a minimum of 5% down payment this loan is a perfect fit.
In addition to a conventional loan used to purchase a home we also have the following programs available:
- Fannie Mae Homestyle Renovation – one loan to purchase a property and make major improvements
- Family Opportunity Mortgage – allows people to buy a home for college aged students or elderly parents/grandparents
- Non Owner Occupied Investment Properties – basic rules for buying an investment property
- Fannie Mae My Community mortgage – low down payment conventional purchase loan
- Freddie Mac Home Possible – loans aimed at people with lower incomes; lower mortgage insurance and down payment requirements
- Lender Paid Mortgage Insurance – for a nominal fee the lender can pay the Mortgage Insurance on your behalf
- Fannie Mae HARP Refinance – allows people that have a mortgage balance higher than their property’s value to refinance to better rate.
- WHEDA – affordable mortgages for Wisconsin residents in lower income areas
Cash out, debt consolidation or lower your existing rate
If you currently own a home and find yourself in need of refinancing we have a program to fit your needs. All of the government programs mentioned above, along with conventional loans, offer some type of refinance option. If you simply want to lower your interest rate in order to save money on your mortgage payback you can choose from a wide range of loans. If you need to use the equity in your home to pay off other debt then a consolidation loan is a good choice. If you would like to make some minor improvements to your home that should cost less than $5,000 the VA and FHA both offer refinance programs for this purpose. IF you need to make major renovations to your home or possibly add on to the property then the FHA 203k would likely be your best bet.
- Refinance Options – there are a variety of reasons to refinance – Let us help you with your goals!