Take the first steps to owning your own home through FHA!
FHA loans provide 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.
Insured by the government FHA loans were designed to help more buyers achieve the dream of home ownership. They are only offered by certain approved lenders, bankers and brokers. We are an approved mortgage banker for FHA loans in Wisconsin, Illinois, Minnesota and Florida including major cities such as Minneapolis, Chicago, Streamwood, Arlington Heights, Northbrook, Sarasota, Waukesha, Madison, Pewaukee, Appleton and Green Bay.
FHA mortgages are available to all qualified home buyers, but are subject to maximum mortgage limits for each county. FHA offers low down payment options, flexibility and charge less for mortgage insurance premiums (MIP) compared to a conventional loan.
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 loan requirements, information and program highlights in Illinois, Wisconsin, Minnesota and Florida:
- Get a preliminary loan approval in minutes
- Long-term amortization
- Competitive and attractive rates
- Allows a Non-Occupying Co-Borrower
- Spot loan approvals on condos (went away February 1, 2010)
- Fixed and arm loan rates
- Financing for 1-4 unit owner occupied properties
- Purchase, rate/term refinances, cash out refinances, and streamlined refinances
- Purchase could be limited to 85% for FHA Identity of Interest Transactions (Family Member to Family Member Purchase)
- Cash out refinance to 85%
- 3.5% down for 96.5% financing
- 100% financing (no money down) with gift funds is available.
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 an up front payment for most loan types and is added to the initial loan balance, instead of being paid out of pocket, as well as an annual fee added on the loan amount which is divided and added to each monthly payment. To view all mortgage insurance premiums based on loan to value and loan term, please visit our FHA Mortgage Insurance Premiums page.