Benefits of the Wisconsin FHA 203K Program for Buying and Refinance

The FHA loan has been a staple of the housing industry for several years. Multiple Wisconsin first time home buyers have used the advantages of this program to make home ownership a very real possibility. The 203K streamline program has made this loan even more attractive to a number of borrowers.

The Wisconsin 203K mortgage is unique because of its ability to borrow extra money for repairs, enhancements or upgrades. The money is held in escrow until all necessary work is completed. The contractor is then paid once an inspection has been made to determine the work is satisfactory.

At the present time borrowers may qualify for up to $35,000 to use in these repairs and improvements (streamline 203k version - The full 203k version is available for those who need more than $35,000). This amount is the same regardless of whether the loan is a purchase or a refinance. This opens up a lot of possibilities to numerous people.

Individuals looking to save a little money by buying a home in need of modest repair can use the 203K loan. The loan charges one interest rate and one payment to the entire loan balance to make it easier on customer’s budgets.

People who have been in their current home for some time and would like to either renovate the home or make a small addition can now get the necessary funds to carry out their plans with the 203K program.

And the Wisconsin 203K loan is easier to obtain for most borrowers. The generous credit requirements, along with debt to income ratios, are for more generous to the majority of borrowers. This means that literally millions of Americans can now qualify for one solid loan that will provide them with a new home, including renovations, or help improve an existing home.

View additional 203k information from our main site. Also, you may want to view today’s Wiscosnin 203k mortgage rates.

Contact us below or apply online to see if you qualify for an FHA 203k mortgage!