Ameristar Madison is now Inlanta Mortgage in Madison Wisconsin
Looking for Ameristar Madison? Our office 5325 Wall Street, Madison, Wisconsin and all personnel are now associated with Inlanta Mortgage.
Like Ameristar Mortgage, Inlanta Mortgage is a Wisconsin mortgage banker with its Corporate office located in Waukesha, Wisconsin. Established in 1993, Inlanta Mortgage has grown to 25 branches in nine states and more than 135 employees.
The exciting news is that we will now carry FHA 203K rehab loans and FHA reverse mortgages and Inlanta has their own government loan underwriters for FHA, USDA and VA mortgage loans. What does this mean for you? It means that turn times went from weeks to just days!
Inlanta Mortgage Madison
Dennis Hardy
(608) 245-6905 x104
dennis.hardy@madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Brian Collins
(608) 245-6905 x106
brian.collins@madisonmortgageguys.com
Visit his blog at http://www.madisonmortgageguys.com/blogs_brian_collins/
www.MadisonMortgageguys.com
Wisconsin First time homebuyer's programs sometimes seem like an urban legend. Searching for mortgage programs that are specific to this group is almost impossible. There are, on a county by county basis, down payment and closing cost assistance programs but nothing more.
The government is offering tax rebates to people that purchase a home (even a houseboat, for example) as their primary residence by November 30th. As long as they haven't owned a home in the past three years, one could qualify for up to $8000. The problem is that most people need to borrow money from a bank to purchase a home and they are making it very difficult to do.
Wisconsin FHA, VA and USDA's Rural Housing programs seem to be the best available options. These programs have been around for a long time and are very consumer/buyer oriented. They also give the banks (that's where the money comes from!) some assurances that they will receive some or all of their money back if a default occurs
FHA is the most widely used and is overseen by HUD (Housing and Urban Development). This program requires a 3.5% down payment and has a creative way to collect a mortgage insurance premium that lowers your monthly payment compared to a conventional loan. Loan sizes are limited on county by county basis using HUD and census data.
VA is a 100% loan program but is limited to qualified veterans of the US military. They add a "funding fee" to the loan amount, based on the number of times a vet uses the program, to avoid monthly mortgage insurance payments. $417,000 is the loan limit unless the veteran is contributing a down payment.
USDA Rural Housing also uses a funding fee to offset mortgage insurance and will approve up to 102% of the value of a home (no, you cannot get cash back). The limitations here are geographic and income guidelines based on the size of the community and the number of people in your family.
All of these programs have different restrictions concerning types of properties (condos, 2-4 units, manufactured, etc.) and credit issues (scores, BK, collections, etc.). Most cases would show them to be more accepting than a conventional loan. Researching the guidelines for each program should be easy.
The banks that make or purchase these loans ALL have "overlays" or additional guidelines that must be met for each loan. Please seek out an experienced Wisconsin loan officer that knows the different road blocks you may face before they derail your effort to buy a home.
Dennis Hardy
Toll Free: (877) 240-5840 x23
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Recent blog posts:
Wisconsin First Time Home Buyer Programs
Fannie Mae Refi Plus to 125% in Wisconsin Starting September 19, 2009
Beginning with DU update 7.1, which is slated for September 19th, Fannie Mae will start letting mortgage brokers/bankers process Refi Plus loans to 125%. With home values still declining this is great news. We have done a handful of Refi Plus loans to 105% and so far it has been quite successful.
From Fannie Mae:
"To help make the Refi Plus benefits available to even more borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae mortgage loan, but due to a decline in property values have been unable to refinance to obtain a lower payment or move to a more stable product, in July we increased the maximum allowable loan-to-value ratio to 125% for mortgage loans that qualify for the Refi Plus (Lenders Only) and DU Refi Plus (available with the DU Version 7.1 September Update)."
To check and see if your current mortgage is a Fannie Mae loan check out Fannie Mae's Loan Lookup
The program allows up to 125% LTV (effective September 19, 2009) and there is no maximum CLTV. All existing subordinate financing (2nd Mortgages) must subordinate to the new loan. Please contact your existing 2nd Mortgage Lender and request a subordination package to find out if they will comply.
You can retain your original PMI rate (This is great because the PMI rates increased). If you did not have mortgage insurance with your initial loan (80% or less LTV), you will not be required to carry mortgage insurance on the new loan.
This gives you an idea of the program and how it works. For more information or questions feel free to call or email me.
Dennis Hardy
Toll Free: (877) 240-5840 x23
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Recent blog posts:
In order to take advantage of the first time home buyer credit, you must close no later than November 30, 2009.
The $8000 tax credit for first time home buyers provided by the stimulus package offers anyone who has not owned a home in the past 3 years an $8000 tax credit maximum, or 10% of the home price. Best of all, it does not have to be repaid if homebuyers live in the hoe 3 years. Take advantage of the $787 billion American Recovery and Reinvestment Act today!
Visit our home buyer credit announcement on our website for additional details:
http://www.madisonmortgageguys.com/announcements/8000_tax_credit/updates/index.htm
Dennis Hardy
Toll Free: (877) 240-5840 x23
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Today I thought I would address some questions that I hear a number of times each week. "What is the Rural Housing program?" and "Do I have to buy a farm house?" Wisconsin's USDA Rural Housing program is about helping people purchase a home in any of the smaller communities throughout the state.
Guaranteed Rural Housing and Direct Rural Housing are completely different programs. The Direct program is administered by the local USDA offices and is a loan/mortgage ("directly" from USDA) to low income buyers with no other way to purchase a home. The guidelines and requirements are set by the USDA and do not involve a bank or lender.
We will be discussing the Guaranteed Rural Housing program. The Guaranteed program is for low to moderate income applicants to purchase a primary residence in a "rural" area of the state. These mortgages are processed, underwritten and serviced by a bank or lender with certain "guarantees" from the USDA.
A PDF of Wisconsin Income Limits will give you the county by county breakdown by family size. Using the USDA Income Calculator to calculate income is more accurate because it is based on area income limit minus any deduction you can take to offset your income. The most common income deduction is for child care expenses.
If, for instance, the income limit for the county in Wisconsin that you are looking to purchase a home is $75,000/year and you and your wife make $80,000/year, combining all types of income, you may still qualify. You also have a child who goes to daycare and full time costs are $800/month. You can take the $9600/year daycare expense and subtract it from the $80,000 gross salary and come up with a net income of $70,400. Now your income qualifies for the program! Keep in mind that this income calculation is for program qualification only. The underwriter will use the full $80,000/year to determine if you qualify to make the payment. For payment qualification, the underwriter will not count bonuses, overtime, part time jobs, etc. unless the income can be verified for more than the past two years.
Now on to the most asked question. Are Wisconsin USDA Rural Housing loans only for "rural" properties? Merriam-Webster defines rural as "of or relating to the country, country people or life, or agriculture". To me, this means that you literally would have to purchase a farm to meet this definition of rural. Unfortunately for farmers, you cannot purchase a working farm with the Guaranteed program. USDA has a less restrictive definition of rural which generally consists of communities that have 20,000 and under in population and are not a part of an urban area. For instance, here in Dane county, Madison and most of the communities surrounding Madison are not eligible. This area includes most of Sun Prairie, Fitchburg, Middleton, Monona and small sections bordering communities. Most or all of Stoughton, Oregon, Waunakee, Deforest, Cottage Grove and Verona are eligible for the USDA guaranteed program.
There are two ways to determine community eligibility. ALL areas of in eligibility are determined by USDA maps, not political or community boundaries.
First, you can view this PDF which is a map of Wisconsin. The counties in white are 100% eligible. The counties shaded green have ineligible areas within the county, except for Milwaukee County which is 100% ineligible. If you are looking for a property in Dane County, you will want to know the area's that are eligible. Open up the PDF map of Wisconsin and click on Dane county. That is going to bring up a PDF map of part of Dane County. The areas shaded in green on the county specific map are ineligible. You can zoom in on the map for a detailed look of the ineligible area. One side of a street or road may be eligible and the other side not.
Secondly, if you know the property address of a property that you are interested in, you can go to Rural Housing's website HERE to determine if a specific address is eligible (click the accept button and then type in the address). If the system is unable to determine eligibility based on the address you entered, that doesn't mean it isn't eligible. It just means the system couldn't find the address, so it is unable to determine eligibility. At this point, you can either call/email us and we will help in determining if the property is eligible or search the address with MapQuest or Google maps to figure out where the address is and then go back to the Wisconsin PDF map, click the county the property is located and zoom in to find the street to determine eligibility. Sometimes it is just a matter of entering the correct format of the street to get the system to find the property (what I call HWY M in Evansville is really County Road M according to the system...).
Still have questions? Visit us online, give me a call or shoot me an email!
Your local Wisconsin mortgage banker:
Dennis Hardy
Phone: (608) 245-6905 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Resources:
Wisconsin Rural Housing Program Page
Current Wisconsin USDA Rural Housing Mortgage Rates
Related posts:
Inlanta Mortgage offers cash out refinance, jumbo loans, interest only, lot loans, no money down, first time home buyer, 100%, FHA loans, VA loans and rural housing loans www.MadisonMortgageguys.com
We are committed to providing our customers with exceptional customer service. By providing our clients with sound, expert advice as to the many different loan programs and options available, we hope to take some of the mystery out of mortgage financing.
For most people, a mortgage loan is the largest financial transaction they will ever make. Ameristar's expert loan consultants are able to walk you through the mortgage process and put your mind at ease during the application and approval process. We're with you every step of the way including the closing.
Unlike many smaller mortgage brokers in Wisconsin or even small banks and credit unions, we perform all of the mortgage functions in house rather than relying on an outside service provider. From our in house processing and underwriting departments to our in house closing department, we are handling every aspect of your loan file to ensure an accurate and timely closing.
Our company is locally owned and operated out of Waukesha, Wisconsin . We currently lend in Wisconsin, Illinois and Florida. We pride ourselves on only hiring the very best and brightest in the industry.
We simply want to provide our clients with some of the most competitive mortgage financing available. We pride ourselves on having some of the lowest interest rates and fees around! The mortgage process can be very confusing at times, especially when trying to compare quotes from different lenders. We believe in treating our clients with the highest level of professionalism and personalized service. Our high level of service has continued to earn us the trust and respect of our past clients, friends and local realtors. We want you to be more than satisfied with your mortgage lending experience with us.
Wisconsin Purchase Programs:
Wisconsin Refinance Programs:
First Time Home Buyer 100% Financing - No Money Down Jumbo Mortgage Loans FHA Mortgage Loans Interest Only Loans Freddie Mac Home Possible Government Mortgage Loans VA Mortgage Loans Jumbo VA Loans 80/10 Loans My Community Mortgage Rural Housing Combo Interest Only Loans Less Than Perfect Credit Lender Paid Mortgage Insurance Non Owner Occupied/Investment Property
Refinance Cash Out Refinance Debt Consolidation Loans 80/10 Loans 100% Financing FHA Mortgage Loans Jumbo Mortgage Loans VA Mortgage Loans Interest Only Loans Freddie Mac Home Possible No Money Down Loans My Community Mortgage Jumbo VA Loans Lender Paid Mortgage Insurance Less Than Perfect Credit Non Owner Occupied/Investment Property
Contact Us
Dennis Hardy
608-245-6905 x104
http://www.madisonmortgageguys.com/
dennis.hardy@madisonmortgageguys.com
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