Yes, Wisconsin No Money Down Mortgages Still Exist: FHA, VA and USDA Rural Housing
Truly there are only three programs that qualify for a no money down purchase and only two that don't require gift funds to obtain them.
USDA Rural Housing
Federal VA Loans
FHA Loans
Wisconsin USDA Rural Housing Mortgage:
Wisconsin USDA Rural Housing is one of the best programs that we offer. Unfortunately for some, the area and income limits can be restrictive, and you may not qualify. But, before you are too discouraged, USDA just raised the income limits which can be viewed on our no money down Rural Housing program page on our site. You can view area limits as well. Lager communities are not eligible including Madison, Middleton, Milwaukee, Sun Prairie and Fitchburg.
The Rural Housing program is pretty much the only mortgage program still available that lets you finance up to 100% of the appraised value (normally it would be 100% of the purchase price). There is a one time fee of 2% that USDA does charge to take part in their program but that can be rolled into the loan amount up to 102% financing of the appraised value. Monthly mortgage insurance is not required.
Wisconsin Federal VA Mortgage:
Wisconsin VA home loans are again anther option for a Wisconsin no money down mortgage. The set back, well, you have to be a veteran or a reservist. If you are not sure if you qualify, you can check your Eligibility from our site. If you qualify, this is a great 100% financing program that provides veterans with decent rates while putting down no money on a purchase.
Unless you are collecting VA disability or entitled to collect it, there is a VA funding fee that is charged every time you use the program. Again, like USDA, this fee can be rolled into the loan amount. Depending if you are a Veteran or a reservist and whether this is your first time or subsequent use of your VA entitlement, will determine how much that fee is. You can view the VA funding fee table on our site. There are no area, income, monthly mortgage insurance or loan amount limits except that the VA does limit you on the loan amount to the conforming loan limit which is currently at $417,000.
For loan amounts over $417,000 visit our Jumbo VA Mortgage page of our site.
Wisconsin FHA Mortgage:
Wisconsin FHA loans do require 3.5% down, effective January 2009, but this down payment can come from family members as a gift or from Wisconsin county and state grants for low to moderate income families. FHA loans tend to be more forgiving in regards to your credit score, you will still have to prove you are a strong borrower.
This is a great program for first time home buyers who do not qualify for a VA or USDA loan due to it's low down payment requirement. An FHA premium is required but is set at 1.75% and only a 0.55% monthly mortgage insurance charge. The 1.75% can be rolled into the loan amount.
FHA loans do have county income limits which can be search from our FHA page of our site. The limits are decent for the remainder of 2009, for example, the limit in Dane County is $293,750. View the table below for additional loan amount limits by county:
Wisconsin High Cost Areas:
$410,000 Loan Amount Limit
Kenosha County
$365,000 Loan Amount Limit
Pierce County and St. Croix County
$315,000 Loan Amount Limit
Milwaukee County, Ozaukee County, Washington County and Waukesha County
$293,750 Loan Amount Limit
Columbia County, Dane County and Iowa County
$278,750 Loan Amount Limit
Walworth County
All in all, considering what is going on in the financial industry today, USDA, VA and FHA loans are all great programs that should be considered for your Wisconsin real estate purchase.
Inlanta Mortgage is your Wisconsin no money down mortgage broker:
Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Latest blog posts:
Self-employed borrowers are being squeezed by the recoil from the "easy money" guidelines for home mortgages. Business owners have been taught to take advantage of every possible way to lower their income tax liability by mixing personal expenses with business write-offs. Many small or medium sized businesses have been able to thrive and survive tough times by using these methods of cash management.
Legislators and lenders have reacted to the problems created by lax guidelines (and greed) by requiring borrowers to verify all qualifying income on personal tax returns. This has cut self-employed borrowers with excellent credit scores and no late payment history out of the mortgage market completely. Savings from a one percent decrease in an owner's mortgage payment might be what it takes to keep a business going through this slow economic time.
HUD, Fannie Mae and Freddie Mac need to examine this problem and find a way to include this large portion of homeowners in the low interest mortgage market or stand up and announce that the tax code and business practices in this country must change. The political fallout would spark a much needed debate about credit and business practices in this country.
Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
My most recent blog entries:
Don't wait to find out if you qualify for a mortgage as a first time home buyer. November 30th is the deadline for closing on a new home to receive the $8000 tax credit offered in the President's stimulus program. FHA, VA and Guaranteed Rural Housing are great ways to purchase and will allow many more people to qualify than conventional loans.
All three of these programs are loans from banks that will be all or partially, guaranteed by the agency that approves the loan. That means lower minimum credit scores (620) and low or no down payment to get into that home.
FHA is a 3.5% down payment program with partially financed mortgage insurance, no income limits and county-by county maximum loan limits. Visit our Wisconsin FHA program page for details.
VA has no down payment, no mortgage insurance, a 2.15% funding fee that is added to your loan and a $417,000 limit ($1,500.000 with money down). Visit our Wisconsin VA program page for details.
GRH is a US Dept. Of Agriculture program with no down payment, no mortgage insurance and a 2% funding fee added to the loan. There are population restrictions (maps) and county-by county income limits. Go to our USDA Rural Housing program page and follow the links to your state and county for more info.
Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
First time home buyer tax credit details on our site.
Related no money down blog posts:
First time home buyer page: http://www.madisonmortgageguys.com/first_time_home_buyer_wisconsin/index.htm
No money down page: http://www.madisonmortgageguys.com/100percentfinancing_no_money_down/index.htm
Are Wisconsin FHA Mortgages only for First Time Home Buyers?
This question has been asked of me several times this past month, so I thought I would write this to clarify for everyone.
First, lets start with the definition of a first time home buyer. Put simply, if you haven't owned a home in the past three years, you would be considered a Wisconsin first time home buyer.
Secondly and the answer to the question, FHA loans are considered a first time home buyer program but not necessarily only for first time home buyers. The reason for the affiliation is that most first time home buyers don't have much money to put down and FHA loans only require 3.5% down payment. You can also qualify with a lower credit score than convention loans, usually 620 is the lowest score lenders require for FHA.
Another advantage of FHA loans is that you can streamline refinance once you have an FHA loan. If you are only refinancing to obtain a lower rate and or payment, you won't need another appraisal, credit report or income documentation. Visit our FHA Refinance program page for additional details.
If you have additional Wisconsin mortgage questions, please feel free to contact me anytime:
Brian Collins
Toll Free: 877-240-5810 x106
brian.collins@www.madisonmortgageguys.com
http://www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blogs_brian_collins/
Most recent FHA and first time home buyer blog posts:
No Money Down FHA VA USDA Rural Housing in Hartford, Germantown, Sussex, Thiensville, Racine, Milwaukee and Brookfield Wisconsin
Wisconsin no money down loans are risky because you are starting off with no equity in the property. They are a colossal risk for the lender, therefore, any one that applies for one of these programs must have extensive documentation to prove their eligibility.
The three primary no money down mortgage solutions that we facilitate are USDA rural housing loans, FHA loans, and VA loans.
FHA, VA and USDA are also the best form of financing for Wisconsin no money down home mortgages.
Visit our no money down mortgage page for additional Wisconsin no money down program requirements.
Option 1: Wisconsin FHA Loans
Although this isn't a "No Money Down" option, the FHA loan is by far one of the best alternatives for people who want to buy a home and don't have much money to put down. With an FHA loan, you could put down as little as 3.5%. Plus, FHA loans are easier to qualify for.
Now, 3.5% may seem like a lot to come up with, but many people find that when they put their minds to it, 3.5% is actually possible. While you can't "borrow" the 3.5%, you can get a "gift" from a family member or borrow from your 401k.
FHA loans do have requirements and restrictions. Not all townhomes and condos qualify, and there is a maximum loan amount you can get based on where you purchase. FHA is the way to go if you've got the 3.5%..
Option 2: Wisconsin USDA and VA Loan Programs
The USDA and VA loan programs offer full 100% financing right now that will also allow the seller to pay all your closing costs.
The USDA loan is primarily used to help low/moderate-income families and individuals purchase homes in "rural" areas. View current income limits (PDF) and ineligible areas in Wisconsin
.
The VA offers no money down financing to most veterans depending on length of service. The seller or builder can pay all your closing costs and you have a low monthly payment.
View additional VA Program requirements and Rural Housing Program requirements on our site.
Option 3: Lease-To-Own
With a lease-to-own, you essentially lease a home, but make larger payments in order to begin accumulating a down payment. For example, if a house would normally lease for $900, you might lease it for $1,100/month, with $200/month going into a special account. At the end of a specified period (usually 12-36 months), you buy the home using the money in that special account as your down payment. However, if you decide somewhere along the line not to purchase the home, all of the money in the special account then goes to the seller.
Think of this option as renting with a forced savings account. If you can find someone willing to do this, it's not a bad option. However, most people who are selling their homes need their money out of it in order to buy their next home, so finding someone who is willing to lease to you may prove more difficult.
If you'd like to know more about your financing options give me a call or send me an email.
Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Recent Wisconsin no down payment blog 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
Toll free: 877-240-5810 x104
http://www.madisonmortgageguys.com/
dennis.hardy@madisonmortgageguys.com
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