Dennis Hardy

Menomonee Falls, Brookfield, Racine, Waukesha Wisconsin First Time Home Buyers are Returning to FHA Loans

FHA mortgages are becoming popular again in Wisconsin! It's an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.

Blemished Credit History
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems. A Bankruptcy won't stop you from qualifying so long as it is 2 years out and you have reestablished credit with no late payments, collections or judgments since the bankruptcy.

Competitive Rates and Terms
· Mortgage insurance is funded into the loan, meaning a premium of 1.75% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion of the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
· Borrowers can finance 96.5% of the purchase price and put down 3.5 percent. In some instances, when combined with gift funds (ask your loan officer for additional information), the down payment can be zero.
· Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.

You can use FHA to refinance existing Conventional ARM's with little or No Equity.

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

The above loan limits are for single family homes. 2-4 family properties have different maximum loans amounts which can be checked at the link below.

View the new premiums.

For more information on Wisconsin FHA refinance, FHA cash out refinance and FHA purchase loans please visit our Wisconsin FHA page.

Also view our other Government Loans including VA and Rural Housing: http://www.madisonmortgageguys.com/government_loans/index.htm

Inlanta Mortgage is your Wisconsin Mortgage Banker:

Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@www.madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

FHA loan limit announcement: http://www.madisonmortgageguys.com/announcements/FHA_loan_limits.htm

FHA Page:
http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm

FHA streamline refinance information:
http://www.madisonmortgageguys.com/government_loans/fha_streamline_refinance/index.htm

FHA spot loan approval checklist:
http://www.madisonmortgageguys.com/blog/content/fha-condo-spot-loan-approval-in-illinois-and-wisconsin-Wisconsin-milwaukee-madison/

Wisconsin FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/fha-streamline-refinance-in-wisconsin-and-illinois-including-chicago-milwaukee-and-madison/

Visit our FHA refinance blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-refinance-wisconsin-fha-refinance-mortgage-loans/

Visit our FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/

another blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-and-wisconsin-fha-refinance-cash-out-refinance-and-streamline-refinance/
http://www.madisonmortgageguys.com/blog/content/fha-loans-in-illinois-and-wisconsin-including-illinois-fha-milwaukee-and-madison/

FHA mortgage loans in Wisconsin
http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm
First time home buyers mortgage in Wisconsin
no money down

http://www.madisonmortgageguys.com/blog/content/wisconsin-first-time-home-buyers-are-returning-to-fha-loans/

Wisconsin no money down mortgage loans allow you borrow up to 100% of the purchase price of your home with a minimum, middle credit score of 620. No money down mortgage loan programs helps you to secure a home loan without paying any money upfront towards down payment.

Whether you're a first time home buyer or have less than perfect credit you've come to the right place for your no money down mortgage loans. We specialize in no money down mortgage loans for the first time home buyer even with less than perfect credit in Wisconsin including Appleton, Milwaukee and Madison. A no money down mortgage helps the buyers keep from depleting their savings with a down payment, and will probably not result in a higher interest rate.

A Wisconsin no money down mortgage loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment.

Visit our no money down mortgage page for additional Wisconsin no money down program requirements.

Visit our Wisconsin FHA, VA or Rural Housing page of our site for additional up to date program information.

Visit our Wisconsin First Time Home Buyer page to view all Wisconsin mortgage programs available for the first time homeowner.

Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@www.madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

Visit my rural housing blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-and-illinois-rural-housing-mortgage-loans/

Visit my VA loan blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-va-mortgage-loans-illinois-va-home-loans/

Visit my FHA mortgage blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/

Visit my no money down blog post at http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-wisconsin-no-money-down-mortgage-loans/

FHA offers several different options to homeowners who are considering an FHA refinance mortgage in Wisconsin:

FHA Rate and Term Refinance:
FHA refinance mortgage loans afford Wisconsin borrowers the ability to refinance any kind of mortgage loan that they now have with an FHA refinance. FHA refinances are becoming increasingly popular among homeowners trying to refinance out of subprime loans. FHA refinance loans have helped many homeowners who may have no other options when it comes to refinancing.

FHA Cash Out Refinance:
FHA Cash out refinance loans provide the flexibility and variety so that individuals in Wisconsin can meet a diverse range of needs, such as: obtaining cash for home improvements or major purchases paying off high interest rate debt (credit cards, auto loans, etc.) FHA refinance loans can lend up to 95% cash out of the home's value, and you can use the cash however you choose.

FHA Streamline Refinance:
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamline refinance program is one of the most popular federal rate reduction programs available to homeowners in Wisconsin. FHA streamline refinances do not require credit underwriting, unless the principal balance is increasing, in which case, HUD requires a 12 month payment history.

If your home loan is still FHA insured you can use what we refer to as a "Streamline Refinance".

●The mortgage to be refinanced must already be FHA insured.
●The mortgage to be refinanced should be current (not delinquent).
●The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
●No cash may be taken out on mortgages refinanced using the streamline refinance process.

For more information on Wisconsin FHA refinance, FHA cash out refinance and FHA purchase loans please visit our site at http://www.MadisonMortgageguys.com.

To view additional FHA loans requirements visit our FHA Loan page or FHA Streamline Refinance page on our website.

Also view our other Government Loans including VA and Rural Housing.

Inlanta Mortgage is your Wisconsin FHA Mortgage Banker:

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/

Recent FHA blog posts:

http://www.madisonmortgageguys.com/blogs_brian_collins/content/no-money-down-fha-va-rural-housing-in-greendale-pewaukee-green-bay-milwaukee-franklin-and-west-allis-wisconsin/

http://www.madisonmortgageguys.com/blogs_brian_collins/content/fha-streamline-refinance-in-wisconsin-and-illinois/

http://www.madisonmortgageguys.com/blogs_brian_collins/content/no-money-down-first-time-homeowner-loans-in-illinois-fha-va-and-rural-housing/

Effective next week our national lender announced the release of the Fannie Mae Refi Plus Program. This program was part of the Home Affordable Modification Program release that was as a result of President Obama's Stimulus Foreclosure Prevention.

A borrower who faces issues when attempting to refinance due to declining home prices or unavailability of mortgage programs can possibly refinance and take advantage of today's low interest rates. Most program cut backs are due to PMI being unavailable or default rates on less than perfect credit borrowers.

To check and see if your current mortgage is a Fannie Mae loan
http://loanlookup.fanniemae.com/loanlookup/

The program allows up to 105% LTV (effective May 2, 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).

This gives you an idea of the program and how it works. More information will be available soon. If you have any questions feel free to call or email me.

Inlanta Mortgage is your local Wisconsin Mortgage Banker:

Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
http://www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

Original blog post:
http://www.madisonmortgageguys.com/blog/content/fannie-mae-refinance-plus-program-in-wisconsin/

The mortgage industry has changed so much in the last year that Wisconsin FHA mortgage has become the new low to no money down mortgage option.

FHA loans offer:

• Low rates
• Down payment assistance programs
• Low mortgage insurance and many other benefits

If you don't have the 3.5% needed for the down payment it can be gifted by a family member or be given to you by your employer. All around FHA is one of the best Wisconsin programs and it's not a difficult loan to understand or obtain.

The new FHA Program applies to owner occupied properties and can be utilized multiple times:

• You can qualify for 1 to 6% credit toward: earnest money, application fees, mortgage insurance and tax credit
• There are minimal or no money down loans
• Any buyer not just the first time home buyer
• A co-mortgager or co-signer can be a non-occupant
• Interest rates are lower and are equal to or better than normal financing
• FHA can qualify for one to four unit properties and HUD approved condos
• There are NO reserve requirements (unlike conventional which requires 1or 2 month reserves)
• Gift funds are allowed for the entire down payment but must be family member or be given to you by your employer
• The maximum allowed amount for new FHA is $417,000.00 with a 3.5% down payment and mortgage insurance premium
• Only the VA and FHA loans are assumable (could be an advantage to either buyer or seller)

For more information on Wisconsin FHA refinance, FHA cash out refinance and FHA purchase loans please visit our site at http://www.madisonmortgageguys.com.

Also view our other Government Loans including VA and Rural Housing: http://www.madisonmortgageguys.com/government_loans/index.htm

Inlanta Mortgage is your Wisconsin mortgage banker:

Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blog/

FHA loan limit announcement: http://www.madisonmortgageguys.com/blog/content/its-official-Wisconsin-2008-fha-loan-limits-to-rise/
or on our website at http://www.madisonmortgageguys.com/announcements/FHA_loan_limits.htm

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FHA Refinance, FHA mortgage, FHA loans in Wisconsin including Milwaukee and Madison.