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Here is today's market update for Active three (3) bedroom ranch homes located in the city of Janesville Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/2/2012 at 10:15 A.M.
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change significantly. Those stats are listed below.
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Original Post - Janesville, Wisconsin Ranch Home Listings
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Getting Approved for an FHA Mortgage
The FHA mortgage has grown in popularity over the last few years for first-time homebuyers and experienced homeowners. The flexible rules used to qualify buyers make it one of the more attractive ways to get a home in Wisconsin. Although the following list is meant as a guideline, keep this in mind; FHA has the authority to make exceptions for almost every rule. Their goal is to find a way to qualify people for a loan, rather than look for a reason to decline them.
Employment – Borrowers need to have a minimum of two years of continuous employment. It is preferred that this employment is with the same company or in the same line of work and it should be within Wisconsin if at all possible.
Credit Report – The most recent 12 month period should show signs of being able to make your current obligations on time. Any late payment or problem needs to have a reasonable and verifiable explanation.
Ratios – In general, the FHA underwriters look at two ratios. The first ratio compares the proposed mortgage payment to the person’s income. This number usually cannot be higher than 31%. The second ratio is total debt ratio which compares a person’s existing debt, as well as the new mortgage payment, to the existing income. This ratio normally should not be higher than 43%. However, as stated earlier, there are several lenders in Wisconsin that can get loans approved with slightly higher ratios under certain circumstances.
Down Payment – The FHA program requires a down payment of at least 3.5% of the home’s purchase price. However, this money can be a gift from a relative or a friend.
Closing Costs – The FHA mortgage program allows the seller to willingly pay the closing costs of a mortgage, up to 6% of the home’s purchase price. In most cases, the 6% is sufficient to cover all expenses.
Rent or Mortgage payments – For people that currently rent they must show that the most recent 12 months payments were made on time. For people who currently own a home, their most recent 12 mortgage payments must be on time.
Bankruptcy – For people that have filed a Chapter 13 bankruptcy they must pay in the plan at least one year, on time, before they can be considered for an FHA loan. For people that have filed Chapter 7 bankruptcy, they must wait 24 months after the bankruptcy was discharged.
Past Foreclosure – For any borrower that has a previous home foreclosed, they must wait at least 3 years after the final foreclosure before they can be considered for an FHA loan.
If you meet these guidelines then it is quite possible that you have a good chance of getting approved for an FHA mortgage in Wisconsin. For people that may have a couple of strikes on their credit, such as a bankruptcy or foreclosure, you need to understand that you too can qualify for a FHA mortgage loan. It is simply a matter of allowing enough time to pass so that the negative items no longer hamper your chances of getting the loan.
Original Post - FHA Mortgage Approval
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December's Season of Celebrations & Sharing: Holiday Light Show, Janesville, WI
The Rotary Botanical Gardens have been decorated with lights for the Holidays! In what has become an annual tradition, the Gardens are lit with over 200,000 holiday lights. They are open evenings from 4:30 pm to 8:00 pm, and are located at 1455 Palmer Drive in Janesville, WI. I took just a few pictures to show the after-dark beauty of one of my favorite parks.

The walking paths are lit with multicolored foot light. After a walk throught the grounds, there is nightly entertainment, a model railroad display, quilts, and gingerbread houses on display inside the buildings at the park.
More information at this link:
http://rotarybotanicalgardens.org/gardens
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Earlier this year I found myself in the midst of a very complex multiple property short sale transaction. To be honest, I was doubtful that the deal would get to closing and escrow. Here is a breakdown of some of the items that made this Wisconsin short sale(s) transaction so challenging.
As you can imagine, this was a daunting task. Luckily, the bank was local and easy to get a hold of. This, of course, didn't make the negotiations any easier however. In the end though, every party came out ahead and I'm happy to say the four investment properties did close. The owners were able to get an accepted short sale on each of the properties. The bank did not have to take the rental units back through foreclosure, and the buyer got an exceptional value on a multiple Wisconsin investment property deal. It just goes to show you that with enough hard work and a little bank cooperation, just about any short sale transaction is possible.
If you are looking to sell or purchase investment property/rental units in Janesville or Madison Wisconsin, I would be happy to assist. I service most areas of Dane and Rock County Wisconsin.
Wisconsin Investment Property Listings - Original Post
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