Wisconsin FHA loans and Illinois FHA mortgage loans are available in urban and rural areas for single family homes, for 2-unit, 3-unit, and 4-unit properties, and for condominiums. FHA loans are a powerful tool that has recently regained importance with borrowers across the nation. FHA mortgage insurance is not based on credit score like conventional loan MI is. FHA loans will allow the borrower who has had a few "credit problems" or those without a credit history to buy a home. FHA is not credit score driven, however, the lender will be looking for compensating factors if your credit report has a bad history.
The FHA recently raised the loan limit on FHA loans across the country and that's good news for you. Wisconsin and Illinois FHA Loans are not affected by the new Fannie pricing adjustments and thus might end up being a smarter financing option for homebuyers with sub-680 credit. FHA loans are also commonly extended to individuals with less than average or even poor credit histories; making FHA home loans more accessible than many other types of mortgage loans.
Visit our FHA mortgage page for additional Wisconsin FHA and Illinois FHA program requirements:
Dennis Hardy
Local: (608) 242-0826 x23
Toll Free: (877) 240-5840
dennis.hardy@
www.AmeristarMadison.com
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Visit my FHA blog post at http://www.ameristarmadison.com/
