FHA loans offer:
Low rates
Down payment assistance programs
Low mortgage insurance and many other benefits
If you don't have the 3% needed for the down payment it can be gifted by a family member or friend or be given to you by the seller. All around FHA is one of the best Illinois 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
The maximum allowed amount for new FHA is $417,000.00 with a 3% down payment and mortgage insurance premium
Only the VA and FHA loans are assumable (could be an advantage to either buyer or seller)
ONLY Nehemiah and Ameridream programs can be used with FHA and allows the seller to contribute for down payment assistance - it’s not the seller money but the program money that is wired at closing.
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/
Ameristar Mortgage is your Wisconsin mortgage lender:
Dennis Hardy
Toll Free: (877) 240-5840 x23
dennis.hardy@
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/
FHA loan limit announcement:
or on our website at http://www.madisonmortgageguys.com/
