Follow on Google News News By Tag * Wisconsin Fha * Wisconsin No Money Down * Wisconsin * Madison * Appleton * Wisconsin Mortgage * Appleton Fha * Green Bay * More Tags... Industry News News By Place Country(s) Industry News
Follow on Google News | Wisconsin No Money Down Mortgages Still Exist: FHA, VA and USDA Rural HousingTruly 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 Visit us online at www.MadisonMortgageguys.com
By: Madison Mortgage 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, Waukesha, 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. Visit us online for detailed program information and current rates: http://www.MadisonMortgageguys.com 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. Toll Free: 877-240-5810 info@madisonmortgageguys.com http://www.MadisonMortgageguys.com Visit my blog at http://www.madisonmortgageguys.com/ Recent blog posts: http://www.madisonmortgageguys.com/ http://www.madisonmortgageguys.com/ http://www.madisonmortgageguys.com/ http://www.madisonmortgageguys.com/ http://www.madisonmortgageguys.com/ http://www.articlebiz.com/ FHA page: http://www.madisonmortgageguys.com/ # # # Inlanta Mortgage, your local Wisconsin mortgage banker, offers first time home buyer programs, cash out refinance, jumbo, no money down, 100% financing, interest only, my community mortgage, FHA streamline refinance, FHA loans, VA, jumbo VA loans and USDA rural housing. End
Page Updated Last on: Apr 11, 2011
|
| ||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number