The Wisconsin FHA Mortgage Advantage

Easier Qualification Guidelines

FHA programs are designed to increase the housing market. These mortgages are government insured, which eliminates risk to the lenders. FHA has more lenient guidelines compared to conventional mortgages allowing borrowers to qualify for FHA mortgages if even if they’ve been turned down for conventional home loans.

Minimal Down Payment Requirements

FHA mortgages can work with as little as 3.5% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your experienced mortgage advisor can find down payment assistance programs that work well with Wisconsin FHA home loans.

More Lenient Credit Guidelines

Obtain an FHA mortgage with credit (FICO) scores as low as 580. You may qualify as little as 2 years out of bankruptcy or as little as 3 years out of foreclosure.

Lower Cost Over the Life of the Loan

The Wisconsin FHA home loan rates are extraordinarily competitive. FHA insured mortgages offer lower risk to the lender which translates to a better rate for the borrower.

Options for Condominiums and Manufactured Housing

You may be able to obtain an FHA loan with approved condominiums and some manufactured homes. Your experienced mortgage advisor will be able to determine which properties are qualified.

 

With a FHA loan you could purchase a home for as little as 3.5% down! Take the first step here by getting pre-approved quickly and easily!

FHA Home Purchase Qualifier

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Wisconsin FHA Mortgage Refinance Options

FHA Streamlined Refinance

An FHA streamline refinance is one of the easiest home loans from start to finish with minimal paperwork and requirements.

FHA Mortgage Loan Streamline Refinance Requirements:
  • Your current mortgage must be an FHA mortgage.
  • You must have made 6 payments on your current FHA Mortgage.
  • You must have paid your mortgage on time for the most current 12 months.
  • Your FHA Streamline Refinance must lower the principal and interest by at least 0.5% or convert the mortgage from an ARM to a fixed rate FHA home loan.
  • You cannot get cash out on the FHA streamline refinance.
  • Any existing liens on your Wisconsin home must be subordinate (second) to the new FHA mortgage.

FHA Cash Out Refinance

Although a streamline refinance does not allow you to cash out equity; there are other FHA loan refinance programs specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.

It is possible to borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes.