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 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.