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Preferred Wisconsin Realtors


Need Home Owners Insurance?
brian.bassett@sentry.com
cell: 414-881-4204

Need a Builder in Waukesha?
Pinnacle Building, Inc.


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Do you have credit scores in the low 600's?

"You may still qualify for a low 30 year fixed interest rate mortgage"

“FHA LOANS ONLY REQUIRE A 620 CREDIT SCORE"

WHAT IS A FHA  LOAN?
ALSO KNOWN AS THE FHA 203(b) LOAN OR FEDERAL HOUSING AUTHORITY

This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender's fees, and a maximum loan amount.

There are lots of reasons to ask for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Down payment - You only need a low 3.5% down payment and that money can come from a family member.  Other loans don't allow this.

                      
(TO BUY A HOME NO MONEY DOWN:  CLICK HERE



Costs Less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

Some Guidelines: (Seller is allowed to pay up to 6% of closing costs)

620 middle credit score!!! (most companies need 720)    

Owner-occupied primary residence only

1 unit only

Warrantable, HUD Approved Condo’s OK…No Mobile Homes

 

FHA HAS LOAN LIMITS : click here for FHA loan limits (click on state, then fill in county)

Max loan amount for Single Family homes:
Milwaukee, Washington, Waukesha, Ozaukee County: $315,000
Kenosha County: $410,000
Dane, Iowa, Columbia: $293,750
All Other Counties: $271,050

Borrower must live in the property
Monthly Mortgage Insurance is required but is very low
Escrow account for taxes and insurance required
3.5% down payment....HELP FROM A FAMILY MEMBER IS OK
30 year fixed fully amortizing fixed rate loans
15 year fixed fully amortizing fixed rate loans

Time frames that are acceptable for FHA loans that have had a bankruptcy or foreclosure:

Chapter 7 – 2 years from discharge date

Chapter 13 – 1 year from file date (need a good Chapter 13 pay history)

Can leave Chapter 13 open or pay it off

must have good pay history after a BK

Foreclosure – 3 years

Foreclosure started; but didn’t foreclose? Can refinance 1 year later if good pay history

Things you might need before you close on your new home:

 

Appraisal:                                    $250 to $500 (Type, Duplex, FHA)    

Home Owners Insurance:             $500 to $700 (Credit Score, History, Duplex)

Earnest money:                           $500 to $1,000 (Realtor)  * Credited back on closing statement

Total:                                          $1,250 to $2,150

                                                   “Average” upfront costs are $1,400 
 

With an Inspection:                       $250 to $450 (Inspections are not required, optional)

Total:                                           $1,500 to $2,600

                                                   “Average” upfront costs are $1,700 

With a Water Test:                       $250 to $500 (Mostly for Rural locations, Water wells) 

Total:                                           $1,750 to $3,100

                                                   “Average” upfront costs are $2,200

*LET US SEE IF YOU QUALIFY!!!


If you would like to buy a home.....click here to apply online