The Advantages of Wisconsin FHA Loans
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In Wisconsin, FHA loans have not been utilized or utilized to its potential for years, so a lot of real estate agents and mortgage professionals aren’t familiar with this great resource. The following are a just a few of the recent changes that have made FHA loans a more attractive option again for some consumers looking to buy a new home or refinance an existing one:
1.) The FHA changed its appraisal and fee negotiating guidelines. In the past, many sellers steered clear of FHA loans because the appraisals were too strict and certain fees were non-negotiable. The FHA has greatly loosened these guidelines to make it easier for both buyers and sellers.
2.) FHA loans are much cheaper now. Because FHA loans are federally insured, they tend to trade at a higher premium in the secondary market. This means lenders can often charge a lower rate.
Other FHA Benefits:
1) FHA loans are typically not credit-score driven. Borrowers usually can have a lower score than with other products and still qualify for a good rate.
2) FHA loans require as little as 3.5% down, and allow a) Sellers to finance up to 6% of the buyer’s costs to close; and b) Homeowners Homeowners to consolidate first and second mortgages up to 97% of the home’s value.
3) FHA loans allow down-payment assistance programs that are not seller-funded. It’s important to note that there are 22 ways in which FHA allows the funds for buyer contribution, including relative gifts and loans.
4) FHA loans allow non-occupying co-signers (i.e., mom/dad) to co-sign on the mortgage, even if the occupying signer (i.e. son/daughter) has no income. Note that specific restrictions apply.
If you or someone you know are thinking about buying or refinancing a home, give me a call. I’ll see if a Wisconsin FHA loan is right for your financial goals and needs.
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Asst Vice President
1221 South Shore Drive
Delavan, Wisconsin, 53115 US |
Work: 262-728-6209
Mobile: 262-745-5055
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Lender, Delavan Real Estate
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