Ameristar Mortgage Blog

How you can still buy a home in Wisconsin or Illinois with no money down:

Last week the President signed H.R. 3221, Housing and Economic Recovery Act of 2008, into law. The bill contains a provision (SEC. 2113) which forbids FHA from insuring mortgages in which the borrower’s down payment comes from a private down payment assistance provider, beginning October 1, 2008. As of this date, the minimum down payment will be increased from 3% to 3.5%.

This means more than 300,000 working class families will be locked out of homeownership in the next year alone. You must act quickly to take advantage of these programs while they are still here.

Saving to buy a home can be a difficult task. For many potential home buyers saving enough money for a down payment and closing costs may take years relegating them to renting instead of owning a home. You can use Gift funds for both first time and repeat homebuyers in Wisconsin or Illinois:

●Gift funds up to 6% of the final contract sales towards your down payment and/or closing costs
●Gift funds for both new construction and resale homes
●No repayment of gift money
●No income or asset limits
●No geographical restrictions

These programs are going away, so call me today!!!

To view additional FHA loans requirements visit our FHA Loan page on our website.

Also view our other Government Loans including VA and Rural Housing.

Ameristar Mortgage is your local Wisconsin and Illinois FHA mortgage broker:

Dennis Hardy
Toll Free: (877) 240-5840 x23
dennis.hardy@ameristarmadison.com
www.AmeristarMadison.com

Visit my blog at http://www.ameristarmadison.com/blog/

FHA mortgage insurance announcement (effective July 14, 2008): http://www.ameristarmadison.com/announcements/FHA_mortgage_insurance_premiums/updates/index.htm

FHA loan limit announcement: http://www.ameristarmadison.com/blog/content/its-official-illinois-2008-fha-loan-limits-to-rise/
or on our website at http://www.ameristarmadison.com/announcements/FHA_loan_limits.htm

Effective October 1st, 2008 No money down FHA loans are going away!

Wisconsin communities Appleton | Waukesha | Oshkosh | Lake Geneva | De Pere | Waunakee | Fremont | Stoughton | New London | Sun Prairie | Neenah | West Bend | Waupaca | Wisconsin Dells | Green Lake | Portage | Fond Du Lac | Racine | Chilton | Madison | Monroe | Kenosha | Watertown | Milwaukee | Wausau | Menomonee Falls | Janesville | Eau Claire

Illinois communities Chicago | Aurora | Waukegan | Rockford | Naperville | Joliet | Cicero | Peoria | Elgin | Schaumburg | Arlington Heights | Northbrook | Mount Prospect | Glenview | Normal | Buffalo Grove | Evanston | Wheaton

No money down FHA purchase, FHA Refinance, FHA mortgage, FHA loans in Wisconsin and Illinois including Chicago, Milwaukee and Madison.

Alpine, Alsip, Altgeld Gardens, Arlington Heights, Barrington, Barrington Hills, Barrington Woods, Bartlett, Bedford Park, Bellwood, Berkeley, Bernice, Berwyn, Blue Island, Braeside, Bridgeview, Broadview, Brookfield, Buffalo Grove, Burbank, Burnham, Burnside, Calumet City, Calumet Park, Chicago, Chicago Heights, Chicago Ridge, Cicero, Clearing, Country Club Hills, Countryside, Crawford, Countryside, Crestwood, Des Plaines, Dixmoor, Dolton, Dunning, East Hazel Crest, East Side, Elk Grove Village, Elmwood Park, Elsdon, Englewood, Evanston, Evergreen Park, Fernway, Fernway Park, Flossmoor, Flossmoor Highlands Ford Heights, Forest Park, Forest River Forest View, Franklin Park, Glencoe, Glenn, Glenview, Glenwood, Goeselville, Golf, Gross Point, Harvey, Harwood Heights, Hastings, Hazel Crest, Hazel Green, Hegewisch, Hickory Hills, Hillside, Hodgkins, Hoffman Estates, Holbrook, Hometown, Homewood, Hubbard Woods, Indian Head Park, Indian Hill, Inverness, Justice, Kenilworth, Kensington, La Grange, La Grange Park, Lansing, Lemont Lincolnwood, Lynwood, Lyons, Markham, Matteson, Maywood, McCook, Melrose Park, Merrionette Park, Midlothian, Morton Grove, Mount Prospect, Niles, Norridge, North Northfield, North Riverside, Northbrook, Northfield, Northfield Woods, Northlake, Oak Forest, Oak Lawn, Oak Park, Oakglen, Olympia Fields, Orland Hills, Orland Park, Palatine, Palos Heights, Palos Hills, Palos Park, Park Forest, Park Ridge, Phoenix, Posen, Prospect Heights, Pullman, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Rosemont, Sag Bridge, Sauganash, Sauk Village, Schaumburg, Schiller Park, Schrum, Skokie, South Barrington,  South Chicago, South Chicago Heights, South Deering, South Holland, Southmoor, Spaulding, Staples Corner, Steger, Stickney, Stone Park, Stony Island, Streamwood, Summit, Sunny Crest, Sutton, Thornton, Thornton Junction, Tinley Park, University Park, West Pullman, Westchester, Western Springs, Wheeling, Willow Springs, Wilmette, Winnetka, Worth