Ameristar Mortgage Blog

Today’s FHA insured mortgage loan offers the flexibility borrowers are looking for along with the traditional benefits of low down payments, low closing costs, competitive interest rates, and easier qualifying ratios.

Whether you are buying your first home, fixing up an investment property, or remodeling your current home, a Wisconsin FHA or Illinois FHA mortgage can help you. In the process of applying to the FHA insured home loan program, it is important to understand that one must obtain the services of an FHA lender in order to obtain an FHA home loan.

Not all mortgage brokers are licensed to do FHA loans. Ameristar Mortgage is licensed to do FHA mortgage loans in the states of Wisconsin, Illinois and Florida.

For addtional FHA mortgage information visit our FHA program page on our site.

The FHA mortgage program tends to be more forgiving than conventional mortgages in terms of past credit history. A bankruptcy discharged as little as two years ago may not hinder a homebuyer from qualifying for the FHA program. If you currently have an FHA mortgage and would like lower payments or a cash back from the escrow of your current mortgage, FHA streamline refinancing may be the perfect solution. You may apply for FHA loan refinancing to pay off second mortgages but the second mortgage should at least be 12 months old.

Illinois and Wisconsin FHA loans are one of the only types of real estate mortgage loans that currently does not require a FICO credit score. If you have no score you will be asked to provide alternative credit documentation such as cell phone payment history, gas or electric payment history and others. Your loan officer at Ameristar Mortgage can give you additional information on a no credit FHA mortgage.

Buying a home with an FHA loan is really no different than buying a home with any other loan except you have more protection against foreclosure with FHA, it is easier to qualify, you don’t have to have perfect credit and it can cost you less each month. Keep in mind that because the FHA does allow you to put such a small percentage down on your mortgage loan or take out a lot of cash when you refinance, you are required to carry mortgage insurance on your home until the equity in your property has built up to 20% or more.

Visit our FHA Mortgage page for additional Wisconsin FHA and Illinois FHA program requirements.

Dennis Hardy
Local: (608) 242-0826 x23
Toll Free: (877) 240-5840
dennis.hardy@ameristarmadison.com
www.AmeristarMadison.com

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