Ameristar Mortgage Blog

Wisconsin FHA loans and Illinois FHA mortgage loans have been helping people become homeowners since 1934. FHA loans are great for first time home buyers or those with low to moderate income or even borrowers with less than perfect credit. FHA loans make it easier for people to qualify for a mortgage, but they’re not for everybody. FHA loans allow people to buy a home with no down payment.

FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. Wisconsin and Illinois FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium.

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. Typically, FHA mortgages do not require more than a 3-5 percent down payment and can often be purchased with no money down. Closing costs on FHA (or conventional loans) are usually between $1000-$1800 and are the responsibility of the buyer. However, FHA closing costs can be financed into the total amount of the mortgage and paid off accordingly.

To learn more about the different types of FHA loans visit our Wisconsin FHA mortgage and Illinois FHA loans page on our website http://www.ameristarmadison.com or directly on our FHA program information page.

With the recent tribulations suffered by subprime mortgage lenders, FHA mortgage loans are making a solid comeback as a useful alternative for first time home buyers and home buyers with less than perfect credit. You may buy a home or do a FHA refinance mortgage using FHA loans two years after the date of discharge for a bankruptcy, assuming that you have maintained perfect credit since the discharge of the bankruptcy with a FHA streamline refinance loan. We specialize in new FHA loans and FHA refinance loans. Whether you feel more comfortable speaking on the phone about your options, or would prefer to simply research more about FHA loans on our FHA mortgage resource page.

Your local Wisconsin and Illinois Mortgage Broker:

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