No Down Payment Mortgage Loans in Illinois and Wisconsin
Posted by Dennis Hardy on Jul 23, 2008
Mortgage rates are low, home values are back to normal and if you buy a home now, you can start building equity quickly, once the real estate market begins to reverse. As part of the president’s new stimulus package, release earlier this year, FHA loans are fueling the real estate market comeback.
What is FHA financing?
An FHA loan just means that a mortgage is backed or guanteed by the federal government. This makes lenders feel more confident about granting loans for people with lower credit scores or higher monthly debts.
FHA Loan Benefits:
• You can finance 97% to 100% of the home’s purchase price
• You only need a credit score of 580 to qualify for an FHA loan
• Your mortgage is a fixed rate 30-year loan with no prepayment penalty
• You can be gifted 100% of the Down payment / closing cost by a relative
• You can have a family member co-sign even if they don’t live with the buyer
FHA Requirements:
• A minimum credit score of at least a 580
• Bankruptcies must be discharged for 3 years
• Loan limits
For more information on Wisconsin and Illinois FHA mortgage loans please visit our site at http://www.AmeristarMadison.com.
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: http://www.ameristarmadison.com/
Ameristar Mortgage is your local Wisconsin and Illinois 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 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
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