FHA Mortgage Loans in Appleton, Wisconsin: No Down Payment

Posted by Brian Collins on Sep 29, 2008

Buying a home with an FHA loan in Appleton 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 website for other no money down loans in Appleton, including VA and Rural Housing home loans at http://www.AmeristarMadison.com

If you don’t have the 3% needed for the down payment it can be gifted by a family member or friend or be given to you by the seller. All around FHA is one of the best Illinois programs and it’s not a difficult loan to understand or obtain. Additional Appleton FHA program features:

You can qualify for 1 to 6% credit toward: earnest money, application fees, mortgage insurance and tax credit
There are minimal or no money down loans
Any buyer not just the first time home buyer
A co-mortgager or co-signer can be a non-occupant
Interest rates are lower and are equal to or better than normal financing
FHA can qualify for one to four unit properties and HUD approved condos
There are NO reserve requirements (unlike conventional which requires 1or 2 month reserves)
Gift funds are allowed for the entire down payment but must be family member
The maximum allowed amount for new FHA is $417,000.00 with a 3% down payment and mortgage insurance premium
Only the VA and FHA loans are assumable (could be an advantage to either buyer or seller)

Visit our FHA Mortgage page for additional Appleton FHA mortgage program requirements:
http://www.ameristarmadison.com/government_loans/fha_wisconsin/index.htm

Ameristar Mortgage is your Appleton FHA Mortgage Banker:

Brian Collins
Toll Free: (877) 240-5840 x29
brian.collins@ameristarmadison.com
http://www.AmeristarMadison.com

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

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