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FHA Mortgage Home Loans in Illinois and Wisconsin

January 3rd, 2009 FHA Cash Out Refinance to 85% (one Appraisal) or 95% (two appraisals)

November 12th, 2008 HUD announces 2009 FHA Loan Limits

Effective January 1st, 2009 Revised FHA Down payment and Maximum Mortgage Requirements

Archived Announcements

Ameristar Mortgage can help you take the first steps to owning your own home through FHA!

FHA loans provide flexible lending solutions for qualified borrowers who may have past credit issues, have no money down for a down payment or closing costs, or are looking to refinance a current home loan.

Wisconsin and Illinois FHA mortgage loans are insured by the government and were designed to help more buyers achieve the dream of home ownership. FHA loans are insured by the government and offered by certain approved lenders. Ameristar Mortgage is an approved broker for FHA loans in Wisconsin and Illinois including major cities such as Chicago, Milwaukee and Madison.

One advantage of an FHA mortgage is that your payments will be lower than a conventional loan that would require PMI (private mortgage insurance).  FHA charges an upfront premium that can be financed into the mortgage, and then a much smaller monthly mortgage insurance payment.


FHA loans are insured by the Federal Housing Administration, which means if the homebuyer defaults, the lender is paid from the insurance fund.

FHA mortgage loans are attractive for first time home buyers because the down payment required is usually smaller than the down payment for a conventional loan. However, you don't need to be a first time home buyer to take out a FHA mortgage; the only stipulation is that you may only have one FHA mortgage at a time.

FHA program highlights:

  • Get a preliminary loan approval in minutes
  • Competitive and attractive rates
  • Long-term amortization
  • Spot loan approvals on condos view details
  • Fixed and arm loan rates
  • Financing for 1-4 unit properties
  • PMI is less than what it would be for a conventional loan
  • Monthly mortgage insurance is automatically canceled once the unpaid principal balance reaches 78%
  • Purchase, rate/term refinances, cash out refinances, and streamlined refinances
  • Cash out refinance to 95%
  • 3% down for 97% financing (3.5% down effective January 1, 2009)
  • 100% financing (no money down) with gift funds is available. (Went Away October 1, 2008)

FHA Streamline Refinance Program

HUD announces 2009 FHA home loan limits
Search FHA Maximum County Mortgage Limits by State

FHA approved condo list

What is PMI (Private Mortgage Insurance)?
PMI is money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment of 1.75% and is added to the initial loan balance, instead of being paid out of pocket, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment.

Other programs that may be of interest:
Rural Housing
(still no money down 100% financing)
VA Home Loans
(still no money down 100% financing)
My Community Mortgage
Freddie Mac Home Possible
Flex 97
Lender Paid Mortgage Insurance
100% Financing Programs


All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including FHA, VA and Rural Housing

Wisconsin Refinance Illinois Refinance Programs
Current Wisconsin and Illinois FHA Mortgage Rates
About Ameristar Mortgage
Apply or Pre-qualify Online
Contact Ameristar Mortgage



Recent FHA mortgage posts on our blog:

FHA Refinance and Cash Out Refinance Mortgage Loans
January 6th, 2009

FHA refinance mortgage loans in Illinois and Wisconsin afford borrowers the ability to refinance any kind of mortgage loan that they now have with an FHA refinance. FHA loans allow you to refinance up to 97% of your homes appraised value.

There are certain requirements of a FHA streamline refinance. Learn about your options to refinance or for FHA financing from one of our specialists. What "streamline" basically means in a nut shell is the amount of documentation and underwriting needed by your lender, it doesn’t mean that you will not pay any closing costs when you refinance your FHA loan.

FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium.

Read the rest of this entry »

FHA Mortgage Loans Purchase and Refinance from Ameristar Mortgage
June 12th, 2008

The FHA requirements demand that the applicant for a cash out refinance loan has occupied the premises for at least twelve months, and that payments on the current mortgage have been on time for at least twelve months. A cash out refinance loan cannot be more than the FHA conventional loan limit for the area of the house being refinanced. One of the benefits of Wisconsin and Illinois FHA mortgage loans is that those borrowers with less than perfect credit can often still qualify for a mortgage.

FHA is a part of HUD and the first thing looked at before issuing a Wisconsin or Illinois FHA mortgage is that you as a borrower have demonstrated a good repayment history for all your debts within the last 12 months.

FHA loans are popular with first time home buyers but they can be equally attractive to move-up buyers and homeowners looking for a home improvement loan.

The FHA program comes with no prepayment penalty and can allow you to refinance out of a higher risk Sub-Prime (Bad Credit Loan), Adjustable Rate Mortgage, or other type of loan product, to an FHA program without having to jump through a whole lot of hoops.

FHA loans are available to all Wisconsin and Illinois residents including FHA loans in Chicago FHA, Milwaukee and Madison.

Read the rest of this entry »


Chicago FHA Mortgage Home Loans from Ameristar Mortgage
July 26th, 2008

FHA mortgage in Chicago are available to anybody but are used most often by first time home buyers and low- to moderate-income buyers. FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium.

FHA loans in Chicago have less-stringent borrower qualifications than many other mortgages and generally lower interest rates. They also offer significant value to consumers because the interest rates are low with fixed monthly payments and mortgage insurance is now tax deductible.

FHA mortgage loan programs are designed to make homeownership more readily available, so take advantage of what’s available to you today.

For more information on Chicago, Illinois FHA refinance, FHA cash out refinance and FHA purchase home loans please visit our FHA page.

Read the rest of this entry »


FHA Mortgage Loans from Ameristar Mortgage
June 12th, 2008

Illinois FHA mortgage loans and Wisconsin FHA mortgage loans are currently available only to homes that fit under the specified mortgage limits which can be found here FHA Mortgage Limits. FHA Mortgage Loans allow for a low 3% down payment, have great interest rates due to being insured by the Federal Housing Administration, allows for less than perfect credit and makes it much easier to qualify due to FHA insuring the home loan. The 3% down payment can be paid through a down payment assistance program offered by Ameristar Mortgage.

Illinois FHA refinance loans and Wisconsin FHA refinance mortgage loans are also becoming increasingly popular among home owners trying to refinance out of subprime loans. FHA loans are not just for first time buyers and are available to everyone looking to purchase or refinance a home.

Illinois and Wisconsin FHA loan programs can help you with buying a home with no money down. To learn about FHA loan qualifications, or get a free FHA home loan prequalification by visiting our FHA loan program page.

Read the rest of this entry »


FHA Refinance Mortgage Loans

April 4th, 2008

The Illinois FHA streamline refinance and Wisconsin FHA streamline Refinance must lower the borrower's interest rate, thus lowering monthly payments. Many people choose a FHA Streamline Refinance because they can refinance with no out-of-pocket costs. There are certain requirements of a FHA streamline refinance. Learn about your options to refinance or for FHA financing from one of our specialists. What "streamline" basically means in a nut shell is the amount of documentation and underwriting needed by your lender, it doesn’t mean that you will not pay any closing costs when you refinance your FHA loan.

FHA refinance loans are available to all Illinois and Wisconsin residents including Chicago FHA refinance, Milwaukee FHA refinance and Madison FHA refinance mortgage loans. Pre-qualify for an FHA mortgage today!

Read the rest of this entry »


Chicago FHA Mortgage Loans from Ameristar Mortgage
March 12th, 2008

Chicago FHA mortgage loans can be great alternative options for borrowers with small down payments, lower incomes, and past credit issues. These loans are currently available only to homes that fit under the specified mortgage limits.

You may use a Chicago FHA mortgage for buying a 1-4 unit home assuming that the FHA mortgage amount does not exceed the maximum FHA loan limits for where the property is located. .

Chicago FHA loans is one of the only types of real estate mortgage loans that currently does not require a FICO credit score.

Read the rest of this entry »
 

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