Wisconsin FHA Mortgage and Illinois FHA Mortgage Home Loans

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 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. 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 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 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 100% financing with gift money is available. Please contact us for details HUD announces 2008 FHA home loan limits Search FHA Maximum County Mortgage Limits by State 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 1.5% 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: My Community Mortgage Freddie Mac Home Possible Rural Housing VA Home Loans Flex 100 and 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

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Recent FHA mortgage posts on our blog:

FHA Mortgage Loans from Ameristar Mortgage
April 13th, 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 the FHA mortgage loan is that those borrowers with less than perfect credit can often still qualify for a mortgage. 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.

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FHA Refinance Mortgage Loans
April 4th, 2008

The 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.

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