FHA, VA and Rural Housing Loans

FHA, VA and Rural Housing Loans

FHA, VA and Rural Housing Loans

by Aiman Abozeid 

FHA, VA and Rural Housing Loans in Wisconsin 

No down payment home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. We offer two mortgage programs still available with no money down 100% financing and a third that only requires 3.5% down for all Wisconsin residents:

• FHA Loans (requires 3.5% down)
• VA Home Loans
• USDA Rural Housing Loans

FHA Loans:
FHA loans are federally insured loans that allow buyers who have little or no credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments. FHA home loans are also available for first time buyers. FHA Loans are assumable and streamline refinancing to lower the interest rate is available.

VA Loans:
VA loans continue to be eligible for 100% financing, of course only those few borrowers with a VA Certificate of Eligibility are able to qualify for this loan. In addition to no down payment, VA home loans have the added benefit of not requiring PMI or private mortgage insurance. VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA loans offer up to 100% financing on the value of a home.

Rural Housing Loans:
Rural home loans are optimal for first time homeowners in approved Rural Housing Service areas. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The Guarantee Rural Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs, prepaids and lender required repairs can be rolled into the loan amount up to 100% of the appraised value (not the purchase price).

A no money down mortgage loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment.

Visit our website at http://www.madisonmortgageguys.com for additional No money down FHA, VA and Rural Housing loan program information.

FHA, VA and Rural Housing Loans


FHA, VA and Rural Housing Loans

FHA, VA and Rural Housing Loans

by Aiman Abozeid 

FHA, VA and Rural Housing Loans in Wisconsin 

No down payment home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. We offer two mortgage programs still available with no money down 100% financing and a third that only requires 3.5% down for all Wisconsin residents:

• FHA Loans (requires 3.5% down)
• VA Home Loans
• USDA Rural Housing Loans

FHA Loans:
FHA loans are federally insured loans that allow buyers who have little or no credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments. FHA home loans are also available for first time buyers. FHA Loans are assumable and streamline refinancing to lower the interest rate is available.

VA Loans:
VA loans continue to be eligible for 100% financing, of course only those few borrowers with a VA Certificate of Eligibility are able to qualify for this loan. In addition to no down payment, VA home loans have the added benefit of not requiring PMI or private mortgage insurance. VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA loans offer up to 100% financing on the value of a home.

Rural Housing Loans:
Rural home loans are optimal for first time homeowners in approved Rural Housing Service areas. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The Guarantee Rural Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs, prepaids and lender required repairs can be rolled into the loan amount up to 100% of the appraised value (not the purchase price).

A no money down mortgage loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment.

Visit our website at http://www.madisonmortgageguys.com for additional No money down FHA, VA and Rural Housing loan program information.

Old Collection Accounts Can be Ignored When Applying for FHA Mortgage


Old Collection Accounts Can be Ignored When Applying for FHA Mortgage

Old Collection Accounts Can be Ignored When Applying for FHA Mortgage

by Aiman Abozeid on November 9, 2012 · 0 comments

Some borrowers have re-established their credit and are making the right moves to prepare themselves for a home purchase. At one time, these people would be held back from buying a home due to old collection accounts appearing on their credit report. However, that issue has been resolved for FHA loans.

Old Rule
The FHA rule stated that if a borrower had a collection account, or a disputed account, with a balance of more than $1,000 then the person could not be approved for an FHA loan. This was a death blow to many borrowers who had fallen on hard times and wound up with a few bad accounts or had suffered through some medical problems.

In order to be eligible for FHA financing the debt had to be paid off completely or the borrower had to arrange a payment plan with the creditor. Often times the new debt payment would negatively impact debt to income ratios for the borrower and eliminate them from FHA consideration.

New Rule
Now, this rule has been rescinded. In April of 2012 it was proposed to remove the rule but then delayed. Mortgage lenders, real estate agents and other interested parties pleaded with FHA to put the rule in place. Finally, in June of 2012 the administrators of FHA agreed to take the rule off the books.

This is great news for many potential borrowers. People that have made strides to pay their bills on time, reduce their credit card debt and maintain a stable employment history for the past 2 years now have even more reason to seek out an FHA mortgage for their home purchase.

View our FHA Loan program page for additional information. If your house needs rehab work, be sure to check out the FHA 203k program. To see if you qualify, contact me below or apply online!

Wisconsin Living and Real Estate in Wisconsin, Lisa Bear 262-893-5555: 3.8% REAL ESTATE Tax Will Go Into Effect in 2013

Wisconsin Living and Real Estate in Wisconsin, Lisa Bear 262-893-5555: 3.8% REAL ESTATE Tax Will Go Into Effect in 2013: 3.8% Tax Will Go Into Effect in 2013 ...

3.8% REAL ESTATE Tax Will Go Into Effect in 2013

3.8% Tax Will Go Into Effect in 2013

By Linda Goold, Ken Wingert

Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers.  The 3.8% tax is imposed ONLY on  those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return).  The tax applies to investment income, defined as interest, dividends, capital gains and net rents.  These items are all included in an individual's AGI.  A formula will determine what portion, if any, of these types of investment income would be subject to the tax.

The tax is NOT a transfer tax on real estate sales and similar transactions.  Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.
The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence.  Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.

The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer.

Wisconsin Living and Real Estate in Wisconsin, Lisa Bear 262-893-5555: Woulda, Shoulda, Couda

Wisconsin Living and Real Estate in Wisconsin, Lisa Bear 262-893-5555: Woulda, Shoulda, Couda

Cost of a Home: Impact of Interest Rates

Cost of a Home: Impact of Interest Rates

by The KCM Crew on October 2, 2012 

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The buyer should always look at the COST of a home, not just the PRICE. The cost is determined by the price and the mortgage interest rate which is available at the time. Below is a list of the interest rates over the last ten years and the impact they have on a $100,000 mortgage payment.

Wisconsin Living and Real Estate, Lisa Bear Milwaukee, Waukesha County Real Estate 262-893-5555: Don’t make the WRONG call – Experience matters!

Wisconsin Living and Real Estate, Lisa Bear Milwaukee, Waukesha County Real Estate 262-893-5555: Don’t make the WRONG call – Experience matters!: Don’t make the WRONG call – Experience matters! Your home is probably your largest investment.   If you are looking to sell...