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Preferred Wisconsin Realtors


Need Home Owners Insurance?
brian.bassett@sentry.com
cell: 414-881-4204

Need a Builder in Waukesha?
Pinnacle Building, Inc.


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 (cancer support)

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Need a VENTLESS Fireplace
For Your New Home?
www.sunjelfireplaces.com


 

FHA REFINANCE HOME LOAN WISCONSIN, WI Milwaukee...

Do you have credit scores in the low 600's?

"You may still qualify for a low 30 year fixed interest rate mortgage"

“FHA LOANS ONLY REQUIRE A 620 CREDIT SCORE"

REFINANCE NICHES:


Rate and Term up to 97.5% of the value of your home

Cash Out to 85% of the value of your home

Up to 55% Debt compared to Income Ratio

Use non occupying Family Members for more income

Can disregard debt on credit bureau if someone else is paying it

No Reserves are OK

Refer Eligible can still be approved with compensating factors and Lox’s

 

SOME FHA REFINANCE GUIDELINES:


Rural- No max LTV and No max Acreage

Mobile Homes – 85% LTV, $90,000 Minimum Loan Amount FIRM!



Time frames that are acceptable for FHA loans that have had a bankruptcy or foreclosure:

Chapter 7 – 2 years from discharge date

Chapter 13 – 1 year from file date (need a good Chapter 13 pay history)

Can leave Chapter 13 open or pay it off

Must have good pay history after a BK

Foreclosure – 3 years

Foreclosure started; but didn’t foreclose? Can refinance 1 year later if good pay history

SOME MORE FHA REFINANCE GUIDELINES:


Must be in the home for 1 year before you can use appraisal value (FHA "Streamline" is ONLY 3 months) 

Full Doc only

Owner Occupied Only

30 year fixed or 15 year fixed, No pre payment penalty

No peeling paint but will escrow the cost into the loan (winter only)

No over 30 day Late Mortgage payments in past 12 months -

One over 30 day late payment reduces LTV to 85%

Refer Eligible must be at 45% DTI with good letter of explanation

FHA HAS LOAN LIMITS : click here for FHA loan limits (click on state, then fill in county)

Max loan amount for Single Family homes:
Milwaukee, Washington, Waukesha, Ozaukee County: $315,000
Kenosha County: $410,000
Dane, Iowa, Columbia: $293,750
All Other Counties: $271,050

*LET US SEE IF YOU QUALIFY!!!


If you would like to refinance.....click here to apply online


If you would like to buy a home.....click here to apply online