Rates have been off a bit lately with the 30 year FHA mortgage now at 5.5%. An FHA loan can be used in the Milwaukee area up to about $281,750 in several counties and up to $365,700 in Kenosha county for a single family. Loan limits are higher for 2-4 units. There are different loan limits for different counties. Check with us and we will let you know.
There are no income limits on FHA financing. In other words earning a large income does not disqualify you. One advantage of FHA loans in our market now is that you do not need a large amount of equity to refinance with FHA. Some people discover that they may have less equity than they thought based on a recent lack of sales in their neighborhood or the uniqueness of their property. This is when an FHA loan really works well. Contact us for more information. We may be able to help you. 414-416-9194
The current conforming mortgage loan limit is up to $417,000. Higher than that rates are higher.
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