Monday, December 7, 2009

FHA Mortgages

An FHA mortgage can be used to purchase a home with a limited down payment. Recently FHA mortgage rates have been in the low 5s. There are many advantages to using FHA financing when purchasing a home. There are no income limits. Earning $100,000 will not disqualify you. You can buy a duplex as long as you live in it. You can buy a condo, you can buy a single family home. You can even buy a manufactured home with an FHA loan. In Milwaukee and Waukesha Counties you can finance up to $315,000. Another advantage of FHA financing is the opportunity to refinance within 3 years and receive a refund of some FHA finance charges.

You may be able to refinance without an appraisal or other standard documents. You can do a streamline refinance if it will lower your payments. You can qualify for an FHA mortgage with a non-occupying borrower whose income and credit may allow you to qualify. There are many special features with FHA loans that may benefit you. Email us at http://www.wiscosinmortgages1.com for a special free report or call 414-416-9194.

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