FHA Loans

An FHA loan can be a good choice for a buyer short on cash for down payment. Guidelines allow for up to 97% financing on loan amounts in the Greater Milwaukee area of $315,000.
The 3% can be gift or grant funds. Higher loan amounts are available for 2-4 unit owner occupied properties. FHA approval guidelines can be more lenient than standard underwriting. FHA is not a credit score based program. If you can show increasing income, job stability and some satisfactory trade lines, even if they don't report on the credit bureau you may qualify. FHA loans can be used for a refinance as well as a purchase. They are a great solution to get out of an ARM loan. Call me to apply today. 414-416-9194

FHA LOANS

Federal Housing Administration or FHA loans are great loans for a refinance or purchase. You can refinance up to 95% of the value of your home and pull cash out for any reason. Usually FHA loans are a fixed 30 year rate. They never have pre-payment penalties. For a purchase you can finance up to 97% of the purchase price. Credit scores are not a big factor in getting approved for FHA loans. Other factors like job time, savings, and payment history carry greater weight. Call me today to see if you qualify. 414-416-9194

Mortgage News

FHA mortgages are becoming more popular because of challenges in the sub-prime mortgage market. An FHA mortgage allows you to finance 97% of the purchase price of a 1-4 unit primary residence. We can set up a 3% grant for clients to use toward a downpayment. People with limited credit may qualify if they can show 3 on time trade lines over the last 12 months. These trade lines need not report to the 3 major credit bureaus. An example could be a rent payment, an insurance payment or a cable payment. FHA is a good program for a first time home buyer. The monthly mortgage insurance payment is reduced because a large share of it is financed in the loan. To see if you qualify or for any other real estate questions contact Loan Officer, Pete Cannon at Great Lakes Mortgage Corp. at 414-527-7800 x 108 or email at petecannon@glmcdirect.com Visit our web site at http://www.glmcdirect.com/ Not all will qualify. An Equal Housing Lender. We are licensed to originate loans in Wisconsin.