FHA Mortgage Wisconsin

If you come from this Midwest state, you ought to contemplate applying for a home purchase program, preferably FHA mortgage Wisconsin. This program offers you negligible down payment of 3.5% and an interest rate that is among the lowest in the country. You can also avail wide-ranging benefits including the ability to co-opt with another applicant who does not necessarily reside in the property in order to share the cost. There are also flexible requirements for this program.

The Debt-to-Income Ratio Requirement

FHA mortgage WI is exceptional in comparison with conventional plans due to the fact that it allows the borrower to have as high as 29/41 debt-to-income ratio, meaning:

  • That the housing costs should be below 29 percent of your monthly earnings.
  • That your total debts, including the housing costs and credit card payments are below 41 percent.

The above figures are quite high, ensuring that you can get as much funding as your budget can support, unlike the commercial loan scene that demands a low ratio of 28/36.

Other General Requirements

You also ought to pass the following eligibility stipulations in order to secure FHA mortgage Wisconsin:

  • Is your credit score at least 620?
  • You do not have any other outstanding balance, other than that for FHA mortgage Wisconsin, do you?
  • Do you intend to move to the new home and turn it into your primary residence?
  • Has your employment records been consistent for the past 24 months?
  • Have you had stable income in the previous 24 months?

If you have answered affirmatively to the above questions, you can start immediately on the process of FHA mortgage WI.

Benefits of FHA mortgage WI

One of the reasons why you should start on this program is that it allows you to have flexible terms and no payment penalties. These include:

  • You can either choose a permanent-rate 30-year plan or a variable-rate 15-year plan. The latter lets you to refinance your existing to a rate that is currently the lowest in the market.
  • You cannot suffer a prepayment penalty if you settle your dues before the amortization date. You do not also attract any penalty if you pay late, when there is a reasonable financial explanation.

If you need to know more about the benefits you stand to gain in your specific case, just contact our team at FHA Home Loan Group today.

The lending limits for FHA mortgage Wisconsin are pretty the same through many counties, with the single-family unit attracting $271050, with the exception of a high-cost county like Columbia, home to Madison, at $293500, and the Pierce-Minneapolis area at $365000. If you meet the debt-to-income ratio and your budget is within the lending limits of your county, you can start the application process for this program. We will be there to guide you through the entire set of stages from pre-qualification to approval.