Wisconsin FHA Loans

Right now is a great time to apply for an FHA loan if you are planning to relocate to Wisconsin. Housing prices have come down in recent years, while the FHA loan limits have increased in most counties. Plus, the Federal Housing Administration (FHA) offers really great benefits to those who qualify, making the entire loan process that much simpler and more affordable.

History of FHA Loans

In 1934 the US Government created the Federal Housing Administration (FHA) as a way to help people through the Great Depression. This was during a time when new loans were hard to come by and foreclosures were at an all time high. The FHA started insuring privately issued loans, making it possible for people to afford new loans and keep their existing homes. Since it began, the FHA and US Department of Housing and Urban Development (HUD) have helped millions of Americans become proud new homeowners.

The FHA Today

The FHA home loan program is still going strong today, and offers bigger and better benefits than ever before. One of these benefits is the great low down payment feature. With conventional loans you will have to pay around 20% for a down payment, whereas the FHA only requires 3.5% down. You also won’t have to pay private monthly mortgage insurance and will be offered competitive interest rates. The other benefits of Wisconsin FHA loans include simple refinancing, easy approval and flexible repayment plans.

Refinancing

If you already have an FHA loan, refinancing for a lower interest rate is incredibly easy with the streamline refinance. When you apply for a streamline refinance you won’t have to pay any out-of-pocket fees or provide any additional paperwork. You also have the option to refinance with a cash-out refinance if you need to borrow money against the house’s equity. There is also a refinance plan for homeowners over 62 who need to borrow cash for any reason.

Get Pre-approved Today!

No matter what type of loan you are looking to obtain, you can get pre-approved today by filling out our secure online form. It only takes a minute, is safe and has no obligation. Getting pre-approved for a Wisconsin FHA loan has never been easier!

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