Milwaukee and Racine FHA Loans

If you are considering relocating to Milwaukee or Racine, right now is a great time to apply for an FHA loan. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have helped millions of Americans become proud new homeowners, and many more avoid foreclosure on their current properties. Today the home loan program is still going strong and offering greater benefits than ever before.

Advantages of FHA Loans

When you apply for a conventional loan today, you can be expected to pay anywhere from 5 to 20% for a down payment. This makes it expensive for first time homebuyers who are looking to purchase a new family house in Milwaukee or Racine. The FHA, on the other hand, only charges 3.5% for a down payment. Plus, when you pair the FHA loan with an organization like the American Dream Down payment Initiative (ADDI), you won’t have to pay any money down for the new property.

Additional Benefits

In addition to the low down payment feature, you will get to take advantage of competitive interest rates. You also won’t have to pay costly private monthly mortgage insurance, making the overall cost of the loan that much lower. The other benefits of Milwaukee and Racine FHA loans include easy approval, simple refinancing and flexible repayment schemes.

Types of FHA Loans

There are three different types of loans available from the FHA: FHA mortgage, Energy Efficiency Mortgage (EEM) and 203(k) Mortgage. The standard FHA mortgage is great for first time homebuyers interested in a one to four-unity property. The EEM is ideal for anyone who has a house they want to make energy efficient upgrades to such as installing solar water heaters. Finally, the 203(k) was designed for people who want to rehabilitate a home. This mortgage rolls the cost of acquisition, repairs and final value into one tidy mortgage. Be sure to discuss each mortgage option with your lender to find the perfect fit for you and your family.

Get Started Today!

Getting started on your FHA loan is incredibly easy when you take a minute to fill out our online form. Pre-approval is fast, easy, secure and has no obligation. Getting pre-qualified for a Milwaukee and Racine FHA loan has never been simpler!

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