Government Loan Programs and Additional Loan Products :

FHA loans

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy moderate-income families who may not meet requirements for conventional loans or choose to use the FHA loan for additional reasons such as co-signors, additional cash back, lower required down payment, higher debt to income ratios, single and double wide manufactured home loans among other reasons.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA financing:

• Only a 3.5 percent down payment is required.
• Down payment can be a gift in most instances.
• Closing costs can be financed (via a slightly higher rate) or paid by the seller.  
• Credit scores as low as 560 allowed! No Score possible with alternative credit & no bad credit.
• More flexible underwriting criteria than conventional loans
• Single wide and double wide manufactured home loan financing available.

VA Loans

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if a veteran fails to repay the loan. For most purchases, NO down payment is required on a VA guaranteed home loan for purchase. Interest Rates on VA loans are comparable with other fixed rate loan options.  

Other benefits of a VA loan include:

• No monthly private mortgage insurance requirement unlike other fixed rate loans.
• Fico scores possible to a minimum of 560. 
• Closing costs are comparable and sometimes lower - than other financing types.
• Right to prepay loan without penalty.
• The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

 USDA HOME LOANS = 100% Financing

USDA home loans (rural) are loans for moderate income households based on the number of occupants in the house. USDA home loans are eligible for most areas in Wisconsin and require NO down payment! A USDA home loan is typically used for a purchase transaction (100% loan to value) for a residential property, however, refinance USDA opportunities do exist if the current home loan is a USDA loan.

Other Loan Programs Available:

- Fixed Rate Conforming loan programs at market rates (FNMA and FREDDIE MAC)
- No closing cost loans
- HARP loans (Home Affordable Refinance Programs)
- Reverse Mortgage loans
- Construction Loans for stick built homes
- Manufactured Construction loans
- Manufactured fixed rate financing for existing homes (FHA & Conventional)
- Jumbo Fixed and ARM Rate Loans
- FHA 203k loan for rehabs/purchase
- Cash Out programs to 85% to 100% loan to value (program dependent)
- Unique loan situations : Asset based loans, homes with acreage
- Credit Scores as low as 560 & alternative credit possible for no score consumers!
- Credit report analysis and expertise offered for all potential loans

For any possible loan scenario call Peter Maurer at PRESUS Mortgage direct at 414-852-7317 or email at pmaurer@presus.com.