(414) 810-4569 jbucio@waterstonemortgage.com Joshua Bucio, NMLS #286333

FHA Home Loan Wisconsin

First time home buyer program in Wisconsin

The FHA home loan is by far one of the most popular programs for first time home buyers. The FHA program does require a minimum down payment of 3.5% of the home purchase price. Here are a couple of ways to come up with that 3.5% down:

  1. Down payment assistance. This page will go over some options for down payment assistance that can be used with the FHA program. There is quite a bit of funds available through down payment assistance.
  2. You can use your 401k retirement funds for the down payment. Some people will take out a loan against their 401k, since they are just paying themselves back. Here is more information about using your 401k funds for the down payment on a home loan: https://www.homeloanwisconsin.com/401k-for-downpayment
  3. The funds can come in the form of a gift. The gift can come from a family member, friend or someone of a close relationship. This does include a boyfriend, girlfriend, or finance. There is no limit to the amount of funds the donor can gift you.

I have seen many of my past client’s use one of the two ways above to help achieve the down payment for their new home. The person gifting you the funds should be able to use this as a tax deduction on their income taxes. (Please verify this with a licensed tax professional, as I am not licensed to verify this.)

Lower credit scores are also allowed with a FHA home loan. Compensating factors also help with a lower credit score. A compensating factor would be a 12-month rental history that you can prove and reserves that are not being used for your down payment. We have helped and approved many clients with less than perfect credit scores, so it’s always best to contact us to find out if we can help with a FHA home loan.

We have helped and approved many clients in the 600+ credit score range, so it’s always best to contact us to find out if we can help with a FHA home loan.

Make sure you get yourself pre-qualified for a home loan before you go looking at homes. Real estate agents know sellers are looking for serious buyer. Since the credit score minimums have increased for an approval, they want to see you have a pre-qualification letter. Learn about the importance of a pre-qualification letter.

We have an online application that is very secure with your information and very easy to use. It comes directly to us and your information is never sold. We can issue you a pre-qualification letter in 24-48 hours, after receiving all your information.

Here is the direct link to the online application: Secure Online Application

If you are not comfortable with an online application, that’s ok! Feel free to call us at the office, 414-801-4569, and we can go over the application and questions on the phone.

Working with Waterstone Mortgage

  • We put YOU first.
  • Waterstone Mortgage offers some of the most competitive rates in the Nation!
  • Fast and efficient, we close most of our loans in 30 days or less.
  • We offer a variety of loans. Waterstone Mortgage will find you the loan that is right for you!!!

 

An FHA loan is a government-insured loan subject to certain qualifications and restrictions. FHA provides mortgage insurance on loans made by approved lenders. The cost of mortgage insurance is paid by the homeowner as an up-front amount that is usually financed into the loan amount, as well as an additional amount that is included in the monthly mortgage payment. Subject to credit approval. For reverse mortgages, borrower eligibility requirements apply. Consult a tax advisor for questions about tax and government benefit implications. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

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