FHA Home Loans

FHA Home Loans in Madison, Wisconsin

FHA home loans are available in Madison, Wisconsin, and are insured by the Federal Housing Administration, an agency with the United State Government. Borrowers in Wisconsin with FHA loans will be expected to pay for mortgage insurance, which is basically a guarantee to protect the lender from any losses if the borrower defaults, and fails to repay the loan. The FHA agrees to step in to cover the lack of payment. This guarantee also allows lenders to make larger mortgage loans in cases where the application could otherwise be denied.

Wisconsin FHA loans offer less rigorous lending standards, and can help accommodate borrowers with low credit scores, typically below 500. An FHA home loan requires a down payment of only 3.5%, while other loan programs generally require a larger down payment. It also allows a higher debt ratio, which means the amount spent on monthly payments needs to be “reasonable” when compared to your monthly income. All of these factors can make the FHA home loans program accessible to more people in Wisconsin.

FHA Loan Highlights:

  • 3.5% down
  • Gift money allowed toward down-payment
  • Low interest rates
  • Low FICO score requirements
  • Many types of FHA loans are available in Wisconsin:
    • 30 year fixed rate mortgage
    • ARMs
    • FHA loans for condominiums
    • Graduated mortgage payments

FHA Loan Eligibility:

  • Loan limits vary by county
  • No income restrictions

Resources available at Easy mortgage

If you would like to learn about your FHA loan options, including more about the requirements, and most importantly — if you qualify —  contact us today!

We will help make your mortgage process easy, and your dream of owning your own home come true.

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