“I Thought Wisconsin FHA Mortgages Were Only For First Time Homebuyers?”

Posted by Travis Egan
February 20, 2009

While talking to a client the other day, he stated “I thought Wisconsin FHA mortgages were only for first time home buyers.”  It got me thinking, I wonder what other misconceptions exist about Wisconsin FHA mortgages?  Over the next several posts will discuss some of the most common misconceptions about Wisconsin FHA mortgages.

There are many loan programs designed to help the first time home buyer, although there are far less than there were a year or so ago.  Wisconsin FHA mortgages are designed for ALL buyers, including existing home owners. This post will reflect the purchasing of a home with a Wisconsin FHA mortgage.

So where could the misconception have originated?  Several people I’ve talked to suggest that with so many loan programs available, this one seemed to get lost in the shuffle and fall by the wayside in the last several years.  Wisconsin FHA mortgages have been around my entire career, and it’s true that they did lose some of their popularity during the heydays of Fannie Mae and Freddie Mac.  What remains true today is that Wisconsin FHA mortgages are  steadfast to the tried and true essentials that have made this an extremely successful home loan program for years.  In my previous post I dispel the rumors that Wisconsin FHA mortgages are the “new sub-prime” loan.

Wisconsin FHA mortgages have changed during the last few months, but the essentials remain the same.  This program allows clients interested in purchasing a new home to put as little as 3.5% down, regardless of whether you’re a first time home buyer or not.  This money can be gifted from many different sources.  With home prices cheaper than they have been in years and rates as low as I’ve seen them in my career, now is an exceptional time to examine how this loan program can assist you.  There are limits to how much home you can purchase, but we can discuss that when you call.  I look forward to discussing this with you soon.

Asst Vice President / Loan Officer
1221 South Shore Drive
Delavan, Wisconsin, 53115
US
Work: 262-728-4203
Mobile: 262-745-5055
tegan@walworthbank.com
FHA Mortgage

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