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Is a Government Insured Mortgage Right for You? A Series - part 1
Is a Government Insured Mortgage Right for You? series of articles - part 1
Risky mortgages backed up by small down payments are a thing of the past. In today's world, most lenders aren't underwriting mortgages unless you have a significant down payment, and a high credit score. Did you know that there is a decades-old loophole can still put home buyers in a house with little money down and in some cases . . . just $100... In fact here in Wisconsin every county in the state has areas that qualify for zero down financing. The programs I am referring to are an FHA Insured Mortgage and USDA Insured Mortgages. They have been in existence for many years; and in the case of FHA, it is likely that your parents or grandparents had an FHA Insured Loan when they purchased their first home.
Mortgages insured by the Federal Housing Administration (FHA) allow borrowers to get approved with a down payment as small as 3.5% of the agreed selling price of the house and don't require a high credit score. If you happen to run across a home for sale that is owned by HUD, FHA offers a special $100 ... more
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