Is a Government Insured Mortgage Right for You? A Series - part 1

Mortgage and Lending with NEXA Mortgage LLC an Equal Housing Lender NMLS # 1660690 NMLS 274839

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 down payment program as an incentive to purchase a HUD owned home.  

The looser terms of FHA-insured mortgages have helped make them more popular. Did you know that  FHA-insured mortgages make up about 25% of the mortgage market? This figure is up from 3% in 2006, In a speech earlier this month, FHA commissioner David Stevens said "In June, the FHA insured 194,000 loans - the highest monthly total in the agency's history". For fiscal year 2009, the dollar amount of FHA-insured mortgages is likely to reach 30% of mortgage origination's, up from around 4% in 2005 and 2006, says Stu Feldstein, the president of SMR Research, a mortgage-data tracking firm.

The bottom line is that FHA, USDA, and other government insured loans are a viable option in today's market. They are a specialty product that requires in-depth knowledge of the rules and guidelines. It is imperative that you work with a qualified mortgage loan person who specializes in Government Insured Mortgages. In doing so, you will place youself in a position for success in obtaining a great home financing plan that is sure to provide you and family with tremendous benefit for years to come.   

In today's ever-changing lending environment, it is absolutely essential that anyone looking to take advantage of these great loan programs and great interest rates, work with a LOCAL person who specializes in Government Insured programs.

I hope this has been of benefit to you - Please come back for the series on Government Insured Mortgage Opportunities -  

How to determine if an FHA-insured mortgage is right for you; Do you meet the qualifications?

If you are looking to purchase or re-finance in the state of Wisconsin and would like to discuss your options, please feel free to contact me via email, or simply pick up the phone and give me a call. I am happy to help..... Make it a great one....:)

Don't forget about the $8,000 credit for first time home buyers for people who have NOT owned a home in the last 3 years. Time is running out - For details and answers go to the Top 21 Questions Answered on the $8,000 Tax Credit for 1st Time Home Buyers article.

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Gwenn Tanvas is a Certified Mortgage Planning Specialists who truly enjoys working with First-Time Home Buyers and Government Programs such as FHA, Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. or she can also be reached for comment or to answer questions via email at


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Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Gwen, nicely written article on FHA loans.  In my market, we use FHA and USDA loans extensively.

Aug 19, 2009 01:36 AM #1
Gwenn Tanvas
NEXA Mortgage LLC an Equal Housing Lender NMLS # 1660690 - Appleton, WI
The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE

Hi Pam - Thanks for the nice comment - FHA, VA and USDA are quite prevalent in my market as well. It amazes me how many loan get goofed up due to lack of understanding of the guidelines - I hope this series will benefit people looking for option.

Aug 19, 2009 01:45 AM #2
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Gwenn Tanvas

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