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Guest

Hi,

I am looking for a loan in the state of Wisconsin with 741 score. Here are the details:

Loan amount preferred: 300000
Property is sf and I can go for a full doc loan, not a problem. Is it possible to get a loan that would make up for 75% of the property value.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Micado,

Considering your score and preferred loan amount, i feel that your income and score are quite good enough to qualify for a loan. From what you have written, I suppose you can also afford to make higher down payment as you are looking for 75% financing. Thus you can easily qualify for a loan with reasonable rates and terms. You can shop around with some lenders and ask them if the fixed rate or the adjustible rate loan will suit you the best. They will surely offer you the required loan suiting your financial condition.

jenkin7 · Posted: Fri Jul 06, 2007 5:25 am Post subject:

Hello Micado,

As you are looking for a loan in the state of Wisconsin, the Wisconsin Housing and Economic Development Authority (WHEDA) provides various Single family partnership loans such as:

Home loans – loans are below the market with a fixed interest rate. These loans require a minimum 3% down payment.
HOME Plus Loan - For down payment and closing costs, Home Plus loan provides financing of up to $10,000. Also provides a line of credit for future home maintenance.

blue · Posted: Fri Jul 06, 2007 3:51 pm Post subject:

Hi Micado,

Welcome to Mortgagefit discussion board.

You can get a mortgage for up to 80% of your property's value without having to take out a pmi.

But we would like to know a few other things about you. Like how much your income is. That will help to figure out if you would be able to afford payments on a $300,000 loan.

Also tell us about your other monthly debt payments which is used to calculate your debt to income ratio (dti) and if it is too high you might face problems in getting good rates.

Your credit score is good which shows that you have been regular with payments on all your debts. It is a good positive point.

But lenders would be more interest in looking at your overall credit history for the past couple of years. They will check if there were any lates in the past one year or not and from the kind of score you have I think you have been doing good.

Do let me know if you have any other questions,

Thanks
Blue

Guest

You can get a mortgage for up to 80% ltv and as you are looking for 75% ltv there will not be any problem in getting qualified.

741 is a good score to have and it will boost your chances of being easily approved for a loan.

But what is your income? Other monthly payments? You will go full doc or stated income?

Guest

As I said i would be willing to go for full doc loans. Would like to know more about the wheda loans

Jessica · Posted: Sun Jul 22, 2007 7:37 am Post subject: RE: wheda loan programs

Hi Micado,

Welcome back.

You can go for loans offered by the Wheda. As Jenkins said, you can opt for either the Home Loan program or else, you can also choose the zero down loan offer. Let me give you a brief overview of both the programs.

The Home Loan Program:
This is a long term program suitable for low and moderate income families, especially first time buyers. This loan program is offered at a below market fixed interest rate and requires you to pay lower costs compared to other programs. Also, it won't take much time to get you approved for the loan provided you satisfy all criteria for eligibility.

You can also get down payment assistance and at the same time avail job loss protection which pays on your behalf in case of involuntary employment.
Zero down Loan:
This is again a long term (30 year) loan just as the Home Loan program. You need not purchase a private mortgage insurance policy even though the lender does not require you to make any down payment. Besides, the lender will provide you with instant line of credit at closing for financing your home repair work.

You will also be getting a job loss protection similar to that provided through the Home loan program.

Hope this information will help you.

Regards,

Jessica.

Guest

Learn about WHEDA's low cost financing options from here: wheda.com/my_home.asp

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