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:: Programs
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CONVENTIONAL - Conventional loans are mortgages that are
not covered by any government program of insurance or guarantee.
Such loans may be eligible for purchase by the major secondary
market agencies Fannie Mae and Freddie Mac which offer standardized
underwriting guidelines for conforming loan amounts up to $322,700.
These loans can carry fixed or variable (ARM) rates and a variety
of repayment terms that can be tailored to your individual needs.
Down payment requirements may be as little as 5%, although loans
with less than 20% down require mortgage insurance. Generally,
these loans do not have prepayment penalties. back
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VA MORTGAGE - Backed by the Veterans Administration and
the federal government it is similar to FHA except that you have
to be a qualified Veteran or military person. back
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NO INCOME VERIFICATION - Means… we don't verify your
income, we don't ask for a lot of paper work, we just GET THE JOB
DONE! As little as 0% down allowed, Less than perfect credit is
accepted, Reduced paperwork, No income or asset verification required,
Fixed interest rates, No mortgage insurance option is available,
1 - 4 Family homes, Owner-occupied, Second or Investment homes
permitted and Loan amounts available up to $650,000.
FHA/VA In need of a LOW DOWN PAYMENT? Have you had, Past Credit
Problems... Late On Your Credit Cards, Car Repossessed, even
Past Bankruptcy? Wisconsin Wholesale Mortgage has special Government
Insured Loans available to provide financing for those applicants
who do not meet the stringent conventional requirements. FHA
is one of the government's most successful programs, having enabled
millions of applicants from all income levels, backgrounds, and
walks of life to achieve the dream of home ownership. back
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NO DOWN PAYMENT - Addressing the goal of
a higher rate of home ownership, the mortgage industry as a whole
has made several additional offerings in the past two years to
serve an important segment of the population, those with the
desire to purchase a home without a down payment.
With that in mind, Wisconsin Wholesale Mortgage has developed
a new section of our site to serve those consumers seeking a
100% financing program or “no down payment” loan to cater to
this growing and underserved market. We have compiled numerous
100% programs and have succeeded in creating the most comprehensive
offering of loan products.
100% financing does not mean higher rates. In fact, if you have
good credit, you are still eligible for the same “A paper” rates
that go along with most conventional loan programs.
Given the fact that there is a higher exposure of risk from
lenders in the process of granting this type of loan, higher
standards of credit history is needed.
Our program targets:
- First time home buyers
- Buyers with limited resources and funding
- Young adults entering the work force, building up their assets
- All people who want to achieve the dream of homeownership
versus renting
80/20
The 80/20 option is one of the choices in our 100% financing
program. Also known as a "piggy-backed second", this program
allows for an 80% first mortgage and a 20% second mortgage. The
80/20 option totals to 100% financing.
Our 80/20 option eliminates both the out-of-pocket down payment
and the mortgage insurance expense. There are no out-of-pocket
expenses under our 100% financing program because the nature
of this program is to provide 100% of the needed finances. In
addition, the remaining 20% avoids the need to purchase mortgage
insurance.
103%
This option is the last option of our 100% financing program.
Under this loan option, up to 3% of closing costs can be financed
for a total loan to value (LTV) ration of 103%. Under this option,
your closing costs are financed into your loan. Closing costs
are not depleted from your loan ammount, and you avoid additional
funding charges.
This option is ideal for borrowers who do not have substantial
savings and need help with closing costs. This option targets
all borrowers looking for excess cash to become more financially
secure. If you want to consolidate, 103% financing may be a good
option for you.back
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CREDIT PROBLEMS - This may be your golden opportunity
to re-establish your credit...recover from overwhelming debt...or
consolidate your high-interest debt into one easy, low-interest
monthly payment. Because you may qualify for a mortgage at an affordable
rate! We specialize in helping homeowners repair their credit...
putting them on the road to recovery. Even if you've been turned
down for a home loan before - or don't think you can qualify -
we can help!
Our professional staff works with you! Our mortgage programs
include a variety of financing options...competitive interest
rates...personalized service... We realize that everyone is different.
That's why we treat you like an individual - on a one-to-one
basis. And it's why our Mortgage Professionals work with you
every step of the way. Because everyone has different incomes,
asset bases and credit histories. You may be able to qualify
for our loan programs even if you fall into any of the categories
below:
Bankruptcy
Mortgage Lates
Judgements
Liens, Charge offs
Collection accounts
Foreclosure
Medical bills
No credit
Too many bills
Unemployed or laid off
Turned down by a bank
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103% PURCHASE - 0% Down payment
required and closing costs can be financed up to 103% of the
purchase price. Only single-family homes that will be owner occupied
are eligible. First time homebuyer status not required and there
are no income limits. back to top
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80/15/5 - This is a loan which carries a
second mortgage for up to 15% of the purchase price of the property.
It is usually used when wishing to avoid PMI insurance or to
keep your first mortgage under the FNMA/FHLMC limit to avoid
Jumbo rates. The borrower puts down a 5% down payment and then
finances a first mortgage up to the FNMA/FHLMC limit and a second
mortgage of up to 15% of the purchase price. Other variations
are 80/10/10 or 75/15/5. back to top
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FHA MORTGAGE – Backed by the Department
of Housing and Urban Development this mortgage offers the borrower
the ability to put as little a 3% down payment and they can even
finance “allowable” closing costs. Seller can contribute up to
6% of the purchase price to the buyer towards closing costs. back
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203K FHA MORTGAGE – Same as FHA above but
with the ability to finance home improvements that are needed.
One mortgage is given based on the value plus improvements up
to 115% of the future value. These improvements must be over
$5000 and can be for a new kitchen, new bathroom, to add a garage
or to structurally improve the property. They cannot be to add
a swimming pool etc… back to top
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JUMBO LOANS - Offers 30 and 15 year fixed
rate mortgage and competitive ARM products with full document,
alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single
family detached, Condo's, PUD's and single-family second homes
can be financed with no prepayment penalty. back
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FLEX 97% - Similar to FHA but without maximum
mortgage amount limitations. Must be a single family, owner occupied
home and borrower must have a credit score of over 680. back
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A- THRU D LOANS – These mortgages are
for the credit challenged. They can vary from slightly damaged
credit to severely damaged. Whatever the situation we have a
mortgage that will get you back on track. back
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2ND MORTGAGE LOANS – Subordinate
to the first mortgage these loans offer the borrower the ability
to get money for home improvement, debt consolidation or many
other reasons without disturbing their first mortgage. Convenient
when you have a low interest first mortgage. back
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125% 2nd MORTGAGE – Same as above
but the 2nd mortgage we will lend up to 125% of the
value of the home. back to top
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HIGH DEBT RATIO LOANS - Borrowers having
the ratio of their monthly bills to their monthly income higher
than 50% is considered a high debt ratio. Loan programs
are available for these borrowers, allowing them to finance the
purchase of a home or property. back to top
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CONSTRUCTION LOANS - Building a new home
can be an exciting prospect - unless you get caught up in a construction
loan approval process that's overly complicated and time consuming.
With this loan we will finance up to 90% of the cost of land
plus the costs of construction. We offer a one time fixed rate
closing or the traditional ARM products. back
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INVESTOR LOANS – Used to finance 1-4 family
properties that will be for investment with as little as a 10%
down payment. Aggressively priced these programs have many variations
such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE
IN NEW YORK. back to top
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| :: Market Info |
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| :: Special Offer |
*Special Offer
New Product 30 year fixed, 5.375% the first year, 6.375% the second year, 7.375% the last 28 years. Call for current rates.
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| :: Help |
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Common Questions
The Loan Process
Glossary
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