Specializing in Green Bay Mortgages, Wisconsin Home Loans, Green Bay Second Mortgages, Green Bay Wisconsin Debt Consolidation
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Appleton's top source for FHA Home Loans for Home Purchase, Home Refinance, New Home Construction, New Home Purchase/Rehabilitation and Debt Consolidation. 

FHA loan requirements are generally more lenient than those of conventional lenders. The Federal Housing Administration is a government program administered by Housing and Urban Development (HUD) to help Americans who can't qualify for a conventional mortgage loan become homeowners. With the announcement of changes to help hundreds of thousands of Americans impacted by the current housing crisis, FHA loan requirements have never been easier to meet.

Required Income

There are no minimum FHA loan requirements for income to obtain an FHA mortgage loan, but you must demonstrate steady income for at least three years, and demonstrate that you've consistently paid your bills on time. FHA loan requirements allow seasonal pay, child support, retirement pension payments, unemployment compensation, VA benefits, military pay, Social Security income, alimony, and rent paid by family to qualify as income sources. FHA loan requirements also allow part-time pay, overtime, and bonus pay to count as income as long as they are steady.

Debt-to-Income Ratio

The FHA allows you to use 29% of your income towards housing costs and at total of 41% towards housing expenses plus other long-term debt. Compare this with a conventional loan, which generally allows only 28% toward housing and 36% towards housing expenses plus other debt.

Down Payment

FHA loan requirements specify that you have a down payment of at least 3% of the purchase price of the home, but this cash may be a gift or grant. Most affordable loan programs offered by private lenders require between a 3% - 5% down payment, with a minimum of 3% coming directly from the borrower's own funds.

Credit Score

FHA loan requirements are generally more flexible than conventional lenders are in their qualifying guidelines. You can qualify for an FHA loan without a credit history. If you prefer to pay debts in cash or are too young to have established credit, there are other ways to prove your eligibility. Talk to your lender for details.

FHA loan requirements do not include a requirement for the borrow to have good credit. In the case of bad credit, the FHA allows you to re-establish credit if two years have passed since a bankruptcy has been discharged and all judgments and tax liens have been paid, or if arrangements have been made to establish a repayment plan with the IRS or state Department of Revenue. The FHA may also allow you to borrow once three years have passed since a foreclosure or a deed-in-lieu has been resolved.

We are here to assist you. Please feel free to call (920-560-5606), email (gtanvas@patriotms.com), or ask your question below - We will get right back to you. Remember there is never a fee for consultations and we are always here to answer any questions you may have.

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content provided by Matt Bennett - Money Source

 


Gwenn Tanvas
Certified Mortgage Planner

Good Morning Gwenn -

Words can't express our gratitude for your assistance in the purchase of our new home. You were there everyday to assist in reassuring me that it would actually be possible, and it was! I really don't think it would have been as easy as it was without your expertise. Not only for the necessary paperwork and gathering of information - but most noticeably for the personal side, calming me and walking me thru the entire process. I'm going to miss not having a reason now to call and check in with you to see what I should be working on next as it is all done.

I clipped the ad with your photo on and taped it to my refrigerator almost two years ago and told Tim, "I like her, she will be able to help us, I can just see it".

Thank you Gwenn.

Most sincerely, Wendy and Tim Morey

“I originally financed all of my rental properties with the local bank, but they could not get me the rate and terms you were able to provide. Thanks to you, I am now set for 30 years. I was amazed at the fixed rate you able to get me for the five rental properties.

J Morgan - Adventures Properties

I was referred to Gwennie by my Realtor because I had been turned down for a Mortgage because my credit score was too low. I was suprised because I always paid my bills on time. I couldn't understand why it was so low - After my first appointment with Gwennie she showed my a few tricks and in a matter of a few months my score increased and I was able to buy my first home.

You have nothing to loose and everything to gain. Call Gwennie today. You will be glad you did.

Terry Fischer - FondDuLac, WI

Hi Gwenn - We just wanted to send you a note to thank you for all of your help over the past two years. Everything went just as planned. We thought we would never get a fixed rate mortgage and would be stuck in a bad loan. Enen though it took two steps, we made it! Thanks again. When you get to Janeville, please stop by.

Blessings, Ralph and Phyliss

 

We were really leary about calling for a mortgage consultation because we had bad credit and filed for bankruptcy. We met with Gwenn and she explained the process and we decided to go for a pre-approval. With in no time we were pre-approved and shopping for our new home. We were able to buy the new home with ZERO downpayment, even with a recent bankruptcy!. Not only did we get a new home, but we are expecting a new baby. Thank you Gwenn for all your help. You were always there to answer questions and made the process really smooth.

Lamar and Trish
Omro, WI

 

“It meant a lot to us that you kept us informed every step of the way. You made our first-time buying experience a joy to remember. Thank you.”

Ken & Lisa - Neenah

“You are the first person who explained the complicated financial matters in terms the average person could understand. We felt very comfortable in your capable hands. Thanks!”

Jess & Kim - Menasha

“We are so happy we found you! You made the extra effort to review programs for the purchase of our first home and as the result saved us over $8,000 in loan costs over the local bank. Not only did you save us lots of money, you also made us feel at ease every step of the way. Thanks again!”

R & K Rathsack - Appleton

“We thought it would take years to buy a house after the Bankruptcy. You came though with the financing and we moved into our new home. The kids are so happy. We could not have done it without you. We are referring all our friends”

The Leopold's - Waupaca

When Dan and I started to look at buying a home we knew that we would need some help with getting the loan to do so . At first we kept hitting dead ends and very high interset rates. Then we found Gwenn. With in two months we had a loan and bought our first home. We have been in our new home now since June 5th and love it!!!!

Thank You Gwenn for everything,

Dan Bonnel and Tara Stalter