The following information is a very basic description of some of the loan programs offered by American Mortgage Service LLC. Some of these programs have income limits, purchase price limits, and qualifications that vary by County. Please call 920-491-9590 for additional details about these programs and other programs that are not listed.
WHEDA Loans (Wisconsin Housing and Economic Development Authority)
"Below market," fixed rate loans to Wisconsin residents who are first time homebuyers with good credit and moderate incomes. Property can be a single family, duplex, or condominium and the downpayment can be as low as 3%. New construction is eligible with 5% down. Each county has income and purchase price limitations. Some counties have "target areas" that allow for more attractive financing options.
Federal VA (Department of Veterans Affairs)
One-hundred percent financing for eligible veterans, up to approximately $144,000.00. One to four family, owner occupied properties are eligible. Loans are generally 15 or 30 year fixed rate.
FNMA and FHLMC Loans
FNMA is the Federal National Mortgage Association and FHLMC is the Federal Home Loan Mortgage Corporation. Loans sold to these institutions are often called "Conventional" loans because both institutions have established similar underwriting guidelines. Loan products are generally 30 year and 15 year fixed rate, and 1, 3, 5, and 7 year adjustable rate, although other loan types and terms are also available. These loans are very flexible and can be tailored to meet the needs of almost any borrower. Some of the unique features of these loans will allow a borrower to
- Purchase an owner occupied single family property with NO downpayment. A qualified borrower can actually finance 100% of the purchase price and even add in some of the closing costs!
- Purchase an investment property with only 5% down, if the seller is willing to hold a second mortgage for an additional 5%
- Refinance an owner occupied residence to reduce the interest rate up to 95% of value, or "pull out cash" up to 85% of value
- Refinance an investment property to reduce the interest rate or to "pull out cash" up to 85% of value
- Waive escrow requirements
- Avoid income verification (Stated Income), ideal for newly self employed borrowers
- Apply for a loan with less than perfect credit (B and C loans)
- Finance in excess of the FNMA and FHLMC conventional maximum of $385,000.00 (Jumbo Loans)
