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Conforming
Loans
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this page or use these links to jump to information on the following
types of Conforming Loans:
FNMA Conventional 30- and 15-Year Fixed Rate
FVA 30- and 15-Year Fixed Rate
State VA (Wisconsin only)
WHEDA Home Program (Wisconsin only)
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FNMA Conventional
30- and 15-Year Fixed Rate
Description:
Fixed rate product with the option of 15- or 30-year terms. The
interest rate remains fixed for the life of the loan. Loans are
not assumable and do not contain a prepayment penalty.
Single Family
2-4 Units
Condominium/PUD
Owner-Occupied:
Second Homes:
Investor:
Eligible for Refinance:
Owner-Occupied:
Investor:
Underwriting:
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FVA 30-
and 15-Year Fixed Rate - Federal VA
Description:
A fixed rate loan with the option of a 15- or 30-year term. The
interest rate remains fixed for the life of the loan. This loan
is guaranteed by the VA. This loan is assumable and does not contain
a repayment penalty.
Eligible Properties:
Single Family
2-4 Units
Condominium/PUD (Must be FVA approved)
Modular home
Max LTV: 100%
Underwriting:
VA Automatic
Buydowns are underwritten at the note rate.
Ratios: Veterans must meet residual income requirements and 41%
debt ratio.
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State VA
(Wisconsin only)
Description:
Since 1974, the State of Wisconsin, Department of Veterans Affairs,
has provided low interest fixed rate mortgages to eligible state
veterans. State VA loans are available for a term of 15, 20, 25
or 30 years.
Eligible Properties:
Single Family
2-4 Units
Condominium
Loan Limits:
2.5 times the borrower's annual income or 2 times annual income
plus land value.
No income limit for "qualified" veterans (i.e., those
who first went on active duty before 1977 and have been off active
duty for less than 30 years).
Interest Rates/Fees:
1.00% Origination Fee under the many Bond Issues.
The 1.00% can be paid by the veteran or the seller.
Underwriting:
Ratios: 25/35%
These ratios can be exceeded, however, there must be a down payment
of at least 7.5%.
MI Requirements:
N/A
State of Wisconsin, Department of Veterans Affairs
30 West Mifflin Street
Madison, WI 53707-7843
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WHEDA Home
Program (Wisconsin only)
Description:
In April 1982, the Wisconsin Legislature established the Home Ownership
Mortgage Loan Program, the "Home Program", which offers
30-year mortgage loans at below market, fixed interest rates to
low and moderate income individuals and families. The program is
available for residents who have not had an ownership interest in
a principle residence in the three year period just prior to their
application for a Home Program loan. However, if the property being
purchased is located within a HUD designated area of chronic economic
distress ("target" area), or the residence will be the
subject of major rehabilitation, the three year requirement will
be waived.
The Home Program is administered by the Wisconsin
Housing and Economic Development Authority (WHEDA), and is funded
by the sale of tax-exempt and taxable bonds. WHEDA loans are available
for a term of 15, 20, 25 or 30 years.
Eligible Properties:
Single Family
2 Unit or Duplex
3-4 Unit (Must be at least 5 years old)
Manufactured Homes
For any multiple family dwelling, at least one unit must be the
borrower's primary residence.
Underwriting:
Rental income from Subject Property:
The gross rental income from the Unit(s) not occupied by the borrower(s)
should be verified by a copy of the current lease or a statement
from the appraiser establishing the fair market rent.
Income Limits:
Refer to the Income limits for your area.
Gifts:
Fully gifted down payments are allowed if the LTV is 95% or less.
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