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Financing in Wisconsin : Real Estate Advice

  • All189
  • Local Info10
  • Home Buying107
  • Home Selling25
  • Market Conditions7

Activity 138
Jesse Wien, Real Estate Pro in Kaukauna, WI
Fri Jun 21, 2013
Jesse Wien answered:
Yes. I can help with that. I work for Elite Mortgage Solutions, Inc. We have locations in Kaukauna and Green Bay and service all of Wisconsin and Minnesota. We offer FHA and conventional financing on manufactured homes. We can provide options for both primary residences, as well as 2nd homes. Call us at 920 462 0370 or visit our website at Ask for Jesse! ... more
0 votes 1 answer Share Flag
Rob Chandler, Home Buyer in Lake Mills, WI
Mon Jun 3, 2013
Rob Chandler answered:
Midwest Commercial Funding, LLC
Residential and Commercial
Can close any deal in as little as 48hrs.
0 votes 4 answers Share Flag
Linda S. Cef…, Real Estate Pro in Franklin, WI
Sat Jun 1, 2013
Linda S. Cefalu answered:
Never heard of it. Sounds like a scare tactic. Can't even imagine how that could possibly be enforceable. BUT just to be sure, better check everything you signed. I wouldn't be surprised that something new yet again is coming down the pike. ... more
0 votes 2 answers Share Flag
Mandy Fritsc…, Real Estate Pro in Delafield, WI
Thu May 30, 2013
Mandy Fritsche answered:
The outbuildings have to be repaired if they create a health or safety issue (falling down, large holes in floor, etc)
0 votes 2 answers Share Flag
Mandy Fritsc…, Real Estate Pro in Delafield, WI
Wed May 29, 2013
Mandy Fritsche answered:
Is your living space at least 51% (you can even include the stairwell up to the unit) of the property and the commercial part 49%? If yes, then some lenders might still be able to do this under an FHA loan.

Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax,
... more
0 votes 1 answer Share Flag
Maureen Boyle, Real Estate Pro in Twin Lakes, WI
Mon May 13, 2013
Maureen Boyle answered:
No, you will have to be on the loan as well as your husband as WI is a married property state. If you were to buy a home in Illinois you could do what you are talking about. Good Luck!
0 votes 5 answers Share Flag
Andres Araujo, Home Buyer in Sheboygan, WI
Thu May 2, 2013
Andres Araujo answered:
Contact Partners for Community Development, INC. (920)459-2780. We have down payment grants for first time home buyers.

Andres Araujo
Housing Programs Director
0 votes 4 answers Share Flag
Trevor Curran, Real Estate Pro in Great Neck, NY
Wed May 1, 2013
Trevor Curran answered:
Good afternoon Dave,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
0 votes 7 answers Share Flag
Mandy Fritsc…, Real Estate Pro in Delafield, WI
Tue Apr 16, 2013
Mandy Fritsche answered:
Mandy Fritsche, Prospect Mortgage
Mortgage Loan Officer
NMLS# 557211
262-327-5700 Cell
877-868-9198 Fax
0 votes 10 answers Share Flag
privateloans…, Other/Just Looking in Kenosha, WI
Sat Apr 13, 2013
privateloans01 answered:
Private Loan Offer At Low Interest Rate

We offer private loans at a very low interest rate. No credit check. No stress like banks. We give business and personal loans to interested clients with very good terms and repayment duration. Contact us today for your loan.
... more
0 votes 8 answers Share Flag
Shane Milne, Real Estate Pro in South Jordan, UT
Thu Jan 31, 2013
Shane Milne answered:

In a community property state (such as Wisconsin), if you purchase with FHA financing in your name alone, then the debts of the non-borrowing spouse (in your situation that'd be his mortgage + any other consumer debts) are counted against your debt to income ratio without the benefit of any of his income. However conventional financing does not have that requirement. You may also be interested to know that someone can have more than 1 FHA loan at a time depending on the situation, and one of those situations is if you are being relocated for employment to an area not within commuting distance of the previous home. Since you said you relocated, and if it's not within commuting distance, then it's possible that you and your husband could both be on a new FHA loan together if that is what you wish. Otherwise conventional financing would be a good alternative, and if you have good to excellent credit scores, could very well be a better alternative to FHA financing. If you have further questions feel free to ask them here or contact me.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
... more
1 vote 3 answers Share Flag
adeder, Both Buyer and Seller in Milwaukee, WI
Sat Jan 12, 2013
adeder answered:
Private Money Exchange will lend up to 65% LTV on investment residential properties. Repeat customers get up to 80%, however up to 100% is available if you have other equities or partners.

If you already have a property in mind, send me questions I can walk you through the process how you can qualify quickly.

Danny W. Der
... more
0 votes 3 answers Share Flag
Andie Knight,  in Milwaukee County, WI
Sat Jan 5, 2013
Andie Knight answered:
Sarah Floyd, Real Estate Pro in Wauwatosa, WI
Thu Jan 3, 2013
Sarah Floyd answered:
I work for a local hard money lender. I can get you his contact info if you are interested. You can reach me at 414-758-3223.

~Sarah Floyd
0 votes 2 answers Share Flag
Wisconsinmor…,  in Wisconsin
Mon Dec 24, 2012
Wisconsinmortgages answered:
You could change the term on the condo from a 15 to a 30 to increase cash flow however it cannot be listed in order to do that. You could also drop the price to sell it quicker to allow you to buy the other property. You cannot abandon one to buy another. Your condo may be eligible for a HARP refi without an apprasial if it is a Fannie or Freddie and you opened it prior to June 2009. Thank you ... more
0 votes 5 answers Share Flag
Wisconsinmor…,  in Wisconsin
Mon Dec 24, 2012
Wisconsinmortgages answered:
m.jahn01, Home Buyer in Muscoda, WI
Wed Oct 17, 2012
m.jahn01 answered:
Thank you all so much for the help/advice, truly grateful!
0 votes 4 answers Share Flag
Matthew Heit…, Real Estate Pro in Madison, WI
Tue Oct 9, 2012
Matthew Heitmann Team answered:
Yes, in general the shorter the term of the loan, the lower the interest rate. A mortgage broker may have more options than a local credit union or bank.
0 votes 3 answers Share Flag
Rob Weber, Real Estate Pro in Plainfield, IL
Tue Sep 11, 2012
Rob Weber answered:
I don't agree with the notion that a "mom and pop" shop gives you better service than any other company, a loan officer is the one who provides the service, the level of that service is often impacted by how busy they are and how much help they have. I know plenty of LO's at "mom and pop" shops who are too busy to answer the phone working on refis let alone talk to a new customer or first time buyer who may have a lot of questions, the same applies for LO's at other bigger companies.

The service will depend on the LO, not the company they work for. There are certain things that are outside of the LO's direct control, this will be a function of the company they work for or the vendor they use, these are things you may or may not have an issue with.

Some LO's will make the time somehow, even if that means less free/family time, others will hire assistants (if they're allowed/financially able to), etc.

As for rates, I have friends in many, many companies locally here and elsewhere, we all have very similar rates, some have better pricing in certain products than others but overall everyone left is fairly competitive. You won't be able to call a company and get quoted a 3% and the next guy tell you 4% on the same loan scenario, those days are over.
... more
0 votes 5 answers Share Flag
Debby Thomps…, Real Estate Pro in Wauwatosa, WI
Mon Aug 27, 2012
Debby Thompson answered:
You should get hold of your lender. They will help you get through the refi

Debby Thompson
Homestead Realty Inc
0 votes 1 answer Share Flag
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