Mortgage Advisor – Seek The Best Advice For Home Loans

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100% Home Loan Financing – Flex your Muscle

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Does Financial Aid for Paying Back Student Loans Exist?

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WHEDA Loans – A Unique Opportunity for 1st Time Home Buyers in Wisconsin

History of Why WHEDA was Created

The Wisconsin State Legislature created the Wisconsin Housing and Economic Development Authority (WHEDA) in 1972 to meet a vital need for affordable housing for low and moderate income residents. Further legislation in 1983 broadened WHEDA’s mission to include both small business & farming financing options.

Who they are & What they do!

WHEDA is an independent authority, they are not a state agency. WHEDA is a lender, they are not a granting Agency. WHEDA issues bonds and notes for sale to finance housing development for homebuyers at attractive rates and terms.

WHEDA Programs

HOME Loan

Offers low cost, fixed interest rate financing to low-to-moderate income first-time homebuyers.

HOME Loan for Veterans

Offers low cost, fixed interest rate financing to military veterans purchasing a home.

HOME Plus Loan
Provides financing of up to $10,000 for down payment and closing costs and, a line of credit for future home repairs.

Partnership for Homeownership

A partnership between WHEDA and the US Department of Agriculture – Rural Development that provides affordable home financing for Wisconsin’s rural residents.

Lindsay Heights

A unique homeownership opportunity in the City of Milwaukee.

There are income limit and purchase price limit eligibility requirements for the WHEDA Loan Programs. Furthermore it is easier to qualify for a HOME Loan if the property resides in a designated Target Area.

WHEDA Grant Opportunity

Funding WHEDA grants was made possible through a grant WHEDA received from the Federal Home Loan Bank of Chicago (FHLBC). Grants are available on a first-come, first-served basis and are designated to be used for down payment and closing cost assistance to first-time home-buyers in specific urban and rural markets. Down payment assistance is in the form of a 0% interest, no monthly payment, 5-year forgivable grant of $5,000 per household.

Am I eligible for a grant?

Available to first-time homebuyers that meet specific income requirements and use a WHEDA HOME Loan All borrowers must participate in six to eight hours of face-to-face homebuyer education Borrowers must invest a minimum of $500 into the loan transaction Borrowers cannot receive cash back at the time of loan closing These grant assistance dollars cannot be used with other FHLBC funds, such as Down Payment Plus Disbursement of the grant assistance funds will come from a designated FHLBC grant administrator WHEDA standard HOME Loan underwriting guidelines apply

For more info on WHEDA’s 1st-time Home-buyer programs and for current WHEDA rates – Wisconsin residents can contact Shannon.

By: Shannon Luscher

About the Author:

Shannon Luscher

VP Elite Mortgage Solutions, Inc.

Visit the Elite Mortgage Daily Blog for Mortgage News & Insights at [http://elitemortgagesolutionsdailyblog.com/] Wisconsin borrowers can find more information about rates and products by visiting my comprehensive website – http://www.elitemortgagesolutions.com/


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Using Home Loans and House Rent Payment slips for tax exemptions?

I took a home loan and showing the Interest paid for Income Tax exemptions. Now, I have rented the house which I took over loan and getting about Rs.5000. But I am still staying in a rented house paying approx Rs.10000. Can I submit House Rent payment slips to my employer so that I get tax exemptions for the rent which I am paying.

By: thasenthil

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    Negotiate Your Student Loan Debt

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    Repay the Home Loan Without Any Prepayment Penalty

    Addi Vardhaman asked:

    The last decade has witnessed an unprecedented growth trend due to the development of organized retail and IT sector, expansion of large corporate houses to the upcoming metros and state capitals and the increased disposable income in the hands of Indian youth. Owning a home is no longer a after 40 affair. The increasing trend among the Indian youth is to own a home in the early thirties. The sky rocketing price of real estate is also fueling the scenario. Real estate is no longer associated with the mere residence purpose, rather treated as a smart investment option.

    However with the rising interest rates and mounting inflation the home loan customers are little bit annoyed. To counter this ,banks are beginning to encourage them to partly prepay their loans without any penalty or a decreased penalty. Earlier all the banks in the home loan segment were doing with prepayment penalty. India’s largest bank, the State Bank of India is encouraging prepayment without penalty clauses even if the consumer has crossed banks’ annual prepayment limit. ICICI bank has followed the suit to insulate home loan customers from rising interest rates.

    The redemption of early payment penalty has come up with the increased Repo rate of the RBI. Repo is the rate at which the central bank lends money to bank in the banking system. The central bank has also increased the cash reserve ratio or the CRR. The cash reserve ratio is the percentage of deposits banks must keep with the apex bank. as the CRR and the Repo rate has been increased, the banks were bound to increase the home loan rate and as a consequent result home loan EMI increased. Most of the Indian banks raised their lending rates 50 basis points to 100 basis points. The state bank of India has raised its rates by 50 basis points while private players like ICICI Bank and HDFC by 75 basis points. In such an expensive credit situation, in order to give respite to the customers the banks are looking at aggressively encouraging part-prepayment. The tight liquidity conditions and the high cost of funds will be some how countered by this facility.

    The penalty free prepayment facility will help banks to access cheap funds from consumers and this fund can be redeployed to high interest earning segments like personal loan plans and corporate loan plans .The number one private bank, ICICI, allows its customers to prepay most of the home loan but made it mandatory for the last 12 months’ home loan EMI to continue. Simply, the customer can make repayment of 14 years if the loan plan is of 15 years.

    The prepayment penalty of home loan was of 2-3 per cent on the amount paid (over and above the cap). the banks used to levy such penalty because the lose out on the interest income. Since the banks are encouraging the customers to prepay the loan amount due to the hike in interest rate, they are avoiding the penalty for any early payment. According to the Industry estimate, 15 -20 per cent that customers will repay without any penalty.

    However the waiver of penalty is not followed by the banks without any discrimination. Some of the Public sector banks are considering the penalty waiver on a case-to-case basis when customers prepay to keep home loan EMI and tenure unchanged. When the customer has taken another loan to prepay the home loan, the banks charge him a fee and it is treated as a source of fund generation for the banks.


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    Consumers doing better at payments

    Consumers doing better at payments
    Consumers appear to be doing a better job paying their bills and managing their money, even as the economic recovery remains touch-and-go. All sorts of consumer loans — including car loans, credit cards and home equity loans — showed positive trends in payments, data released Wednesday by the American Bankers Association show.

    Read more on Detroit Free Press



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    Are these real or scams when I see some ads on google home loans for 4.25% 30-yr fixed ?

    JohnPau2010 asked:


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    Bad Credit Loan Sources.

    Bad Credit? No Credit? No Problem! Guaranteed Approval Loans Are Available Up To $25,000.
    Bad Credit Loan Sources.

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