Inlanta Mortgage Blog

Mortgage Rates in Wisconsin Illinois Minnesota Florida 05-17-2012

Inlanta Madison — Thu, 17 May 2012 13:35:04 +0000

Wisconsin, Illinois, Minnesota and Florida Mortgage Rates as of
05/17/2012 at 9:59 AM CST
Current Mortgage Rate Trend: Improving

Visit http://www.madisonmortgageguys.com/current_rates/index.htm for all current rates and APR information.

30 Year Fixed:	3.875% (3.970% APR)
15 Year Fixed:	3.250% (3.340% APR)
30 Year Fixed FHA:	3.750% (4.000% APR)
30 Year Fixed FHA 203k:	4.125% (4.380% APR)
30 Year Fixed VA	3.750% (4.040% APR)
30 Year Rural Housing:	3.750% (4.030% APR)


5/1 Jumbo ARM:	3.725% (3.760% APR)
30 Year Fixed Jumbo:	5.000% (5.030% APR)
5/1 Conventional ARM:	3.125% (3.220% APR)
3/1 Conventional ARM:	3.625% (3.720% APR)

Terms and Conditions

Not seeing the rate for a specific program? Please Contact us below or apply online to pre-qualify or get a specific rate quote for your situation.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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The USDA Rural Housing Loan is One of The Most Affordable

Inlanta Madison — Fri, 04 May 2012 19:08:59 +0000

The USDA loan is one of the most affordable loans for most borrowers. Although these mortgages may seem to have a few more restrictions than a FHA or Conventional loan, the rules actually work to make sure the borrowers can easily afford the payments. Here are some of the highlights of the USDA Home Loan program.

Property and Income Rules

The USDA loan is only allowed for homes that qualify for “rural” classification. This does not mean that a home has to be 50 miles from the closest grocery store. It is merely a way to identify certain areas. Many homes are located within a few miles of the center of some populous cities like Madison, WI and Miami, FL. A USDA mortgage broker can look up a home on a USDA map and determine if it is in a rural area.

In addition to the rural designation, the borrower has a limit on the amount of income they can earn and still qualify for the loan. The basic rule is that people cannot earn more than 115% of the average income for their area.

Similar to FHA Loan

There is no requirement for a down payment to get a USDA loan. Interest rates are very close to the average FHA rates. However, the USDA does require 2% of the loan amount to be paid in a fee. The fee may be added to the loan amount and paid out over time. There is also an annual fee that has to be paid and is a percentage of the outstanding balance.

High Lending Limit

While an FHA loan requires a 3.5% down payment and a conventional loan requires 5% to 10% down payment, the USDA loan is completely opposite. USDA allows borrowers to receive a loan equal to 100% of the home’s appraised value. Considering the rules allowing the seller to pay the closing costs, it is possible to buy a home using the USDA program with very little out of pocket expense for the borrower.

Visit our USDA rural housing page for additional information on the USDA program or to see if you qualify, contact us below or apply online!

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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Getting a Conventional Loan After a Short Sale

Inlanta Madison — Fri, 27 Apr 2012 20:08:44 +0000

Based on the struggling economy of the past 3 years many homeowners have been forced to get rid of their property through a short sale. As people rebuild their credit and improve their incomes they are starting to get the itch to buy a home again. Here are the general guidelines for qualifying for a conventional mortgage following a short sale.

Be Patient

The first thing to understand is that time heals all wounds, even credit problems. Most lenders will require the people wait a minimum of two years up to a maximum of four years following the short sale of their home. Lenders require this passage of time to give people a chance to re-establish their credit and also improve their financial habits that will lead to better budgeting and better saving principles.

Get a Good Down Payment

For people that can save up a 20% down payment they will only have to wait the minimum two years. In addition, if these people faced extraordinary circumstances that forced them into the short sale, they may also be given a little leniency and only have to wait the two years.

For people who were simply victims of bad planning and wrong decisions, they will have to wait the longer period. Also, people that only have a 10% down payment will have to wait for the four years.

Take the Time to Reestablish

During the waiting period it is a good idea to really invest in your financial knowledge. Read up on how credit works and develop good spending habits. This is the time where the old adage “pay yourself first” will really come in handy. Putting away a little in savings each time you get paid will go a long ways towards building up your down payment as well as developing an emergency fund that can help you out when an emergency arises.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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New Research Shows Advantages of Reverse Mortgage

Inlanta Madison — Fri, 13 Apr 2012 17:19:57 +0000

Since its introduction the reverse mortgage has been at the center of a storm. Lending agents have touted their benefits to people in their golden years while many consumer advocates and financial planners have cried out against the loan. But new research from an economics professor and a practicing tax attorney show empirical evidence that these loans can be beneficial if used in the proper manner.

Traditional Use

When the reverse mortgage was first introduced it was advertised as a way to help senior citizens avoid financial problems brought on by increased debt or reduced income or a combination of the two items. Loan officers and lenders did their best to educate customers on the pitfalls of the loan if used incorrectly while also praising the wonderful advantages of the loans. However, most lenders stressed that it was best to use the loan after all other resources had been used.

New Research, New Use

However, the research conducted by attorney Barry Sacks and Professor Stephen Sacks show that the conventional ways of using a reverse mortgage are much too passive to meet the needs of most people. They advocate following a detailed and mathematical approach to maximizing the mortgage funds. People that have retirement funds from sources such as pensions, social security or 401(k) accounts can use the reverse mortgage as a supplement to their existing assets. This approach makes it possible for people to continue living at an economical level that is much closer to their pre-retirement lifestyle.

It is important to note that these researchers advocate the use of a reverse mortgage under a well-defined strategy. Most borrowers should consult a mortgage lender, as well as their financial advisor, to make sure they get the most benefit from this type of loan.

Detailed program information can be found on our Reverse Mortgage page of our website. For additional information or to see if you qualify, contact us below or apply online!

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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VA Loan Not Limited to Veterans of War

Inlanta Madison — Fri, 06 Apr 2012 16:51:00 +0000

The VA mortgage has been one of the benefits offered to our men and women who willingly join the armed services of America. Most people think that the home loan program is only offered to people who are discharged from the military and served in time of war. However, that is not the case.

Active Duty can Apply

People who are currently serving in the military can apply for a VA mortgage. There are rules about the amount of time served in the military before people can apply and the rules are different for people in military combat vs. those serving at home. But it is still an option for individuals currently in the service.

Reserve and National Guard Are Also Eligible

People that have served in the National Guard or the Reserves can also qualify for the VA mortgage. Again, there are certain length of service requirements that must be met first. However, for people that have served for a few years the VA loan is a great way for these people to get into an affordable mortgage without a huge down payment.

Surviving Spouses

Getting the news that a husband or wife perished in the line of duty is without a doubt one of the most tragic events a person can face. While money and material items could never replace the loss of a spouse, the VA home loan has tried to offer some condolence by providing the surviving spouse an opportunity to qualify for the VA mortgage.

Considering the fact that our country has been at war with various nations for the past several years there are a large number of people who have either served in full time military duty or currently serving through the reserves. These people definitely deserve an opportunity to buy a home with great terms and the VA mortgage is the perfect loan for them.

For additional program information, visit our VA Loan page. For questions or if would like to see if you qualify for the VA program, please contact us or apply online.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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Advantages of a 5 Year ARM for Jumbo Loans

Inlanta Madison — Fri, 30 Mar 2012 16:01:46 +0000

In the current economic climate a fixed rate loan for either 15 or 30 years seems to be the only consideration for many people. However, since rates are so low, the Adjustable Rate Mortgage (ARM) can still be a good deal, especially the 5 year ARM for a jumbo loan.

Good for Jumbo Loans

One group of borrowers that has always been attracted to the 5 year ARM is the jumbo mortgage customer. People who are considering buying a home priced at $700,000 or more usually have different strategies about their finances compared to people who buy homes in the $200,000 range. People with jumbo loans will usually pay them off early so the 5 year term provides them with a fixed rate long enough that they can either pay off the entire loan or pay it down enough that the first interest rate adjustment will not have a significant impact on the mortgage payment.

Also Helps with Refinances

Besides buying a home with a 5 year ARM, a refinance of a Jumbo loan is also a good idea. Since most ARM mortgages require significant equity in the home a jumbo mortgage is perfect for this situation. Jumbo loans require a 20% down payment for a purchase. People that bought a home in a high priced area in the past few years could refinance their loan to a great adjustable rate deal and really save some significant amounts in interest. The savings could help people pay down the loan quicker and use the money formerly required for a mortgage payment to invest in retirement or other worthwhile endeavors.

Before asking for a Jumbo ARM borrowers should be clear about their needs and their future plans. Getting a lower rate just to get a lower payment is not a good strategy for people who intend to stay in the home for several years. Eventually the payments will go up if the loan is not paid off and that could lead to more problems.

View additional jumbo loan information from our main site. Contact us below or apply online to see if you qualify for a jumbo mortgage!

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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Best Real Estate Tips for the Year 2012

Inlanta Madison — Fri, 23 Mar 2012 16:45:33 +0000

The last few years have brought tremendous turmoil in the real estate market. Although there are signs of improvement, in general the homebuyer will still have the advantage. But, most analysts feel that the year will be much improved. Here are some tips for sellers and buyers to follow in order to get the best deal.

Curb Appeal is even More Important
With so many homes available in most markets, the home that has the best appearance will likely sell the soonest. Sellers will need to ensure the yard is clean and neat, the home is in great condition and any obvious repair is reflected by a lower price.

Embrace Technology
The internet, smartphones, mobile devices and video are the driving factors in real estate sales. If you are a seller you should consider talking to an agent that is quite comfortable using these methods. Buyers should also talk to a techno friendly agent to make sure the person is scouring every potential home.

Be Open to Different Types of Homes
With the current state of the market there are several foreclosures and short-sale properties waiting for eligible buyers. Buyers should take the time to inspect any home within or lower than their price range. A diamond in the rough could literally be around the corner or in the next neighborhood.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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FHA Loans Have Grown in Usage Greatly: Here’s 4 Advantages

Inlanta Madison — Fri, 16 Mar 2012 16:24:01 +0000

Although the FHA mortgage has been around for over 70 years it was only recently that they became popular with home buyers. Thanks to a few changes, and increase in loan limits, the FHA loan has grown in usage greatly since 2005. There are quite a few benefits for buyers to using an FHA loan for a purchase or a refinance.

Good for Borrowers with Prior Credit Problems

One of the most appealing qualities of the FHA loan is the fact that people with less than perfect credit can qualify. A general rule of thumb is if the last 12 months of credit history show prompt payment history without incurring too much new debt most people will qualify. Former bankruptcies are ignored if the discharge date was at least 2 years ago. Even former foreclosures are ignored if it happened at least 3 years ago.

Generous Loan Amounts

The highest allowed FHA loan is over $700,000 in most places. This means that the vast majority of first time buyers and middle income families should be able to find a home that suits their needs in this price range or lower.

Less Stringent Requirements for Home Condition

There was a time when home sellers were willing to drop the asking price of their home if the buyer would use a loan other than an FHA mortgage. That was due to the strict condition requirements necessary to pass the inspection of an FHA appraiser. However, the majority of those rules have been changed to make the appraisal process easier and more flexible.

Rates as Good as Other Loans

In the past, FHA loans might have had a mortgage rate that was 0.5% or more than a conventional loan for the same amount. Those days are over. Now the FHA rate is usually the same or maybe only 0.125% higher, at the most.

Visit our FHA Loans page for additional information on the program or to see if you qualify, contact us below or apply online!

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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FHA Mortgage Insurance to Lower for all Streamline Refinance Transactions That are Refinancing FHA Loans Endorsed on or Before May 31, 2009

Inlanta Madison — Wed, 07 Mar 2012 18:51:15 +0000

Effective June 11, 2012, FHA will lower both the upfront mortgage insurance premium and annual mortgage insurance premium for all streamline refinances that are refinances of FHA loans endorsed on or before May 31, 2009. Read the Mortgagee Letter excerpts below:

For all SF Forward Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan mount. The endorsement date is on the Case Query screen in FHA Connection. This change is effective for case numbers assigned on or after June 11, 2012.

For all SF Forward Streamline Refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009, the UFMIP will decrease from 1 percent to 0.01 percent of the base loan amount. The endorsement date is on the Case Query screen in FHA Connection. This change is effective for case numbers assigned on or after June 11, 2012.

Below are the new FHA Streamline Refinance premiums on Certain Streamline Refinance Transactions effective June 11, 2012:

Premium Type:	Premium in %:
Annual Mortgage Insurance Premium	0.55%
Up-Front Mortgage Insurance Premium	0.01%

You can view the full FHA mortgagee letter here (pdf). To view FHA mortgage insurance premiums in the future, visit our FHA Mortgage Insurance Premiums page of our website.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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Steps to Take to Obtain a USDA Rural Housing Loan

Inlanta Madison — Thu, 01 Mar 2012 19:54:31 +0000

The United States Department of Agriculture (USDA) has offered a mortgage loan to qualifying borrowers on rural homes for a number of years. Getting the loan takes a few steps which can be coordinated efficiently by your mortgage broker. Here is the primary sequence of events in obtaining a USDA loan.

Pre-qualify for the loan – This can usually be done over the phone or via email. A loan officer will ask questions about your job history, income, and housing history. The loan officer will also review your credit file to make sure you meet the criteria for the loan.
Income Eligibility – People that qualify for a USDA home loan must meet certain criteria regarding their income. The income is based upon the number of people living in the home. Generally speaking, the total household income cannot be more than 115% of the average income for the person’s area.
House comparison – Now is the time to chat with a real estate agent and let them know you are prequalified to purchase a home. The agent can then arrange showings of homes that are designated in rural areas.
Offer purchase contract – After finding a home that meets your needs your agent will help you complete a contract to offer to buy the home.
Inspection of the home – We recommend that you hire an inspector who will visit the home and inspect it to ensure it meets certain guidelines.
Appraisal – A certified appraiser will be assigned to inspect the home and determine the home’s market value.
Approval of Loan – Once the appraisal is complete the mortgage company will hopefully approve the loan and forward the loan file to the USDA office.
Title Insurance and Closing Agent – The mortgage broker will contact a local real estate attorney or title company to conduct an examination of the title to the home and set up a closing date
Obtain insurance – You will need to contact an insurance agent to get a home owner insurance policy to provide at the closing
CLOSING – This is the fun part! You will sign several documents and receive ownership of the property!

Visit our USDA rural housing page for additional information on the program or to see if you qualify, contact us below or apply online!

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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Reverse Mortgage: Top 5 Things to Keep In Mind

Inlanta Madison — Fri, 10 Feb 2012 19:58:43 +0000

Many senior citizens are looking to the equity in their home to either supplement their income in their golden years or to take care of some other expenses. Here is a list of the most important items to keep in mind when considering a reverse mortgage.

Eligible homes – Only owner occupied homes are eligible for a reverse mortgage. It can be a single family home or a multiple unit property from two to four units. Most types of homes, and even some manufactured homes and condos will meet the requirements.
Will the bank take the house if you live longer than the loan? As long as one of the borrowers resides in the property, pays the insurance and pays the property taxes then the bank will not take the home.
How is a reverse mortgage different from an equity line? An equity line of credit, or even a traditional second mortgage, will require proof of income. The income will need to be sufficient to cover any current debt as well as normal living expenses. However, with a reverse mortgage, there are no income qualifications. In addition, you will not have to make monthly payments to repay the debt. In fact, you will actually receive payments from a reverse mortgage loan.
How are the payments received? You can get the payments in several ways. You can get equal payments each month for a certain number of months. You can get equal monthly payments for as long as one of the borrowers is alive. Or you can choose to get disbursements as you need the money.
Will I be able to leave anything to my heirs? After the home has been sold and the debt paid off then you are free to use any of the remaining funds as you see fit. The debt does not pass on to your heirs or the estate.

Detailed program information can be found on our Reverse Mortgage page of our website. For additional information or to see if you qualify, contact us below or apply online!

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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2012 USDA Rural Housing Income Limits Published

Inlanta Madison — Fri, 20 Jan 2012 17:26:37 +0000

The USDA has announced the income limits for the Guaranteed Rural Housing (GRH) Program have changed effective January 18, 2012. Since 2009 income limits are based on a two tier income structuring consisting of a 1 – 4 member household and a 5 – 8 member household which replaced the 1 – 8 person structure in 2008.

You will notice that the income limits are again displayed in an 8 tier format, however, the moderate income level is still based on a 2 tier level.

Here is an excerpt of the announcement:

The 2012 Income Limits for the Single Family Guaranteed Loan Program were published today with an effect date of today, January 18, 2012. The Guaranteed Underwriting System and the Income Eligibility calculator in the Eligibility website have been updated to use the new income limits.

As a reminder, unlike other home-financing programs, there are no loan limits for the USDA Guaranteed Rural Housing Program. The maximum loan amount for USDA Guaranteed Rural Housing applicants is based on their ability to meet the repayment ratios for the program, while simultaneously staying within the program’s income limits.

Wisconsin USDA Rural Housing Income Limits: PDF

Illinois USDA Rural Housing Income Limits: PDF

Florida Income Limits for Rural Housing Loans – PDF

Minnesota Income Limits for Rural Housing Loans – PDF

View additional information on USDA rural housing loans on our website. For questions or to see if you qualify, contact us below or apply online!

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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Is a No Cost Loan Right for You?

Inlanta Madison — Fri, 13 Jan 2012 19:39:40 +0000

Some lenders advertise their “no cost refinance” mortgages all over the place in an effort to entice people to apply for a home loan. While it is possible to get a loan in which you do not pay for the closing costs, you will pay more in interest.

How the System Works

Lenders who offer the no-cost option give the borrower a choice. The borrower can pay the normal closing costs and accept a mortgage loan at a particular interest rate. Or, the borrower can choose a higher interest rate for the loan and the lender will pay the closing costs. In essence, the borrower is paying more in interest over the life of the loan to make up for the closing costs.

Good and Bad

This option can be great for people with limited amount of money to pay for the closing costs. It also gives people a chance to use their available money for the down payment or for improvements to the home.

However, if you have the option to borrow the closing costs and combine it with your mortgage then that could be a better option. You would then get the benefit of the lower interest rate and a lower overall payment.

Good for the Short Term

If you intend to stay at the home for only 5 to 8 years, the no-cost option could be a good idea. Anything past the 8 year mark and you will be paying far more in interest than the closing costs total.

What is the difference in Rate?

Most of the time the no-cost loans are offered at 0.5% to 0.75% higher than the normal rate. For most borrowers, this would not be a huge increase in payments. But as previously mentioned, over time the small amount adds up to a significant amount.

For additional information, visit our refinance page. For questions or if would like to see if you qualify for the refinance, please contact us or apply online.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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Thank You and Happy New Year!

Inlanta Madison — Fri, 30 Dec 2011 17:59:14 +0000

During this time of year people are planning a variety of activities. Families and friends typically spend time at lavish dinners exchanging presents and getting caught up on the latest news. Companies will usually host a nice lunch and express their gratitude towards the employees for a job well done and the hope of a brighter future.

We at Inlanta Mortgage would like to say thanks to you, our customers. Based upon the events of this past year it is apparent that people have a variety of needs when it comes to mortgages. And we want to remind you that we are still here for you regardless of your needs. Whether it is a purchase or refinance, a home equity line or a second mortgage to consolidate debt we have the resources to help you out. We appreciate you trusting us with one of your largest assets and we realize we have a responsibility to treat you ethically and fairly. We intend to continue offering you the same great level of service along with the competitive rates that you have become accustomed to over the years.

As we look towards the beginning of 2012 we hope the new year is filled with wonder, excitement and fulfillment for you and yours.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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USDA Raises Upfront Guarantee Fee for Refinance Transactions

Inlanta Madison — Mon, 05 Dec 2011 21:33:45 +0000

This came from USDA this afternoon:

EFFECTIVE Wednesday, December 7, 2011: The upfront guarantee fee for all refinance transactions will increase from 1 percent to 1.5 percent at this time. This increase to the upfront guarantee fee for refinance transactions will make over $1.1 billion dollars in refinance commitment authority available to eligible homeowners. Interest rates continue to remain at very low levels affording responsible homeowners the opportunity to refinance their existing Single Family Housing Guaranteed loan, resulting in lower monthly payments.

Conditional Commitments for refinance transactions that have previously been issued by the Agency “subject to the receipt of commitment authority” at the 1 percent upfront guarantee fee structure will be honored by the Agency once the commitment authority becomes available. We expect the commitment authority to become available on Wednesday, December 7, 2011.

Refinance funds for new fiscal year 2012 Conditional Commitments will not be available until the fiscal year 2012 (FY12) commitment authority is posted to the Single Family Housing Guaranteed Loan Program account. Until such funds are posted, Rural Development will issue Conditional Commitments, “subject to the receipt of commitment authority.” Lenders will be notified when commitment authority is available for FY12 refinance requests.

Effective Wednesday, December 7, 2011, new Conditional Commitment requests for a refinance transaction will be issued by the Agency utilizing a 1.5 percent upfront guarantee fee and a 0.3 percent annual fee. The new fee structure for FY12 is as follows:

2 percent upfront guarantee fee for purchase transactions;

1.5 percent upfront guarantee fee for refinance transactions; and

0.3 percent annual fee for both purchase and refinance transactions.

For additional information, visit our USDA Rural Housing mortgage page. For questions or if would like to see if you qualify for the USDA program, please contact us or apply online.

INLANTA is a trademark of Inlanta Mortgage, Inc.

Inlanta Mortgage
368 Junction Road
Madison, WI 53717
Phone: 608-245-6905
Toll Free:
877-240-5810
NMLS ID #1016

Mortgage Banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota.

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