Please contact any one of our agents for more information on HUD listed homes in our service territories. You can view a complete list of all HUD listed homes at: www.HUDHomeStore.com or SEARCH HUD HOMES for sale in Minnesota or Wisconsin by clicking on the state images below. Give us call to schedule a showing of any HUD homes located in the Twin Cities and surrounding areas, including Western Wisconsin. We can also refer you to other knowledgable HUD agents for showings in other states.
HUD and YARDI P260
HUD Training Webinars
home. Please click here to go to these valuable training webinars.
FHA MORTGAGE INFORMATION
FHA lending limits in MINNESOTA and WISCONSIN inform home buyers how much FHA borrowing power they have in their area of the country. FHA loan limits vary based partly on the state and county in which the property is located. (Source:www.fha.com)
Some Advantages of FHA Loans (Source:Elizabeth Weintraub)
- FHA Loans Allow a Blemished Credit History
- Low credit score, Bankruptcy or a Foreclosure will not automatically exclude you from loan approval.
- FHA Loans Boast Competitive Rates & Terms
- Rates vary very little, making them comparable to conventional loans.
- Down payments call be a little at 3.5% or less or the purchase price.
- FHA Loans demand fewer repairs
- Today’s FHA repair requirements are much less stringent, making it easier for a seller’s home to qualify for the buyer’s FHA loan.
FHA LOAN LIMITS
FHA mortgage limits vary by area. Please see below for mortgage limitations in Minnesota and Wisconsin.
Minneapolis-Saint Paul-Bloomington, MN-WI (MSA) (Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington & Wright Counties in MN, Pierce & St. Croix Counties, WI)
Single Family Duplex Tri-plex Four-plex
$365,000 $467,250 $564,800 $701,900
All other Minnesota Counties (Including Dodge, Olmsted, Wabasha, Goodhue)
Single Family Duplex Tri-plex Four-plex
$271,050 $347,000 $419,400 $521,500
Wisconsin (Columbia, Dane, Iowa & Racine Counties)
Single Family Duplex Tri-plex Four-plex
$293,750 $376,050 $454,550 $564,900
Wisconsin (Milwaukee, Ozaukee, Washington & Waukesha Counties)
Single Family Duplex Tri-plex Four-plex
$315,000 $403,250 $487,450 $605,750
Wisconsin (Kenosha County)
Single Family Duplex Tri-plex Four-plex
$410,000 $524,850 $634,450 $788,450
All other Wisconsin Counties
Single Family Duplex Tri-plex Four-plex
$271,050 $347,000 $419,400 $521,250
FINANCING TYPES
Not all properties qualify for FHA Financing. Therefore, you should check the insurability status and alert your lender before placing a bid.
The financing classifications for every HUD owned property are as follows:
IN (Insurable) – these properties qualify for FHA 203(b) financing and have no obvious Minimum Property Standard (MPS) repairs. These properties may also qualify for 203(k) financing, a rehabilitation loan for owner occupants only.
IE (Insurable with Escrow) – these properties qualify for FHA 203(b) with Repair Escrow, and have MPS repairs totaling less than $5,000. The repair escrow is the buyer’s financial responsibility, never a credit to the buyer. The lender holds the repair escrow money until completed (which must be within 90 days after closing) and is responsible for disbursing the funds to the appropriate parties. The escrow repair amount only applies to FHA 203(b) financing. These properties may also qualify for 203(k) financing.
UI (Uninsurable) – these properties do not qualify for FHA 203(b) financing. Typically these properties have MPS repairs exceeding $5,000 or may not meet other guidelines for FHA financing. Additional Loan limitation information can be found at the US Department of Housing and Urban Development website located Here.