For immediate release:
Date: January 31, 2011
Contact: Lindsay Huebner, Public Relations Specialist
Tel: (608) 252-8862
MADISON, Wis. – Homebuyers in Wisconsin have been benefiting from the qualifying ease of Federal Housing Administration (FHA) Loans when they purchase a home. As a leading mortgage lender in Dane County, in terms of the number of mortgages recorded, AnchorBank, fsb is one of the banks in Wisconsin that offers the FHA loan option to homebuyers with low down payments, helping them achieve their dream of homeownership.
AnchorBank Residential Mortgage Loan Officers throughout the state have been helping interested borrowers weigh their options between choosing a conventional or a government-backed loan such as a FHA mortgage and obtain the mortgage loan that best meets their needs.
“We have found that homebuyers looking to get additional help and advice purchasing their first home with a low down payment are great candidates for a FHA Loan,” said Vice President of Regional Lending Terry Plesek. “Homebuyers really seem to appreciate the fact that they can obtain a FHA Loan with a monetary contribution of as little as 3.5 percent of the purchase price. Plus, that contribution can be from personal savings or a gift from family members.”
Other key advantages of a FHA Loan include:
Loan-to-value ratios (LTVs) up to 96.5 percent of purchase price
Qualified non-occupying co-borrowers are allowable
Bankruptcy/foreclosure guidelines are two to three years instead of four years for a conventional mortgage
“Our mortgage team manages the transaction of FHA Loans from start to finish so the borrower has a local contact when they have questions about their loan,” said Executive Vice President of AnchorBank’s Retail Lending group Don Bertucci. “AnchorBank’s efficient processing and FHA expertise, along with our superior personal service, makes the loan approval process goes as smooth as possible.”
As Wisconsin’s economy continues to recover, government-backed loans like a FHA are expected to increase in popularity in the next two years. AnchorBank also offers WHEDA loans and a variety of other loan programs providing prospective homebuyers options allowing them to determine the best course of action when selecting a financing option to meet their needs.
Founded in 1919, AnchorBank is one of the state’s largest financial institutions with locations throughout Wisconsin. AnchorBank, fsb is a wholly-owned subsidiary of Anchor BanCorp Wisconsin, Inc. Anchor BanCorp’s stock is traded on the over-the-counter market under the NASDAQ symbol ABCW. More information about AnchorBank is available online at www.anchorbank.com.