Welcome to Home Mortgage
Home Mortgage Loans Va Fha Refinancing Article
This is a selection made from among articles on Home Mortgage Loans Va Fha Refinancing. For a permanent link to this article, or to bookmark it for future reading, click here.
Loan Types
from: KOT
Loan Types
What types of loans are available to me? There are many different types of mortgage offered to consumers. Some of the most popular mortgage broker are the FHA Home Loan (Federal Housing Administration) and the VA Loan . Because the FHA mortgage and VA mortgage are guaranteed by the government, they generally feature lower interest mortgage refinancing rates and mortgage fees than other mortgage broker. Details about the major types of loans, including the FHA mortgage and VA mortgage, follow.
Conventional Fannie Mae mortgage
Fannie Mae is the common name of the Federal National Mortgage Association. Fannie Mae is a congressionally chartered, shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary home mortgage market. Before approving you, Fannie Mae looks at a number of factors including credit ratings, debt ratio, and employment history. Mortgage that are approved via Fannie Mae should qualify for a better rate.
Freddie Mac Freddie Mac is the common name for the Federal Home Loan Mortgage Corporation. The 2005 maximum loan amount for both Fannie Mae Mortgage and Freddie Mac company is $33333,700. Freddie Mac does not issue mortgages directly, rather, they buy mortgages from lenders and resell them as securities on the secondary mortgage market. Before approving you, Freddie Mac looks at a number of different factors including credit ratings, debt ratio, and employment history. Like Fannie Mae, Mortgage that are approved via Freddie Mac should qualify for a better rate.
A mortgage company can help you find the best rate from various lenders for Freddie Mac Mortgage as well as Fannie Mae loans.
They can help you determine if also you are eligible for a mortgages.
Government
1) FHA Mortgage
An FHA mortgage (Federal Housing Administration) has some advantages over conventional mortgage. Since FHA Mortgage are insured by the government, they generally have more lenient qualification and requirements, lower down-payment requirements, and they are assumable mortgage. The maximum mortgage amount for an FHA mortgage (single-family) ranges depending on the city where you live. You can contact a mortgage specialist for these maximum amounts for your specific city. Government mortgage (including the FHA mortgage) make up 20 percent of residential mortgages in the U.S. [Get FHA Home mortgage Information]
2) VA
A VA (Veterans Affairs) mortgage carries many of the same advantages as an FHA home mortgage. However, to qualify for this mortgage, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty serviceman. The maximum mortgage amount for a VA-guaranteed mortgage is $240,000. However, if you can make a large payment, VA is now considering mortgage amounts above $340,000. Generally, you would need to put down 20% of the value exceeding $340,00, and you can’t exceed conventional mortgage limits. No down payment is required for most mortgage below $340,000. A mortgage specialist can assist you with more information.
Non-Conforming mortgage
1) Jumbo mortgage
Conventional mortgage that are too large for government agencies are named jumbo mortgage. Currently, any mortgage over $350,000 are classified as jumbo mortgage. Jumbo loans have higher interest rates than conforming mortgage - typically 0.5 percent to 1 percent higher. Jumbo mortgage also have higher down-payment requirements. Read more about Jumbo mortgage. 2) Bad Credit mortgage If you've had credit problems in the past, lenders consider you a higher risk borrower. In such circumstances, the credit decision includes factors beyond credit scores and your credit history, often including employment, income, assets and other factors as considerations. To get any additional informaiton, speak with a mortgage specialist.
Now learn about Property Types
Find out more about VA mortgage
Learn all about Mortgages:
http://kotme.com
About the author:
http://kotme.com
http://mortgage-free-help.blogspot.com/atom.xml
Home Mortgage Loans Va Fha Refinancing News
Obama Mortgage Refinancing Plan: A Bailout by Any Other Name - National Legal and Policy Center
 National Legal and Policy Center | Obama Mortgage Refinancing Plan: A Bailout by Any Other Name National Legal and Policy Center Others were owners who refinanced with "cash out" mortgages in excess of what the home was worth. Still others were black and Hispanic first-time buyers, who, despite limited credit histories and down payment capability, received loans due to threats ... Obama's Refinancing Plan Means Fee for Homeowners House rules |
Vail Daily column: More on the Making Home Affordable Act - Vail Daily News
 Housing Wire | Vail Daily column: More on the Making Home Affordable Act Vail Daily News In this column, we will look at other aspects of the Making Home Affordable Act including: the FHA-HAMP, the VA-HAMP, the USDA-HAMP; Home Affordable Foreclosure Alternatives, the Home Affordable Refinance Program, and the Home Affordable Unemployment ... President's New Mortgage Plan and the Failure of HAMP |
VA Loan Volume Surges, Remains Safest Mortgage Option - OurBroker.com
VA Loan Volume Surges, Remains Safest Mortgage Option OurBroker.com The VA Loan Guaranty program had a big year in FY11, driven by a surge in refinance loans and a tighter lending climate that's drawing renewed attention to this flexible, government-backed mortgage. The VA guaranteed nearly 360000 loans last year, ... |
Obama Seeks Refinancing Aid to Lift Housing - Wall Street Journal
 The Associated Press | Obama Seeks Refinancing Aid to Lift Housing Wall Street Journal The plan aims to help borrowers who are current on their mortgages refinance into lower-interest federally insured loans. Borrowers would qualify even if they owe more than their homes are worth or if they have trouble securing a new mortgage from a ... Obama to detail broader housing refinance plan Obama Said to Plan Assistance for Home Mortgage Refinancing Obama details plan to throw a line to 'underwater' homeowners |
Google Ends Mortgage Ads; Streamlines to be Nixed from FHA Compare... - Mortgage News Daily
Google Ends Mortgage Ads; Streamlines to be Nixed from FHA Compare... Mortgage News Daily This news will prompt many lenders to throw a ticker-tape parade that will rival the NY Giants football event today. HUD and the FHA have long promoted the FHA Streamline Refinance as a useful tool to allow responsible homeowners to save thousands of ... Real Estate Weekly- What is a 203K Rehab Mortgage Loan? Premium Payback |
Refinance Rates Hit New Lows and Applications Soar - LoanSafe
 Christian Science Monitor | Refinance Rates Hit New Lows and Applications Soar LoanSafe The Market Composite Index, a measure of mortgage loan application volume, increased 7.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8.7 percent compared with the previous week. Mortgage applications pick up as rates hit record lows Mortgage rates: How low can they go? |