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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 cant 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.
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