Which loan best for you?
It is always best to consult with a mortgage professional, but here’s a broad overview of the main types of mortgages.
CONVENTIONAL
Programs and Features:
- Loan Amount greater than 417,000 and less than 625,500
- Available for detached 1 to 4 unit dwellings, eligible condos and PUD’s
… mortgage 101…
Only homes that are owned by FannieMae are eligible for this programs. These homes typically went through the foreclosure process and FannieMae seized ownership of the property when the borrower defaulted on the loan. These homes have typically been remodeled.
The key selling point of these types of loans is :
- Eligible only for homes owned and designated by Fannie Mae as Homepath eligible
- Low down payment (less than 20%) with NO mortgage insurance
xFHA loans
Federal Housing Administration (FHA)
The Federal Housing Administration is a division of the U.S. Department of Housing and Urban Development, commonly referred to as HUD. FHA loans were created to provide affordable mortgages to the average homebuyer. The federal government insures FHA loans, or guarantees participating lending institutions against loss from default on qualifying loans.
Programs and Features:
- Fixed Rate Loans, Temporary Buy-Downs and ARMS
- Available for detached 1 to 4 unit dwellings, eligible condos and PUD’s
- Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
- Subject to loan limits set by HUD (see HUD website for loan limits)
- Mortgage insurance of one-half of 1% due annually and paid monthly
- One time mortgage insurance fee of 2% to 2.25% charged on detached dwellings and PUD’s, which may be financed
- Non-occupant co-borrowers allowed
- No reserve requirements at closing
- 100% of down payment and closing costs may be a “gift”
- Fully assumable by a qualified borrower
- Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value
… more info…
VA loans
Veterans Administration loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, “veteran” includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans.
Programs and Features:
- Fixed Rate Loans and Temporary Buy-downs
- Available for detached 1-unit dwellings, eligible condos and PUD’s
- Properties must meet VA guidelines and be inspected by VA-approved appraisers
- Subject to loan limit set by VA, currently $240,000
- One time mortgage insurance fee of 2% is typically charged, which may be financed if the total loan amount does not exceed $240,000
- No prepayment penalty
- No reserve requirements at closing
- No down payment required
- Out-of-pocket expenses may be gifted, typically from relatives
- Only eligible veterans and their spouses occupying the subject property may be co-borrowers or co-signers
- Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value
xSPECIAL PROGRAMS
This is the place. First, you’ll want to take a few steps through the process to see what’s in store … more info…
Federal Housing Administration (FHA)
The Federal Housing Administration is a division of the U.S. Department of Housing and Urban Development, commonly referred to as HUD. FHA loans were created to provide affordable mortgages to the average homebuyer. The federal government insures FHA loans, or guarantees participating lending institutions against loss from default on qualifying loans.
Programs and Features:
- Fixed Rate Loans, Temporary Buy-Downs and ARMS
- Available for detached 1 to 4 unit dwellings, eligible condos and PUD’s
- Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
- Subject to loan limits set by HUD (see HUD website for loan limits)
- Mortgage insurance of one-half of 1% due annually and paid monthly
- One time mortgage insurance fee of 2% to 2.25% charged on detached dwellings and PUD’s, which may be financed
- Non-occupant co-borrowers allowed
- No reserve requirements at closing
- 100% of down payment and closing costs may be a “gift”
- Fully assumable by a qualified borrower
- Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value
… more info…
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