Welcome to Home Mortgages
Home Mortgage Brokers Article
This is a selection made from among articles on Home Mortgage Brokers. 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 Brokers Specific links
Blinkx Video Search
- World's largest video search engine. Over 26 million hours of video. Watch it all!
-- http://www.blinkx.com/
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
EBAUMS World
- Cippi, the farting chipmunk - A snake gets iced in Cippi's latest adventure!
-- http://www.ebaumsworld.com/
Free Online Kids Games
- Hundreds of fun free online games for kids.
-- http://www.alfy.com/
Atom Comedy: Great Moments In Human Interaction
- There are a small handful of moments in human life that are so perfect, so wonderful, so priceless that we strive to capture them forever on film. These are definitely not those moments...
-- http://www.atom.com/
Home Mortgage Brokers News
Mortgage rates to the rescue? - Boston Globe
Mortgage rates are dropping like a rock. Now the question is whether the allure of dirt-cheap mortgages will be enough to restart the stalled housing market. Clearly one side benefit to the global financial crisis and economic downturn has been ...
Read more...AmeriDream Points to Overlooked Economic Solution - Earthtimes
GAITHERSBURG, Md. , Dec. 4 /PRNewswire-USNewswire/ -- Ann Ashburn , President of AmeriDream, Inc., released the following statement in response to this week's news from the National Bureau of Economic Statistics that the U.S. economy is in a ...
Read more...Home shoppers rush in as mortgage rates fall - USA Today
Telephones are ringing — and ringing — at mortgage brokers' offices around the country after this week's sharp drop in mortgage rates. Average rates on 30-year fixed-rate mortgages fell to 5.97%, down from 6.33% the week before, according to ...
Read more...Mortgage brokers closing doors in wake of credit crunch - Birmingham Business Journal
The tightened credit market and current housing slump in the Birmingham- Hoover metro area have forced several local mortgage brokers to shutter their businesses. Since loan volumes in the market drastically decreased, Accept Plus Mortgage LLC, which ...
Read more...Scotiabank Launches Scotia Mortgage Authority, Reinforces Link to ... - TradingMarkets.com
"Scotia Mortgage Authority was created by bringing together the best of two great organizations. As the No. 2 acquirer of Broker-originated mortgages, we're well positioned to continue recording strong results in the mortgage broker channel, by ...
Read more...Mortgage-rate drop may spur home purchases, refinancing - AZCentral.com
Valley residents waiting for the right time to buy a home or refinance their mortgage received a nice holiday gift from the federal government this week. The Federal Reserve's announcement Tuesday that it would spend $600 billion to buy up mortgage ...
Read more...Good buys in home loans - Baltimore Sun
Home loan borrowers with good credit could be in for some of the best mortgage rates in months, analysts said yesterday, a day after the Federal Reserve announced intervention designed to make financing less costly and more readily available. But it ...
Read more...Mortgage rate drop sparks surge in consumer interest - San Jose Mercury News
Borrowers descended on the home loan industry Wednesday after the federal government's latest move to shore up the financial system sparked a sharp drop in interest rates. Valley brokers said business picked up immediately as rates dropped from 6 ...
Read more...You can qualify for mortgage, it's just tougher - San Francisco Gate
Sunday, November 30, 2008 While it is certainly harder to get a loan today than it was two years ago, lenders say it's far from impossible for would-be borrowers with the right credentials. In fact many in the industry praise the return to normal ...
Read more...Home prices are down, but mortgages are hard to land - HamptonRoads.com
Peral Carrington wrote letter after letter to the mortgage lenders, maybe 20 in all, explaining why she wanted to buy a home, how she thought she could afford one, what caused her to be late on payments in the past. She said she had no idea the ...
Read more...