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| FHA Mortgage Loan |
| Home Renovation Loan |
| Veterans Affairs Loans |
| Fixed Rate Mortgage |
| USDA Mortgage Loans |
| Adjustable Rate Mortgage |
| Jumbo Loan |
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FHA Mortgage Loan
Loans from the Federal Housing Administration (FHA) are popular options for
borrowers because they allow you to buy a home with a relatively small down
payment. Designed to promote home ownership, FHA loans make it easier for
people to qualify for a mortgage. But they are not for everybody, so it pays to
understand how they work and when they work best
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Home Renovation Loan
A Section 203(k) loan allows borrowers to wrap the cost of repairs and improvements
into a single mortgage.
We’ve seen tremendous growth in the use of these loans across the country, especially in
areas where the housing supply is older or in need of repairs or when people are buying foreclosures
and short sales.
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Veterans Affairs Loans
The main purpose of the VA home loan program is to help veterans finance
the purchase of homes with favorable loan terms and at a rate of interest
which is usually lower than the rate charged on other types of mortgage loans
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Fixed Rate Mortgage
A fixed-rate mortgage (FRM), is a fully amortizing mortgage (meaning at the end of the term, there is no balance remaining) loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float”. As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on this fixed cost.
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USDA Mortgage Loans
Section 502 loans are primarily used to help low-income individuals or households
purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate
a home, or to purchase and prepare sites, including providing water and sewage facilities.
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Adjustable Rate Mortgage
A adjustable-rate mortgage differs from a fixed-rate mortgage in many ways.
Most importantly, with a fixed-rate mortgage, the interest rate stays the same
during the life of the loan. With an ARM, the interest rate changes periodically,usually in relation to an index, and payments may go up or down accordingly.
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Jumbo Loan
In the United States, a Jumbo Loans Money Street Mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie Mac, and sets the limit
on the maximum value of any individual mortgage they will purchase from a lender.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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