Home Loan Programs

Home Loan ProgramsHome Loan Programs

Home Loan Programs are insured by the Federal Housing Department. Fannie Mae home loans  and Freddie Mac home loans are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).

The FHA does not loan money to home owners, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.

Available to all buyers, FHA home mortgage loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash.

The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA financing:

Only a 3.5 percent down payment is required.
All Closing costs can be financed.
Recent changed Lower monthly mortgage insurance premiums
EZ to Qualify-More flexible underwriting criteria than conventional loans
FHA limits the amount lenders can charge for some closing cost fees
Some VA Loans are assumable to qualified buyers.

Home Loans From VA

VA home loans are guaranteed by the VA and are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home.  Government Loan Programs guaranty means the lender is protected against loss if you fail to repay the loan.  In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Benefits of a VA loan include:
Negotiable interest rates.
Closing costs are comparable and sometimes lower – than other financing types.
No private mortgage insurance requirement.
Right to prepay loan without penalties

The Mortgage can be taken over (or assumed) by the buyer when a home is sold.

Home Loan Programs Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Government Loan Programs Mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage.  Most borrowers will but the VA fees right onto the loan.

The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

{A VA loan can be used to buy a home, build a home and even improve a home.  With energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA

Most Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.  A VA loan can be used to buy a home, build a home and even improve a home.  Most Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program.

The FHA does not loan money to home owners, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.
Home Loan Programs VA loans are guaranteed by the VA.  And are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. Government Loan Programs guaranty means the lender is protected against loss if you fail to repay the loan.

No down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Most Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program.

Home Loan Interest Rates Mission Viejo

A recent Home Buyer in Mission Viejo, CA was very concerned about Home Mortgage Rates Mission Viejo. They had considered doing a refinance Mission Viejo but finally decided to buy a new home. To apply for a mortgage Mission Viejo they went to a local Mission Viejo Mortgage lender. They discussed Mortgage Rates and what their payment would be on a refinance or a new home purchase. They found Mission Viejo FHA Home Loans was their best option. This type of Government backed loan offered a very low payment that they desired. They left the Bank with a Pre-Approved Home Loan Mission Viejo.

 

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