|
Congress created the Department Of Housing and Urban Development which is the administrator of FHA (Federal Housing Administration) in order to promote the "American Dream" of home ownership. This is a tough task to accomplish. The department must ensure that there is no discrimination in lending practices by any Mortgage Broker or Refinance Mortgage Company. Further it attempts to work with local lending institutions and state government to help promote affordable housing. FHA tends to be the active promoting arm of HUD's basic mission. The administration insure loans, helps to promote stable and growing communities in a fair manor. An FHA home loan is commonly referred to as the "first time home buyer" loan. Although it is not only for first time home buyers, it's guidelines are used to approve loans and they are the insurer of the majority of first time buyer mortgages and streamline refinance mortgage loans.
The best part about an FHA streamline refinancing mortgage is that no appraisal is necessary and neither is income or credit qualification requirements. Just a 12 month mortgage payment history and employment verification. Of course, there are exceptions to these rules if you want a "cash out refinance" or some issues arise. Request a Fha refinance mortgage quote NOW! See if you qualify and what rates are available.
|
Most times No down payment required for a Va mortgage. You may be able to borrower 100% of the sale price. Current loan limit is $240,000. There usually is an Up front Mortgage Insurance premium on both Va purchase mortgage and Va refinance mortgages. Appraisers are chosen and approved by the VA. During financial difficulties Veteran home loan Administrators work hard to keep the Va borrower (s) in their home. A Veteran mortgage may be available for the following types of housing. Single family home, townhouse, condominium unit, Manufactured home. You may also be able to use Va loans for new home construction and a previously occupied home rehabilitation. The Va streamline refinance loan is usually does not require an appraisal or re-qualifying with income info. It is fast and easy.
|
There are two main backbones to most conventional refinance mortgages. They are Fannie Mae and Freddie Mac. Similar to HUD's FHA, they were created to help promote lenders freeing up money in order to make home loans available to borrowers. However, current both entities are publicly traded organizations and tend not to be the lender or insurer of many mortgages. Instead, they set guidelines that are usually followed as qualification requirements for mortgage and refinance mortgage applicants. Private banks, trust and lending institutions usually follow these guidelines. So loans which qualify under FNMA / FDMC are commonly referred to as "Conventional Mortgages". Why get a Conventional Home Loan over an FHA. Well, Mortgage Insurance seems to be one reason. FHA charges and up front MI fee and monthly. This is done to ensure that they will recoup loss if the loan is foreclosed. Conventional Loans do tend to have MI but it can "roll off" or not be required on purchases if 20% of the sales price is secured by means other than the first mortgage loan. It can also "roll off" in a refinance mortgage it the LTV (loan to value) is 80% of the value. Check to see if you can get rid of the MI by requesting a refinance mortgage quote now!
|
