Choosing a Mortgage That Fits Your Lifestyle
Posted 02-07-2015 at 10:37 PM by COQUIPACO
Updated 02-07-2015 at 10:39 PM by COQUIPACO (puttin a category)
Updated 02-07-2015 at 10:39 PM by COQUIPACO (puttin a category)
There are various forms of mortgages that will fit your current situation. It can be frustrating on deciding which one is best for you. This is why it is best to speak to a professional like myself with the experience to guide you. I will be providing some advice on mortgages and what to do to be sure you are ready.
First and foremost you will want to do a assessment of your financial position and current income will continue to be stable. What monthly mortgage payment would you be comfortable with including your P& I taxes, insurance, MI and HOA? If you have figured out this step then proceed to the next step which is picking your mortgage program.
NOW let’s talk about the mortgage programs available which are FHA, VA, USDA, CONVENTIONAL & REVERSE MORTGAGES.
FHA is insured by The Federal Housing Administration (FHA) which is also part of U.S. Department of Housing and Urban Development (HUD). It is the easiest program to qualify for and there are benefits like the low down payment of 3.5% & Easy credit qualifying. There are different programs within FHA that can assist you as well if you are purchasing or refinancing.
VA (U.S. Department of Veterans Affairs) will assist Veterans to become homeowners by guaranteeing a portion of the loan. They guarantee the loans up to 100% of the value of your home. You can also refinance a VA loan by a streamline which is less documentation then a normal VA loan. It is easier and quicker to close.
USDA (United States department of Agriculture Rural Development) program is for assisting low-income applicants in obtaining a 102% down payment loan. The down payment is based off of the appraised value or purchase price whichever one is higher. The home has to be in an eligible rural area.
CONVENTIONAL loans are not insured by the Federal Government. But they must meet standard guidelines by Federal National Mortgage Association which is Fannie Mae and Federal Home Loan Mortgage Corporation which is Freddie Mac. These loans DO NOT carry guarantees from the lender in case the borrower defaults. This loan has more stringent guidelines then the other loans available. The minimum down payment is 5% of the sales price of the home.
Thank you so much for visiting my blog.
Iliana Perez
Residential Acceptance Corporation
Mortgage Loan Originator
863-852-0132
ORIGINATOR IN FL ONLY!
First and foremost you will want to do a assessment of your financial position and current income will continue to be stable. What monthly mortgage payment would you be comfortable with including your P& I taxes, insurance, MI and HOA? If you have figured out this step then proceed to the next step which is picking your mortgage program.
NOW let’s talk about the mortgage programs available which are FHA, VA, USDA, CONVENTIONAL & REVERSE MORTGAGES.
FHA is insured by The Federal Housing Administration (FHA) which is also part of U.S. Department of Housing and Urban Development (HUD). It is the easiest program to qualify for and there are benefits like the low down payment of 3.5% & Easy credit qualifying. There are different programs within FHA that can assist you as well if you are purchasing or refinancing.
VA (U.S. Department of Veterans Affairs) will assist Veterans to become homeowners by guaranteeing a portion of the loan. They guarantee the loans up to 100% of the value of your home. You can also refinance a VA loan by a streamline which is less documentation then a normal VA loan. It is easier and quicker to close.
USDA (United States department of Agriculture Rural Development) program is for assisting low-income applicants in obtaining a 102% down payment loan. The down payment is based off of the appraised value or purchase price whichever one is higher. The home has to be in an eligible rural area.
CONVENTIONAL loans are not insured by the Federal Government. But they must meet standard guidelines by Federal National Mortgage Association which is Fannie Mae and Federal Home Loan Mortgage Corporation which is Freddie Mac. These loans DO NOT carry guarantees from the lender in case the borrower defaults. This loan has more stringent guidelines then the other loans available. The minimum down payment is 5% of the sales price of the home.
Thank you so much for visiting my blog.
Iliana Perez
Residential Acceptance Corporation
Mortgage Loan Originator
863-852-0132
ORIGINATOR IN FL ONLY!
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