A mobile home mortgage with down payment of less than 20 percent is considered a low down payment mobile home loan. The upside of a low down payment is that you need less money to get into your mobile home. The downside? You have to finance more, meaning your monthly payment will be higher as will the amount of money you have to pay in interest.However, if you don not have a huge down payment saved and can afford the higher monthly payment, a low down payment mobile home loan is a way you can purchase your own home and not have to continue paying rent.Mortgage companies, [...] Continue Reading…

Many people don’t really understand how credit scores work or how they are determined.  These people are often shocked to discover the reality of their FICO score is not what they had imagined. ·Your credit card transactions are used to compute your credit score more than any loan or mortgage information.  Paying off a mortgage may increase your score only slightly, while regularly paying down your credit card balance will reflect in a large gain on your score. Consequently, static loans are less important to determining your score than is revolving credit. ·Late credit card payments will greatly reduce your score.  The opposite, however, is not true.  Timely credit [...] Continue Reading…

Jumbo loans are loans of $1 billion or above, or loans, which go over the size limit, set for purchase or securitization by the proper agency, such as Fannie Mae or Freddie Mac.In case of jumbo mortgages, the interest rate is a little higher in comparison to other similar mortgage loans that are for lesser amounts. Interest rates are higher for the reason that lending institutions are undertaking risk-laden ventures by advancing such loans.Jumbo loans are considered “non-conforming” loans. Conforming loans are less risky projects for lenders and have lower interest rates. Most lenders undertake to offer such loans and jumbo loans are a small percentage of the mortgages [...] Continue Reading…

Saving up money for a down payment can seem impossible, especially if you have credit issues that you are trying to clear up. Fortunately, there are lenders who are willing to give you a bad credit mortgage that requires no down payment.No Down Payment Mortgage LoansThere are essentially two types of mortgage loans that you can get with no down payment. The first is a 100 percent mortgage loan. This loan is preferable, because it provides you with 100 percent of the financing that you need to purchase a home. The second type of loan is an 80/20 mortgage that finances your purchase with two loans. An 80/20 loan [...] Continue Reading…

It is a decision that is almost as important as which house you purchase – which type of mortgage to get. Choosing the right mortgage for your specific needs can potentially save you thousands of dollars over the term of the mortgage. Your two basic options when it comes to a mortgage will be a fixed rate (FRM) or an adjustable (ARM) mortgage, although you may also be able to qualify for other options such as an FHA loan or a VA loan.Most home buyers take out a fixed rate mortgage – around 70% of all mortgages are fixed rate as opposed to adjustable. A fixed rate mortgage is [...] Continue Reading…

A mortgage is generally defined as a loan used to finance the purchase of real estate or a home. These loans come in different types, rates and terms. The specifications of these loans are important, for they along with the initial down payment determine the monthly payment amounts due throughout the life of these loans. The right type of loan may depend on individual circumstances. For those seeking to finance or live in a home for only a few years, an ARM loan, or adjustable rate loan could be best. Those who are looking to stay in a home long term, a fixed rate loan may be best. Those [...] Continue Reading…

Jumbo mortgages are not all that different from your everyday conventional mortgages but there are a some important items that one should understand. A jumbo mortgage loan is a home loan secured by a high cost property. It is not always a exotic loan, a term derived from Alan Greenspan, it is just more applicable for expensive properties. In California, Florida, New York, New Jersey, and other affluent high costs states in the U.S., a jumbo mortgage loan is any mortgage that is greater than $417,000 – which is the maximum loan limit established by Fannie Mae and Freddie Mac for conforming loans.Fannie Mae and Freddie Mac, are the [...] Continue Reading…

FHA 203k REHAB Loans With an FHA 203k loan can I remodel or improve ?  Yes, Any or all of the following: Paint Repair a kitchen Add a deck or patio Insulate for greater energy efficiency Replace flooring ie tile, carpet, etc Add a bathroom, replace a bathroom Finish a basement Replace windows (for which you can get a nice energy credits well) Replace Appliances ie stove, furnace, water heater…energy credit  Add central air (again energy credit here) And Much More For the Florida home buyer the FHA 203K mortgage program can simplify the purchase of a [...] Continue Reading…

When you hear about jumbo loans one automatically thinks about a double mortgage. A jumbo mortgage is a mortgage with a loan amount that is actually beyond the amount of a standard loan limit. Jumbo mortgages actually apply when agency limits do not cover the entire loan. Fannie Mae is an example of a large agency that buys the majority of residential mortgages. These companies set a limit on the dollar value of a mortgage they are willing buy from a particular lending company.Todays current limit is $417,000 for a mortgage. This actually leaves home owners and those who want to purchase a home a chance to search for [...] Continue Reading…

You can get a low down payment mortgage in Houston with several different programs. In some cases it is possible to buy a home with a little as a few hundred in cash.First the bad news; unless a wealthy relative will finance you it is no longer possible to buy a home if you have bad credit and no money! If that is your situation you need to improve your credit, save up a large down payment, or both. Here is a rough idea of how much cash down you might need if your credit is weak: 30% or more cash down with [...] Continue Reading…