Mortgage Programs

In order to help you with your next home purchase, I have put together a simple review of some of the major mortgage programs.

Variable or Adjustable-Rate Real Estate Mortgage
With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. Many ARMs have a short fixed period and then become truly adjustable. The rate of the loan is based on adding points to a fixed base.

Fixed-Rate Real Estate Mortgage
With this type of loan, the interest rate remains consistent throughout the term of the loan.

Balloon Real Estate Loan
A balloon loan is a real estate loan where there is a lump sum due at the end of the loan. This normally encourages an individual to refinance prior to the end of the term of the loan.

Jumbo Real Estate Loans
A jumbo loan is any residential or commercial loan exceeding the guidelines of Fannie Mae and Freddie Mac.

FHA Real Estate Loans
An FHA loan is a loan in the United States that is insured by the Federal Housing Administration. 

Be sure to read new guidelines for FHA Loans, with highlights as follows:

• Low down payment of only 3.5 % 
• Non-occupying Co-Buyers can assist with down payment
• First Time Buyers may be eleigible for up to $8000 tax credit 
• FHA Loans are assumable
• Borrower must qualify with fully documented loan application; requires 2 years employment
• Seller can credit all closing costs up to 6% of sales price
• Funds to close may be gifted by a family member
• For more information go to your lender or Department of Housing and Urban Development: www.hud.gov/buying/loans.cfm and www.fhaoutreach.gov/FHAFAQ/answerPre.jsp?solutionid

Approvals subject to, but not limited to satisfactory appraisal, preliminary title report, clear inspection (if required by contract or appraisal), minimum credit scores and employment history.  Maximum loan amounts and other restrictions apply.  Ask for details.

VA Real Estate Loans
A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.

Mortgage Inquiry

To assist you with any of your mortgage needs, I have provided you with this simple form. This form will help me assist you with any of your real estate or home financing needs.

Please note that your information will be kept confidential.

Pat Dasteel

310. 991. 2759