Save Money. Save Time. Take Control.

   Mortgage Disclosure

Advertisers  |  Find A Realtor  |  Find A Lender  |  Contact Us  |  About  |  Home  |  Site Map  |  FAQ  |  Dictionary  |  Calculators  |  Rates  

   Government

• Before You Apply

  What to do to prepare up to a year in

  advance of your mortgage application.

• Can You Trust Your Loan Officer?

  Who does your loan officer really work

  for, and how do you find the best one?

• Lender, Broker, or Bank?

  What type of loan Provider is right for

  you?

• Types of Loans

  The types of mortgage loans and

  their advantages and disadvantages.

• Types of Documentation

  Your options for disclosing how much

  you make and where it comes from.

• Underwriting

  What does an underwriter look for

  when analyzing your loan application?

• Pre-Approval

  What it is and isn't and how it saves

  you time and heartache.

• Credit

  What it is, and how it affects your life.

• Income & Employment

  How much you need to make and for

  how long in order to qualify.

• Assets/ Down Payments

  How much, where from, and what kind

  of money will work.

• Down Payment Assistance

  Short on funds?  Learn about your

  options and explore these resources.

• Processing

  What happens to your application after

  you sign it and before you close?

• Title

  What is it, what does it mean, and how

  does it work?

• Appraisals

  What is your home worth, why you

  should bother  to find out, and how

  does it affect your loan?

• Alternative Financing

  Facing rejection?  Time to get creative.

• FHA

  Low down payment, forgiving

  qualifications.  A great loan option.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Loans

Government loans are distinct from conventional loans in that they are guaranteed or funded by the government, are easier to qualify for, and require little or no down payment.

  

FHA Loans

The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), insures various mortgage loan programs which private lenders fund. FHA loans generally require a 3% down payment and have less stringent qualifying requirements than conventional

loans.  FHA loans amounts cannot exceed statutory limits.  These limits vary from county to county and work to keep the loan amounts in line with the area’s median home values.

VA loans

VA loans are guaranteed by the U.S. Dept. of Veterans

Affairs. The guaranty allows veterans and active service persons qualify for 100% financing with no private mortgage insurance. As with FHA, it is easier to qualify for a VA loan than a conventional loan.  Lenders generally limit the maximum VA loan to $203,000.  Also similar to FHA, The U.S. Department of Veterans Affairs does not fund veterans’ loans, it merely guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan. VA-guaranteed loans are obtained by making application to private lending institutions.

USDA Loans

The Rural Housing Service (RHS) of the U.S. Dept. of

Agriculture guarantees 100% loans for rural residents with minimal closing costs.  Ginnie Mae, which is part of HUD, guarantees securities backed by pools of mortgage loans insured by these three federal agencies - FHA, or VA, or USDA. Securities are sold through financial institutions that trade government securities.