Thursday February 23, 2017
 

Loan Programs

Can You Benefit from a Portable Mortgage?

Ever heard of a portable mortgage?  They are fairly new, so the term may or may not be too familiar to you.  Portable mortgages were nonexistent before 2003, but for the past eight years they have been available as another option for home buyers.

The idea behind a portable mortgage is simple and ingenious, but took surprisingly long to hit the public market.  When you buy a house and move several years later, you usually lose a fair amount of money through the additional transactions involved with ending your current mortgage and starting a new one.

FHA Mortgage Insurance

Want to purchase a house, but don’t have a lot of money to put toward a down payment—or any money to put toward one?

Have little or no credit? If you don’t look like a sure bet to lenders, you may have a hard time getting a mortgage.  But if you are able to qualify for FHA mortgage insurance and find a lender which originates loans insured by the FHA, then you may be able to get a home after all.

Can I Buy a House?

Are you at that point of your life where you’d like to move out of your apartment and into a home of your own?  While living in a house may sound fantastic, it also comes with a huge price tag.

Can you afford to buy a house?

This is the most important question you can ask yourself before jumping into a brand new mortgage.  You’d be surprised how many people don’t take this seriously!

FHA Streamline

There are a lot of reasons you might want to pull equity out of your home.  Equity can be used to finance a sudden medical cost, to help you survive a period of unemployment, to generate money for a college fund, to consolidate bills and debts, or to remodel your home.

You can use your home’s equity for any purpose really—though it’s usually best not to do so unless that purpose is extremely important to you.

FHA Refinance for Borrowers with Negative Equity

Are you further away from owning your home than ever in spite of making payments on time?  Are you among the many homeowners who don’t actually own any portion of their homes at all?Are you further away from owning your home than ever in spite of making payments on time?  Are you among the many homeowners who don’t actually own any portion of their homes at all?

Do you owe more on your home than it’s worth?  Has your home value declined considerably due to factors outside of your control?

If you’re “underwater” on your mortgage payments, you may be able to get help through a government sponsored program offered by the Department of Housing and Urban Development (HUD).

Prior to September 7, 2010 there wasn’t as much help available for people in your situation, but since then things have changed.

FHA vs. Conventional Loans

Are you trying to get a loan so that you can purchase your first home?  First-time home buyers often have lower incomes and shorter credit records than others, and are also more likely to be seen as risky investments on principle.

Since you’ve never bought a home before you’re an unknown quantity where lenders are concerned.  This can make them hesitant to approve a mortgage for you.  When you shop for loans you’ll be mostly looking at two types:  FHA and conventional loans.

FHA Loans

Want to purchase your first home?  Interested in buying a fixer-upper?  Are a senior who already owns a home in need of financial assistance?  Need help financing a mobile home or improving the energy efficiency of your home?

If you answered yes to any of these questions you may able to get the help you need from an FHA loan.

FHA Second Lien Program

If you are having a hard time not only paying your mortgage but also paying your second lien mortgage, you may be eligible for an adjustment to bothIf you are having a hard time not only paying your mortgage but also paying your second lien mortgage, you may be eligible for an adjustment to both.

The FHA Second Lien Program is better known as the Second Lien Modification Program, or simply 2MP.  2MP is closely related to the Home Affordable Modification Program, or HAMP.  Successful completion of HAMP is a prerequisite for participating in 2MP, so you will have to start by applying to HAMP in order to modify your second lien mortgage.

What is the FHA Short Refinance Option?

The FHA stands for the Federal Housing Administration, and is the government’s program for providing mortgage insurance to home buyers.

The FHA Short Refinance Option is a program which was created to assist homeowners who are up to date on their mortgages but owe more on their home than the home is worth.

During the recession, home values have plunged.  Combined with skyrocketing interest rates, the result is that many homeowners are actually stuck with a larger bill to pay on their home than they owed when they first purchased it!

Subcategories