4 TYPES OF BEST MORTGAGE LOAN OPTIONS FOR ALLL HOME BUYERS LEARN ABOUT THE MORTGAGE LOAN PROCESS
What is Mortgage Loan? Mortgages are types of loans that are secured with real estate or personal property. – provided by a mortgage lender or a bank – that enables an individual to purchase a home or property. The property is owned by the borrower in exchange for money that is paid in installments over time. This enables borrowers (mortgagors) to use property sooner
4 Types of Best Mortgage Loan Options
CONVENTIONAL MORTGAGE LOANS FHA MORTGAGE LOANS VA MORTGAGE LOANS JUMBO MORTGAGE LOANS REVERSE MORTGAGE LOANS
CONVENTIONAL MORTGAGE LOANS
A conventional loan is a loan that is not backed by the federal government. Borrowers with good credit, stable employment and income histories, and the ability to make a 3% down payment can usually qualify for a conventional loan. The minimum requirement for a conventional mortgage is a 620 Middle Fico score. To get the best interest rate on a conventional mortgage loan you need a Middle Fico Score of 740 or higher (This gets the best interest rates).
FHA MORTGAGE LOANS
FHA loans have more-loosened up FICO rating necessities than conventional loans. Nonetheless, the FHA doesn't straightforwardly loan cash; it ensures loans by FHA-endorsed banks. FHA mortgage loans are best for low-to-direct pay borrowers who can't fit the bill for a conventional advance item or any individual who can't bear the cost of a critical initial investment. FHA loans permit a FICO score as low as 500 to meet all requirements for a 10% initial installment and as low as 580 to fit the bill for a 3.5% initial installment.
VA MORTGAGE LOANS
The U.S. Department of Veterans Affairs (VA) guarantees home buyer loans for qualified military service members, veterans, and their spouses. Borrowers can back 100% of the credit amount with no required up front installment. Different benefits include less closing costs (which might be paid by the seller), better interest rates, and no requirement for PMI or MIP.9 VA mortgage loans do require a funding expense, a level of the credit amount that helps offset the cost to taxpayers. The funding expense varies relying upon your tactical service classification and advance amount. The accompanying service members don't need to pay the funding expense:
JUMBO MORTGAGE LOANS
A jumbo loan, otherwise called a jumbo mortgage, is a kind of financing that surpasses the cutoff points set by the Federal Housing Finance Agency (FHFA). The worth of a jumbo mortgage changes by state—and even area. The FHFA draws the adjusting loan line size for various regions on a yearly premise, however it changes rarely. Jumbo loans bode well for more well-off purchasers buying a very good quality home. Jumbo mortgage loans and very jumbo mortgage loans needs the help of a jumbo mortgage loan expert that has long periods of involvement in jumbo loans for multi-million dollar homes in top of the line areas.
BOTTOM LINE
Since you might meet all requirements for one of these loans doesn't mean you should take one out. Regardless of which advance sort you pick, check your credit report ahead of time to see where you stand. From that point, you can spot and fix blunders, work on squaring away obligation, and work on any set of experiences of late installments before you approach a mortgage lender.
WHY CHOOSE Mortgage Miracles Happen, LLC
Mortgage Miracles Happen is a mortgage broker headquartered in Ogden, Utah. We have relationships with the top wholesale mortgage banks in the country that offers wholesale pricing to mortgage brokerage companies. As a result, we pass the good terms onto our clients with low fees to our clients as this gives us a big competitive advantage over other mortgage companies and other lenders. We are a mortgage lender for the following types of mortgage loans: Conventional mortgage loans (Fannie Mae & Freddie Mac), FHA, VA, USDA, Jumbo mortgage loans. Mortgage Miracles Happen is ran by Ben Gerritsen. Ben has been in the mortgage business for nearly two decades. Ben has helped many people buy homes and refinance to better their lives. We fund mortgage loans in Alaska, Arizona, Colorado, Florida, Idaho, Texas, Utah, Wyoming.
Lending Manager
Ben Gerritsen 1-801-814-2364
CONTACT US +1 385-626-6660 www.wedohomeloansforyou.com 298 24th St STE 435A Ogden, UT 84401 United States of America
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