With No Money Down
With no money down, you can still buy a home in Indiana! USDA rural home loans are perfect…. There are several types of home loans available in today’s mortgage market. USDA home loans are just one option available to consumers. They are also among the most popular, especially due to their 100% LTV financing and the fact that they can be done with no money down! This is a perfect match for consumers who CAN afford a monthly house payment but do not have 20% down sitting in the bank. USDA stands for United states Department of Agriculture, but USDA loans can be used for purposes other than just farming. This is an option to consider for home buyers who want to purchase with no money down. Types of the USDA home...
Read MoreThe Low Down On USDA Home Loans
There are several types of home loans available in today’s mortgage market. USDA home loans are just one option available to consumers. They are also among the most popular, especially due to their 100% LTV financing and the fact that they don’t require a down payment. USDA stands for United states Department of Agriculture, but USDA loans can be used for purposes other than just farming. This is an option to consider for home buyers who do not want to pay a down payment. Types of the USDA home loans Following are some of the more common types available for the home buyer. They include: USDA Guaranteed Loan Program: This is the most popular type of USDA home loan, since it enables the borrower to purchase their homes with up...
Read MoreWhat Is The FHA?
FHA stands for federal housing administration. It was originally set up as part of the National Housing Act of 1934. Historically it was set up because of the great depression. Its original goals were to provide financing, improve housing conditions and create a more stable mortgage market. There is a loan known as a FHA loan which is very popular with first time home buyers as well as buyers who do not have 10-20% down payment. It is also available to those who have a lower credit score. Be sure to check with your lender on what credit score they require. FHA homes are acquired using these loans and they can be used to buy condos, town houses, housing units and single family homes. There are also several different FHA loan products like adjustable rate...
Read More5 Reasons To Consider An FHA Mortgage
Since the early 1930s, the Federal Housing Administration has been providing federally-insured home financing to qualified borrowers. With its lower up-front costs, accommodating terms and forgiving credit requirements, the FHA loan is a popular choice for first time and low income buyers; however, you don’t necessarily have to have low income or poor credit to be approved. Review the following five reasons to consider an FHA loan to see if this home mortgage program might be right for you. 1. Less Money Up-Front FHA financing was first introduced in the midst of the Great Depression, as a way to make it easier for people to buy homes and stimulate the economy. One of the major ways in which it did this was by requiring less of a down payment when compared...
Read More9 Great Reasons To Consider A USDA Mortgage!
The USDA Rural Housing Loans program of the US Department of Agriculture was established in 1949. It has helped more than 2.7 million rural citizens the take advantage of the opportunity of to own a home. For more than half a century, the program has formed partnerships with carefully selected lenders in each state. In turn, the lenders provide the loans with a repayment guarantee from the USDA, in case the loan should ever default. The USDA backing means that loans are less risky to mortgage lenders who can proceed with confidence and offer home financing to those individuals who meet the USDA Rural Development guidelines. For those who qualify a USDA mortgage can offer many advantages over other home loan programs available in the marketplace. Here are 10...
Read MoreJust A Reminder: USDA Will Change Fees Effective 10/1/11
There are two very important changes that are scheduled to take effect with loans obligated on or after October 1, 2011. The changes are: (1) A monthly mortgage insurance fee of 0.3 percent will be charged on all loans obligated on or after this date (2) The up-front guarantee fee for purchase loans transaction will decrease from 3.5 percent to 2 percent of the loan amount. Please note these changes are effective October 1, 2011. Currently the up front “guarantee” fee is 3.5% of the loan amount. For example, on a $150,000 loan, the fee is $5,250 which is normally added to the final loan amount. The new fee will be lowered to 2%, or $3000 in the above example. USDA will also begin to charge an annual fee of 3% of the outstanding loan balance. On a...
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