oan Types
Before approving you, Fannie Mae
looks at a number of factors
What types of loans are including credit ratings, debt
available to me? There are many ratio, and employment history.
different types of mortgage Mortgage that are approved via
offered to consumers. Some of the Fannie Mae should qualify for a
most popular mortgage broker are better rate.
the FHA Home Loan (Federal
Housing Administration) and the Freddie Mac Freddie Mac is the
VA Loan . Because the FHA common name for the Federal Home
mortgage and VA mortgage are Loan Mortgage Corporation. The
guaranteed by the government, 2005 maximum loan amount for both
they generally feature lower Fannie Mae Mortgage and Freddie
interest mortgage refinancing Mac company is $33333,700.
rates and mortgage fees than Freddie Mac does not issue
other mortgage broker. Details mortgages directly, rather, they
about the major types of loans, buy mortgages from lenders and
including the FHA mortgage and VA resell them as securities on the
mortgage, follow. secondary mortgage market. Before
approving you, Freddie Mac looks
Conventional Fannie Mae mortgage at a number of different factors
including credit ratings, debt
Fannie Mae is the common name of ratio, and employment history.
the Federal National Mortgage Like Fannie Mae, Mortgage that
Association. Fannie Mae is a are approved via Freddie Mac
congressionally chartered, should qualify for a better rate.
shareholder-owned company that
buys mortgages from lenders and
resells them as securities on the A mortgage company can help you
secondary home mortgage market. find the best rate from various
lenders for Freddie Mac Mortgage
as well as Fannie Mae loans. They 2) VA
can help you determine if also
you are eligible for a mortgages. A VA (Veterans Affairs) mortgage
carries many of the same
advantages as an FHA home
Government mortgage. However, to qualify for
this mortgage, you must be a
1) FHA Mortgage qualifying veteran, the unmarried
widow of a veteran, a Public
An FHA mortgage (Federal Housing Health Service Officer, or an
Administration) has some active-duty serviceman. The
advantages over conventional maximum mortgage amount for a
mortgage. Since FHA Mortgage are VA-guaranteed mortgage is
insured by the government, they $240,000. However, if you can
generally have more lenient make a large payment, VA is now
qualification and requirements, considering mortgage amounts
lower down-payment requirements, above $340,000. Generally, you
and they are assumable mortgage. would need to put down 20% of the
The maximum mortgage amount for value exceeding $340,00, and you
an FHA mortgage (single-family) can't exceed conventional
ranges depending on the city mortgage limits. No down payment
where you live. You can contact a is required for most mortgage
mortgage specialist for these below $340,000. A mortgage
maximum amounts for your specific specialist can assist you with
city. Government mortgage more information.
(including the FHA mortgage) make
up 20 percent of residential Non-Conforming mortgage
mortgages in the U.S. [Get FHA
Home mortgage Information] 1) Jumbo mortgage
credit problems in the past,
Conventional mortgage that are lenders consider you a higher
too large for government agencies risk borrower. In such
are named jumbo mortgage. circumstances, the credit
Currently, any mortgage over decision includes factors beyond
$350,000 are classified as jumbo credit scores and your credit
mortgage. Jumbo loans have higher history, often including
interest rates than conforming employment, income, assets and
mortgage - typically 0.5 percent other factors as considerations.
to 1 percent higher. Jumbo To get any additional
mortgage also have higher informaiton, speak with a
down-payment requirements. Read mortgage specialist.
more about Jumbo mortgage. 2) Bad
Credit mortgage If you've had
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