Author: mortgagebanking

  • FHA Loan Benefits

    FHA Loan Benefits In an effort to make home buying possible for first time home buyers, people with lower income and lower credit scores, the Federal Housing Administration has established FHA loan programs. These FHA loan programs make it easier and more affordable for people to make their dreams of owning a home come true. […]

  • What is an FHA loan?

    What is an FHA loan?

    What is an FHA loan? An FHA loan is a mortgage loan that is issued by the Federal Housing Administration (FHA) and is insured by the FHA. FHA loans are meant to encourage home ownership among consumers who wouldn’t usually be approved for a mortgage without the government’s backing, such as first time home buyers […]

  • Conventional Loan Facts

    Conventional Loan Facts

    A conventional home loan is a mortgage that is not guaranteed by the U.S. Government and it usually follows the guidelines of Fannie Mae and Freddie Mac. In comparison to FHA home loans, conventional home loans typically require significantly lower monthly mortgage insurance costs. The higher your down payment and the higher your credit score, […]

  • VA Home Loans Allow Seller Concessions

    VA Home Loans Allow Seller Concessions

    Another benefit of a VA loan is that it allows seller concessions. Seller concessions are closing costs that the seller has agreed to pay. Seller concessions include, but are not limited to, the following: payment of the buyer’s VA funding fee prepayment of the buyer’s property taxes and insurance gifts such as a television set […]

  • VA Loans Do Not Charge Monthly Mortgage Insurance

    VA Loans Do Not Charge Monthly Mortgage Insurance

    Perhaps one of the biggest advantages of getting a VA home loan is that the VA does not charge monthly mortgage insurance. This translates into a nice monthly savings and allows the borrower increased buying power with their budget. Conventional mortgage loans and FHA mortgage loans do charge monthly mortgage insurance, making VA mortgage loans […]

  • VA Loans Have Lower Interest Rates On Monthly Payments

    VA Loans Have Lower Interest Rates On Monthly Payments

    One of the benefits of a VA home loan is that you pay lower interest rates on monthly payments. For many veterans, VA mortgages offer the most competitive rates on the market. And during this time of rising interest rates, that is a great benefit. Since VA mortgage loan rates are not tied to credit […]

  • VA Loans Have Lower Credit and Income Requirements

    VA Loans Have Lower Credit and Income Requirements

    One of the benefits of the VA loan program is that getting approved for a VA loan is easier than getting approved for a Conventional or FHA loan because a veteran’s credit score and income levels do not have to be as high for approval. The VA doesn’t have a minimum credit score requirement, but […]

  • What You Need For A Jumbo Loan Application

    What You Need For A Jumbo Loan Application

    As compared to the traditional mortgage programs, jumbo mortgage lending requires more information for application and is typically reserved for applicants with good credit, steady income, and a good amount of cash reserves. If you are applying for a jumbo home loan in Florida, the following information will likely be needed: – Credit Score – […]

  • VA Loans Do Not Require A Down Payment

    VA Loans Do Not Require A Down Payment

    The VA mortgage loan program allows veterans and military personnel with qualifying income and credit to purchase their home without a down payment. Most mortgage programs, such as FHA and conventional loans, require at least 3.5 percent to five percent down. On VA loans, the federal guarantee takes the place of the down payment. Since […]

  • Benefits of A Jumbo Loan

    Benefits of A Jumbo Loan

    If you are an investor or a home buyer you can benefit greatly from a jumbo mortgage loan. The main benefit of a jumbo loan is that you can borrow a large amount of money, more than $647,200, to purchase your luxury home, vacation home, or investment property. With a jumbo home loan, mortgage experts […]