Types Of Home Loans

Vernon Said:

Does anyone know if there are any types of first time home buyer loans out there to repair houses?

We Answered:

The following is a summary of information about an assistance program or grant available to individuals or families through an agency of the U.S. Government. ("CFDA No." is the program's listing number in the Catalog of Federal Domestic Assistance.)

CFDA No. 10.417 VERY LOW-INCOME HOUSING REPAIR LOANS AND GRANTS

CATEGORY: Housing Assistance

OBJECTIVES
To give very low-income rural homeowners an opportunity to make essential repairs to their homes to make them safe and to remove health hazards to the family or the community.

TYPES OF ASSISTANCE
Direct Loans; Project Grants

USES AND USE RESTRICTIONS
The Very Low-Income Housing Repair program provides loans and grants to very low-income homeowners in rural areas to repair, improve, or modernize their dwellings or to remove health and safety hazards. Grant funds are only available to homeowners aged 62 or older who cannot repay a Section 504 Loan. This includes repairs or replacement of heating, plumbing or electrical services, roof or basic structure as well as water and waste disposal systems, and weatherization. Loans bear an interest rate of one percent and are repaid over a period up to 20 years. In addition to the above purpose, loan funds may be used to modernize the dwelling. Maximum loan amount cannot exceed a cumulative total of $20,000 to any eligible person and a maximum lifetime grant assistance is $7,500 to any eligibile person. The house must be located in an eligible rural area which does not not exceed 10,000 population. Some places with population between 10,000 and 25,000 may be eligible if not within a Metropolital Statistical Area (MSA). Assistance is available in States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana's and the Trust Territories of the Pacific Islands.

ELIGIBILITY REQUIREMENTS
Applicants must own and occupy a home in a rural area; and be a citizen of the United States or reside in the United States after having been legally admitted for permanent residence or on indefinite parole. Loan recipients must have sufficient income to repay the loan. Grant recipients must be 62 years of age or older and be unable to repay a loan for that part of the assistance received as a grant. Applicant's income may not exceed the very low-income limit set forth in RD Instructions.

INFORMATION CONTACTS
Regional or Local Office: Consult your local telephone directory for Rural Development county office number. If no listing, contact your Rural Development State office listed in Appendix IV of the Catalog or visit http://www.rurdev.usda.gov/recd_map.html…

Headquarters Office: Director, Single-Family Housing Processing Division, Rural Housing Service, Department of Agriculture, Washington, DC 20250. Telephone: (202) 720-1474. Use the same number for FTS.

Web Site Address http://www.rurdev.usda.gov.

Joy Said:

need good website for Australia all about first home loans. deposit required. different rates + types of loans

We Answered:

Have a look at Your Mortgage - http://www.yourmortgage.com.au

There's interest rate table comparisons, calculators to help you work out repayments and affordability, plus a heap of articles to guide you through the home buying process.

Also, you might want to use a mortgage broker for your first home - you can find one here: http://www.yourmortgage.com.au/brokers - it's a database of over 4700 brokers Australia wide

Josephine Said:

what types of home loans can we get?

We Answered:

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

"FIGHT ON"

Darlene Said:

i need an explanation of types of loans available for a home?

We Answered:

May be this site can help you
http://www.thetechnology.net

Harold Said:

What are the different types of Home Loans avaliable for first time home owners?

We Answered:

Buying a house and making it your home is a dream almost everyone cherishes, irrespective of the geographical boundaries. The American Dream refuses to diminish in sheen and size despite the lingering subprime dark clouds. However, the current situation is a goldmine of opportunity of a smart and savvy first time home buyer or investor..Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing office in the county in which you reside.If these offices don't have the programs you are seeking they will be able to tell you what agency in their jurisdiction has them.

http://best-loans.awardspace.com/homebuyerprogram.htm

First time home buyers can now opt for first time home buyers loans and buy their choice of home more easily. Moreover, simply because you are buying a home for the first time doesn't mean you need to opt for this type of loan. Most of these loans come with restrictions as well as strings attached. While these loans are perfect for some, they are a bad choice for most others. Once you have located the first time home buyers program and who operate it, that agency normally have a list of lenders, banks mortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet.

Herbert Said:

What type of home loans exsist?

We Answered:

Balloon mortgage

With this type of loan, you will make monthly payments for a fixed amount of time, with a fixed interest rate. The difference is that at the end of the payment schedule, you will owe the unpaid balance in one lump sum. If you use a balloon mortgage, you will find that the interest rates are much lower than either a fixed rate mortgage or an ARM.

The obvious negative to this type of loan is that huge payment due at the end, but if you are planning to hold the house for a short period of time, then this might be the loan for you.

You can check this link for more information

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