Tuesday, October 06, 2009
Popular Home Loan Programs For First Home Buyers
There are many times of financing options available to home buyers. Here are some of the most common mortgage products on the current real estate market: For more information or to apply for a mortgage visit. www.realestatelatino.com
Fixed Rate Mortgage
The interest rate on a fixed rate mortgage stays the same throughout the term of the loan, usually 15 or 30 years. This means the principal interest portion of your payment remains the same. Payments are stable but initial rates tend to be higher than adjustable rate loans and often cannot be assumed by a subsequent buyer.
FHA does not lend money or make a loan; rather, it insures loans. The down payment can be as low as 3.5%. Either buyer or seller may pay discount points. FHA charges a 2.25% up front Mortgage Insurance Premium (or as little as 2% for a first time home buyer) that can be financed in the mortgage amount or paid in cash (no premium is required for condominiums). The borrower must also pay an annual Mortgage Insurance Premium or .5%, which is collected monthly.
The VA does not lend money; it guarantees a portion of the loan so that lenders who originate the loan feel comfortable with their risk. Qualified veterans can obtain loans with no down payment (Click Here For Local VA Mortgage Limit). VA-guaranteed loans can be combined with second mortgages and are assumable upon qualifying by any future buyer.
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