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    Home Loan Programs

    You have found that dream home, now which of the home loan programs is right for you? There is no simple answer to that question; home loan programs need to be studied to select what is best. This all depends upon your individual family preferences and financial circumstances.

    Some reasons to consider when choosing from the dissimilar home loan programs. Your current financial situation, do you expect this situation to change? How comfortable are you with a changing mortgage payment? A fixed rate mortgage can save you thousands in interest over the period of the loan, but it will also give you higher monthly mortgage rates. An adjustable rate will beginning you out with lower monthly payments but you can face higher monthly payments if the rates change.

    You have decided which type of loan is best for you, now you need to select which of the more in favor home loan programs, is the best one for you.

    Conventional loans are secured by government sponsored lenders. They are also known as government sponsored entities (GSE's). They can be used to purchase or to refinance single family or 4 plex homes with a first or a second mortgage. There are limits that are adjusted annually if required based on the national general of new homes. You would need to check what the current year's limits are for an accurate amount if you were to select this type of home loan program.

    FHA loans are programs to helping low income families become home owners. By protecting a mortgage company from default they encourage companies to make loans to families that a lot not meet common credit guidelines. Some of the highlights of these loans are. Lower down payments can be as low a 3% versus the common 10% requirements. Closing costs of up to 2 or 3 per cent of the home value can be financed, this reduces the up front wealth needed. The FHA also imposes limits on the fees from the mortgage company such as the loan origination fee can not be more than 1% of the amount of the mortgage.

    VA loans are obtainable to military veterans who served on active duty and were discharged under conditions other than dishonorable. The dates for eligibility are WWII and later. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days service. Veterans with service only during peacetime times and active duty military personnel must have had more than 180 day's active service. There are other eligibility requirements. If you think you may be eligible contact your local or state veterans' administration representative.
    The biggest factor in a VA loan is that no down payment is needed in the bulk cases. There is no mortgage insurance payments needed, closing costs to the buyer are also limited. You can negotiate rates with the lender and you then have a choice of payment plans with up to a 30 year loan.

    The last loan program we will mention is called a subprime loan. This is a loan for people with poor credit who wouldn't qualify for a conventional loan or a VA or FHA guaranteed loan. These loans normally will call for a higher down payment and have a larger interest rate. This is because of the risk involved to the mortgage company. These loans should normally be considered for a limited amount of time such as 2 to 4 years. It is a wonderful way to improve your credit situation and then refinance with more favorable terms.

    We have featured finding or planning that new dream house is just the start of the journey into your new home. The right answer to the question, which of the home loan programs is for you, takes research and a honest look at your personal situation.

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