Although youngsters entering college for the first time may seem a world apart from the average elderly citizen, these two groups have a very important common trait; the need for adequate housing. For many years young people have rented the absolute cheapest place possible to save on expenses that were devoted to college expenses. At the same time, many older people find themselves in need of downsizing their home or even selling their beloved property in order to devote more funds to basic living costs and medical bills at a time when their income has been drastically reduced. Thankfully, the Family Opportunity mortgage can assist both of these groups.
The resurgence of real estate markets over the past year has brought about an unusual situation. While interest rates on conventional loans are still unbelievably low, new lending guidelines are making it a bit more difficult to approve a loan. At the same time, the number of jumbo mortgages continues to climb each month as buyers move up in property and take advantage of distinct advantages not offered by typical lending.
The months of April to July are usually the busiest for the real estate market. Data from past years shows that this short time span will contribute 40% of all home transactions for the year. This means that real estate agents and lenders are busy trying to help as many customers as possible. Along with these professionals the VA Mortgage is standing ready to endorse their no money down loans to aid veterans in getting a home.
Believe it or not, mortgage loans are similar to automobile repair. Specific types of cars take longer to do routine repairs and specific types of mortgage loans take longer to close. Here are the various types of loans and the approximate length of time necessary to close.
If you or someone you know has plans to use a cash gift as their down payment for an FHA home loan, pay close attention. While the cash gift is not only allowed but encouraged by the Federal Housing Administration, there are rules to how the money can change hands and how it is all documented. If the steps are not followed it is very likely that the home loan will be rejected.
An offshoot of the popular FHA home loan is the 203k mortgage. The loan is named after the section of the FHA guidelines where the mortgage is located. While an FHA mortgage was designed to allow people to buy a home in move-in condition, the FHA 203k program has a very different goal. It is aimed at allowing people an opportunity to purchase and either repair or renovate the property before moving in. The uniqueness of the program has made it possible for more people to become homeowners and helped some areas inject new energy into their neighborhoods.