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Are you looking for certain inside info on
loands home equity loans california mortgage refinancing
Part II: Learn About your Home Mortgage Options
Conventional Mortgages
A conventional mortgage is one that is not insured or guaranteed by the government. Conventional loans with a downpayment of less than 20% typically require private mortgage insurance (PMI), which protects the lender if the homeowner defaults on the loan. For more information about conventional loans, please check the Web sites of Fannie Mae and Freddie Mac,the two primary puchasers of conventional loans.
FHA-Insured Loans
The Federal Housing Administration (FHA), which is a part of the US Department of Housing & Urban Development (HUD), operates several low-downpayment mortgage insurance programs that buyers can use to purchase a home. FHA-insured loans generally require the buyer to make a three percent cash contribution to the downpayment and closing costs. FHA-insured loans are available from most of the same lenders who offer conventional loans.
The maximum FHA-insured loan amount for a one-family home ranges from about $172,632 to $312,895 depending on local area median home prices and other factors. Your lender can provide more details about FHA-insured mortgages and the maximum loan amount in your area, or find information on FHAs loan limits directly from HUDs Web site.
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Be sure to read Part III of this article at:
http://www.houseplancentral.com/articles.php?id=15
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About the author:
Mark Mathis is a building designer and publisher of several stock house plan websites and informational resources including http://www.HousePlanCentral.com, http://www.HousePlanGallery.com, and http://www.moneytalks-bswalks.com. Be sure to visit each site and subscribe to our eNewsletters to receive special offers, promotions, and subscriber-only features.
More Useful Resource and Updates on loands home equity loans california mortgage refinancing
- Plan before interest-only loan adjusts (Bankrate.com via Yahoo! Finance)
It's important to study all options before the terms change on your interest-only mortgage.
- (AFX UK Focus) 2008-11-13 12:15 US mortgage applications rise as interest rates drop-MBA (Interactive Investor)
NEW YORK, Nov 13 (Reuters) - U.S. mortgage applications rose last week, recovering from an almost 8-year low, as potential borrowers took advantage of a sharp drop in interest rates, an industry group said on Thursday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Nov. 7 increased ...
- U.S. to simplify mortgage disclosure rules (USA Today)
Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules by the federal government.
- Mortgage Questions Answered (The Tampa Tribune)
Can a restructured mortgage include an interest rate reduction? Yes - to lower monthly payments, a lender might decrease the mortgage interest rate either permanently or temporarily.
- Mortgage applications rise as interest rates drop: MBA (Reuters via Yahoo! News)
U.S. mortgage applications rose last week, recovering from an almost 8-year low, as potential borrowers took advantage of a sharp drop in interest rates, an industry group said on Thursday.
- Banks cut down interest rates on home loan (Central Chronicle)
The public sector banks have announced to cut down the interest rate on major loans by 50 to 75 basis points (0.50-0.75%). The banks announced it after concluding the meeting of the heads of the banks with Union Finance Minister P Chidambaram, who assured the bank chiefs to take some measurable steps to help banks in reducing bad loans on their books.
- U.S. MBA's Mortgage Applications Index Increased 12% Last Week (Bloomberg)
Nov. 13 (Bloomberg) -- Mortgage applications in the U.S. climbed last week from an almost eight-year low as homeowners took advantage of lower interest rates to refinance loans.
- Aussie cuts home loan rate again (Herald Sun)
NON-bank lender Aussie Home Loans has dropped its standard variable mortgage interest rate by a further 40 basis points.
- How Does Interest Rate Cuts Affect Consumers? (Investopedia via Yahoo! Finance)
Traders rejoice when the Fed drops the rate, but is it good news for all? Find out here.
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