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Get the inside scoop onmortgage refinance home improvement loans refinanc
Part III: Learn About your Home Mortgage Options
VA-Guaranteed Loans
If you are a veteran of military service, reservist, or on active military duty, you may be able to obtain a loan guaranteed by the Department of Veterans Affairs (VA), which requires little or no downpayment. Get more information about the VA Loan Guaranty program.
Rural Housing Service Loans
The Rural Housing Service (RHS), which is a part of the US Department of Agriculture, offers Section 502 Direct and Guaranteed Rural Housing loans to homebuyers located in rural areas. Section 502 Direct loans offer reduced interest rates to lower-income borrowers who qualify, and are arranged directly through local USDA County Agents or through USDA Rural Development state offices.
A limited amount of funding is available for Section 502 Direct loans, so some lenders also offer Leveraged Loan programs. Leveraged loans combine a Section 502 Direct loan that carries a low interest rate with a conventional, market-rate loan. The blended interest rate on the resulting loan is lower than the current market rate as a result of the combination of the rates on the two loans.
The Section 502 Guaranteed Rural Housing Loans are arranged through participating local lenders and are available to a broader range of borrowers. Click here to find out more about RHS loan programs.
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Be sure to read Part IV of this article at:
http://www.houseplancentral.com/articles.php?id=16
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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 mortgage refinance home improvement loans refinanc
- BofA in mortgage lender settlement (Financial Times)
Bank of America has agreed to settle multi-state claims of deceptive and predatory lending practices against Countrywide Financial , the mortgage lender, in a deal that could result in a cut of up to $8.4bn in interest rate and principal payments for homeowners.
- Banks slash home loan rate (Perth Now)
THE big four banks have all reduced their variable home loan rate by 80 basis points, passing on most of the Reserve Bank's full percentage point cut.
- Interest rate relief but not much (Adelaide Now)
HOME owners are likely to miss out on half the interest rate cut expected to be announced by the Reserve Bank today.
- Countrywide Settles Fraud Cases for $8.4 Billion (Update1) (Bloomberg)
Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender acquired by Bank of America Corp. in July, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.
- Rate cut hits home (The Age)
The Wright family are among the beneficiaries of the Reserve Bank?s decision to slash interest rates.
- Bank of America creates home retention program for Countrywide customers (Banking Business Review)
Bank of America has announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial customers across the US.
- TD Canada Trust hikes variable mortgage rates, lines of credit (Canadian Business)
TORONTO - One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages.
- Commonwealth cuts home loan rates (Daily Telegraph)
AUSTRALIA'S biggest mortgage lender Commonwealth Bank has reduced its standard variable home loan rate by 80 basis points to 8.53 per cent, passing on most of the Reserve Bank's cut in the cash rate.
- Big interest rate cut tipped (The West Australian)
Home borrowers are tipped to see the biggest rate cut in seven years on Tuesday as global financial market turmoil puts pressure on bank funding costs.
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