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Www Mortgagebankukmortgage H Bank Loan Szh Yuyuetong888 Blog Stockstar Blog 2258742 Mortgage Bank Mortgage Refinance & Mortgage Guide for People with Disabilities

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Since 1990, there have been some remarkable milestones in raising the number of national home owners among minorities and the disabled:

|— In 1990, the Low Income Housing Preservation and Resident Homeownership Act was passed, preserving and rehabilitating low and moderate income housing, which benefited many disabled home seekers.

|— In 1993, President Clinton increased available financing for housing by means of an Interagency Policy Statement on Credit Availability.

|— In 1994, Fannie Mae made a $1 trillion commitment to increase targeted mortgage loans to minorities and people with disabilities.

|— In 1999, NAHB, HUD and the nation’s city mayors joined forces and interests to build new homes in both inner city neighborhoods and older suburban areas, making more homes available for lower income families, minorities and home seekers with disabilities.

Click the link to listen to an audio version of this guide by using the embedded player below

Chapter 4 – Types of Mortgage Loans Available

Beginning as a government agency in 1938, Fannie Mae became a private company owned by shareholders in 1968. It offers numerous mortgage products and programs which provide equal opportunities for becoming home owners to people with disabilities or handicapped family members. Programs currently in operation include:

• Community HomeChoice – for the disabled at low to moderate income levels. It provides for flexibility of Loan-to-Value ratios (LTVs), down payment sources, qualifying ratios, and credit establishment.

• Community Living – a lending product structured to offer financing for small, group homes for children and adults who are disabled and cannot live independently. These mortgage loans are different from more traditional mortgage designs since borrowers are not necessarily individuals. Also eligible as applicants are non-profit and profit seeking corporations, limited partnerships, and government agencies aiding both children and adults who are disabled.

• Community Landing – varied mortgage programs, often with low or no down payment requirements designed specifically to benefit disabled applicants by helping them conquer the two most common obstacles to owning a home: down payment funds and qualifying income. These mortgage products usually have lower closing costs and a higher debt allowance than most traditional mortgages.

The Most Popular Mortgage Types

Fixed Rate Mortgages – This variety of mortgage loan (often referred to as “the granddad of all mortgages”) is now offered as 10-year, 15-year, 20-year, 30-year, 40-year, and 50-year fixed-rate mortgage loans, and all are completely amortized.

FHA Loans – FHA mortgages are government insured and come with the lowest possible payment requirements.

VA Loans – Veterans Administration loans are provided for veterans of the U.S. Armed Services. These loans are government guaranteed, and the borrower is not required to make a down payment.

Interest-Only Mortgages – These loans include an option to render an interest-only payment.

Hybrid Varieties of Mortgages

Option ARM Mortgages – These adjustable-rate mortgage loans can be complex. However, their main feature is that of a fluctuating interest rate allowing borrowers to make choices from various payment options and index rates.

Combo / Piggyback Mortgage Loans – This variety of mortgage loan is comprised of a first and second mortgage.

Adjustable-Rate Mortgages — ARMs come with fluctuating interest rates which can actually remain fixed for a substantial period before adjusting.

Mortgage Buydowns – Mortgage buydowns allow borrowers to pay a lower initial rate of interest. Lenders, buyers or sellers can buy down the interest rate.

Specialty Mortgage Types

Streamlined-K Mortgage Loans – This FHA loan plan provides funding to borrowers for the purpose of renovating or making improvements to a home (and can be compared to the 203K loan program).

Bridge / Swing Loans – This variety of mortgage loan can be useful after a seller has put a house on the market which has not yet sold. To enable the seller to buy another home, the unsold home is used as security or collateral (or swing).

Equity Mortgages – These loans are second position and junior to the first loan. With an equity loan, the borrower can draw funding from a line of credit.

Reverse Mortgages – Anyone over 62 years of age can apply for a reverse mortgage. With this mortgage loan plan, for the duration of time the borrower lives in a home, the lender makes monthly payments to the borrower.

Obtaining a second mortgage can be quite helpful in handling unexpected, but unavoidable expenses, such as automobile repairs, home repairs and improvements, or extra college or business expenses. A second mortgage is simply a loan taken out against your property (your home) subsequent to your first, or primary loan. Your home serves as collateral for acquiring the second loan. Since the second mortgage loan takes second place priority to your first mortgage, if you should have the misfortune of defaulting on both loans, you must pay off your primary loan first. It can be advantageous to obtain a second mortgage loan in such circumstances as:

• You need to pay off a sizable debt balance;
• You need capital for a start-up business or an attractive investment opportunity;
• You do not want to pay costs of private mortgage insurance (to avoid this expense, your second loan must cover 20% of the home’s purchase price).
• You want to buy a new car, more property, or make extensive home improvements;
• You want to build another home or commercial structure.

By means of a second home loan, you can borrow to the limit of your home’s equity, or up to the amount of the home value which you now own outright. Although some lenders will let you have a second mortgage equivalent to 125% of the appraised value of your home, the majority of lenders will allow you a second loan which brings the total loan-to-value ratio of both loans equal to 85% of your home’s value.

Your interest rate on the second loan acquired will be greater than that on the primary loan, especially since, should you default on your loans, you must pay off the primary one first.

Both fixed rate home equity loans and adjustable rate home equity lines of credit can be obtained, based on your credit score, total loan to value ratio, and relative to currently existing market trends.