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|— 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.
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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:
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:
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.
By consulting a number of lenders and obtaining quotes, you can shop for the most appropriate second loan for your needs. After you fill out the necessary paper work to apply for the loan, an appraisal will be conducted to ascertain the present value of your home. At the closing for the second loan, you must pay closing costs, just as you did when obtaining your first loan.
After you acquire your second mortgage loan, you can then refinance the primary loan. At this time you should request that your lender make the second loan subordinate to the refinance loan. Unless you do so, the second loan will become the primary loan, while the refinance mortgage loan becomes secondary.
Since, if you default on the second mortgage, you could lose your property due to foreclosure, it is imperative that you undertake a complete budget analysis before acquiring the second loan.
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If your monthly payments and other expenses are steadily increasing, or if you have mounting debt balances which you would like to clear as soon as possible, you should consider the benefits of refinancing your mortgage. The mortgage refinancing process actually replaces your present mortgage loan with a new loan having a better interest rate and more manageable terms and conditions. Your home will now serve as security for both loans. At the same time the second loan pays down the existing primary mortgage, the remaining funds can be used to best benefit you and the projects you choose to pursue.
The following are five legitimate reasons for choosing a mortgage refinance: