Mortgages - Homes for Sale
Center.com
Mortgage financing is one of the most
important steps when buying a home. There are
many advantages of getting pre-qualified for a
mortgage before you begin shopping for homes
for sale. Three of the biggest advantages are:
- Narrow your home buying search to only homes you
can afford.
- You know exactly how much your monthly
mortgage payments will be.
- Find out exactly how much money you will
need to buy the homes you are looking at.
Below are some links to some websites that
provide mortgage financing. We have grouped
these by the most common types of mortgages. Within each
group you will find an explanation of the
mortgage program, mortgage calculators and links to websites that
provide additional information and the ability
to apply online for that type mortgage.
These are the most common type of mortgages
used when buying a home. This type of mortgage
loan follows loan guidelines that have been
set forth by Fannie
Mae and by Freddie
Mac.
The most basic definition of a conventional
mortgage is any home loan where the mortgage
loan amount is below: $322,700 for a single
family home.
Below is an excellent mortgage lender
specialized in mortgages for buying a home.
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Jumbo mortgages are defined as any mortgage
where the loan amount is over $322,700. Jumbo
mortgages typically have a slightly higher
mortgage rates than conventional
mortgages.
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FHA mortgages are home loans that require
only 3% and are insured by HUD. These types of
mortgages are slightly easier to qualify for
because of of the flexible mortgage
guidelines.
FHA sets maximum mortgage loan limits based
on the area you are buying a home in. Use the
following link to research the maximum FHA
loan limits in your state.
For more information or to apply for a FHA
mortgage, visit these popular sites
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VA loans allow veterans to buy a home with
no down payment. VA mortgage loans are insured by
the "Department of Veterans
Affairs". The current maximum 100% VA
loan amount is $240,000 and with a small down
payment you may obtain a VA jumbo loan up to
$300,000.
If you are a veteran, we have provided you
some tools to use.
For more information regarding VA mortgage,
visit any of these sites.
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If you have bad credit you may still be
able to buy a home. Bad credit loans are
called sub-prime mortgages. These types of
loans can help you qualify for a mortgage to
buy a home. To determine if you need this type
of mortgage, look are the following
statements. If you answer yes to any of these,
you probably will need to consider a sub-prime
mortgage.
- Have you filed for Bankruptcy in the
last three years?
- Foreclosure or Notice of Default in the
last three years?
- Have you been late on any payments in
the last two years?
- Have you had to make double payments to
get caught up on any payments?
- Do you currently have outstanding
collections, judgments, repossessions, or
liens?
Again, if you have answered yes to any of
these questions, you may need to inquire about
a sub-prime mortgage ( bad credit loan ). If you are unsure on
what is on your credit report, you can get a free
credit report here.
For more information or to apply for a bad
credit loan, visit the following sites.
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Below are other types of mortgages
available when buying a home.
CalPERS loans
The CalPERS loan is a mortgage program
exclusively for members of California Public
Employees Retirement System, LRS and JRS. This mortgage
program offers competitive mortgage rates and
loan fee's. Also this program offers a 60 day
mortgage rate lock-in with two interest rate
float downs.
For more information regarding this program
visit the following web sites:
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