Listed are some popular loan types, information on getting your credit report information, the current mortgage rates published by Fannie Mae and online resources to learn more.  Be sure to ask your financial expert and mortgage lender/loan processor specific questions about any of these and other types of loans that you might be interested in to see if you qualify. 



CONVENTIONAL 

Conventional loans are not insured by the FHA or VA.  Generally, these are a good option for home buyers with higher credit scores and stable employment histories.


VA LOANS

VA housing assistance can help service members, Veterans, and their surviving spouses to buy a home or refinance a loan.  VA Housing Assistance
 

FHA LOANS

An FHA loan is a mortgage that's insured by the Federal Housing Administration (FHA). However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults. Borrowers can qualify for an FHA loan with a down payment as little as 3.5% for a credit score of 580 or higher.  Let FHA Loans Help You


USDA

This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.  Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area.  The program provides 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural home buyers.   To see if you qualify contact a local mortgage lender.  Click here to see eligible areas.  USDA Eligible Areas


REVERSE MORTGAGES

The most widely used reverse mortgage is an FHA product called the Home Equity Conversion Morgage or HECM.  This program is for a person over the age of 62 to release equity in his or her primary residence without having to sell or move. You can find out more about this program at this site: Home Equity Conversion Mortgages for Seniors

ENERGY EFFICIENT MORTGAGE PROGRAM

FHA's Energy Efficient Mortgage program (EEM) helps families save money on their utility bills by enabling them to finance energy efficient improvements with  their FHA-insured mortgage.

The EEM program recognizes that an energy-efficient home will have lower operating costs, making it more affordable for the homeowners.  Cost-effective energy improvements can lower utility bills and make more income available for the mortgage payment.  Learn more about this program




When Should You Check Your  FICO Score?

A consumer should review his or her credit report from each credit reporting agency at least once a year and especially before making a large purchase, like a house or car. To request a copy, the consumer can contact the credit reporting agencies directly:

Consumers can go also to https://www.annualcreditreport.com/index.action to obtain a free copy of their credit reports from each of the three bureaus.

If a consumer finds an error, the credit reporting agency must investigate and respond to him or her within 30 days. If a consumer is in the process of applying for a loan, he or she should immediately notify the lender of any incorrect information in the report.

The Consumer Federation of America (http://consumerfed.org/), FICO (http://www.fico.com), and Freddie Mac (http://www.freddiemac.com) offer free online resources regarding consumer credit, credit reports, and credit scores.


 

Current Mortgage Market Rates













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