The FHA 203(h) Loans are the specialized FHA Loan Program that offers 100 percent financing to assist disaster victims. This Mortgage Loan is designed for purchasing new properties or reconstructing existing houses after catastrophic Damage. An FHA 203(h) Loan is specially reserved for disaster victims whose principal resistance was destroyed or damaged to the point … Read more
The FHA 203(k) Loan or Rehabilitation Mortgage loan is a type of government-insured mortgage loan that allows borrowers to take out the loan for two purposes including Home Purchase and Home Renovation. An FHA 203(k) Loan is also known as a Mortgage Rehab Loan, renovation loan, or Section 203(k) Loan. These Mortgage Loans can be … Read more
FHA 203(b) Loan Is the Mortgage Loan Program that is developed for first-time homebuyers, buyers with less-than-average credit, and Homeowners who want to refinance their home to pay for renovations. This type of Mortgage Loan is backed by the Federal Housing Administration (FHA) and offers very low down payment options. An FHA 203(b) Loan is … Read more
A Proprietary Reverse Mortgage is one of the Reverse Mortgage Loans that allows senior homeowners to access the equity in their homes through private lenders. The Proprietary Reverse Mortgage is a home-secured private mortgage loan that allows senior citizens aged 62 and older to convert a portion of their home’s equity into cash. These Mortgage … Read more
A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage loan that allows borrowers to convert equity into tax-free funds or monthly cash flow, eliminate payments on their current mortgage, or purchase a home without monthly mortgage payments. Home Equity Conversion Mortgage allows senior citizens to obtain a loan based on the value … Read more
A Single-Purpose Reverse Mortgage is a type of reverse mortgage loan that helps lower-income senior Homeowners cover specific lender-approved expenses such as property taxes or home repairs. These Mortgage loans allow homeowners to access their home equity for a predetermined purpose. There are three main types of reverse mortgages such as single-purpose reverse mortgages, federally … Read more
Portfolio Loans are Mortgage loans in which the lender keeps their portfolio instead of selling it to a third party. Unlike government-backed loans or conventional mortgage loans, a Portfolio Loan is generally a mortgage loan originated that is not being sold in the secondary market. A Portfolio Loan is easier to get for the borrowers, … Read more
A Subprime Mortgage Is a Home loan that allows individuals with a limited credit history, or subprime credit to purchase or refinance the loan. The Subprime Mortgage Loans have interest rates that are higher than the prime rate. These Mortgage Loans give borrowers with impaired credit a means to buy homes but with risks. A … Read more
A Non-Amortizing Loan is a type of Loan in which payments on the principal are made by lump sum. As a result, the value of the principal does not decrease at all over the life of the Loan. Non-amortizing loans typically have high-interest rates because these loans are unsecured. The Non-Amortizing Loans can be used … Read more
An Amortizing Loan is a type of credit that is repaid through periodic installment payments over the lifetime of a Loan. An Amortized Loan is a type of Mortgage Loan that requires the borrowers to make scheduled, periodic payments, which are applied to both principal and interest. An Amortizing Loan has fixed, periodic payments that … Read more