By understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.
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Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
A second mortgage is a loan taken out against the value of your property, in addition to your primary mortgage. These loans can offer great benefits, but they certainly come attached with some large risks as well. more
FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more
- 3 Warning Signs of Loan Modification Scams
- Alternatives to Getting a 2nd Mortgage
- Home Equity Loans for People with Bad Credit
- Should You Refinance? Make Sure the Timing is Right
- FHA Eligibility with Bankruptcy and Foreclosure
- What Lenders Don't Reveal About Home Equity Loans
- 3 Reasons Banks Reject Short Sales
- Low Down Payment Loan Qualification
- Short Selling a Rental Property
- What To Do When Mortgages Default
- Appraisal Basics
- FHA Loans for a First-Time Home Buyer
- 3 Common Short Sale Mistakes
- 3 Factors that Can Negatively Affect Your Mortgage Application
Adjustable Rate Mortgages
These mortgage loans, often referred to as ARMs, have interest rates that periodically adjust based on a variety of indices. ARMs usually allow borrowers to lower their initial payments, in exchange for assuming the risk of interest rate changes.
Mortgage Loan Types
Select a loan type best suited to your needs.
Adjustable Rate Mortgage - A loan with a floating interest rate, determined by a set of indices.
FHA Loan - A loan guaranteed by the Federal Housing Authority.
VA Loan - A loan offered to American veterans by the U.S. Department of Veteran Affairs.
Good news for buyers coming into the spring home-buying season: mortgage credit is now more available that it has been in the past three years, as lenders warm up to the potential for more home loan revenue. The Mortgage Bankers Association’s Mortgage Credit Availability Index rose 0.44 percent to 114.0 in March, up from 113.5 in February. The MBA set its baseline index at 100 in March 2012. An increase in the index indicates looser credit standards. “I don’t think there’s any question that mortgage underwriting has gotten easier or is looser than it was two or three years ago, but it’s nowhere near where it was in 2005, 2006,” said Guy Cecala, publisher of the trade publication Inside Mortgage Finance in a MarketWatch article. “We are talking about easing from extremely tight underwriting standards.” Although it didn’t start tracking mortgage credit availability until 2012, the MBA estimates that in 2007 the index would have had a reading of 800. Much of the increase in availability has been to buyers in the higher price ranges, following sales patterns. The National Association of Realtors recently reported that annual sales of homes priced between $500,000 and $750,000 grew 6.4 percent and sales between $750,000 and $1 million jumped 13 percent. At the same time, however, annual sales for home priced up to $250,000 – the bulk of homes on the national market – sank seven percent. “Consistent with past months, many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options by introducing new jumbo loan programs. Over the month, some lenders made a complete exit from wholesale lending operations, while other lenders moved to enter that space or expanded operations,” said Mike Fratantoni, MBA’s Chief Economist in a statement. Jumbo loans are for mortgages that exceed the Freddie Mac and Fannie Mae guarantee maximums. If prices keep climbing and inventory remains restricted, lenders are likely to keep focusing on opening more credit to buyers in the higher price brackets. more