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This article talks about the top ten mortgages programs which include both a) Conventional and Government Loans and b) Fixed Rate Loans, Adjustable Rate Loans and the various combination loans.
Fixed Rate Mortgages: The interest rate and the monthly mortgage installment are kept fixed for FRM and these could be availed for 10, 15, 20, 25, 30, or 40 years.
Adjustable Rate Mortgage: While for an ARM, the interest rate and monthly installments fluctuate over the period of the loan. Basically it varies on the basis of the movements in few defined indexes.
Federal Housing Administration Loan: It’s a part of the U.S. Department of Housing and Urban Development and they have very low down payments so one can quite easily get these loans.
Veteran Affairs Loans: VA Loans are given guarantee by the U. S. Dept of Veterans Affairs to the veterans and service persons to make it easy for them to get home loans with suitable rates and terms.
Rural Housing Service Loan Programs: The RHS is a part of the U.S. Dept of Agriculture that gives guarantee for the loans taken by rural residents of US and also they have absolutely zero down payments and very low closing costs.
State and Local Housing Programs: These are offered by various states and counties having very low or medium rates of interest.
Conforming Loans: The traditional loans may either be conforming or non-conforming. The one in which the terms and conditions conform to the guidelines prescribed by Fannie Mae and Freddie Mac is a conforming loan. The mortgage loans which comply with their guidelines are purchased by these institutions purchase and are sold to the same as securities to investors thusly giving a continuous flow of money.
Jumbo Loans: Fannie Mae and Freddie Mac institutions have kept a maximum loan limit so if a loan is taken above this limit, then it will carry a higher rate of interest than the conforming loans.
B/C Loans: Those that conform to the borrower credit requirements stated by Fannie Mae and Freddie Mac are termed as ‘A’ loans while those that do not satisfy this criterion are tagged as 'B', 'C' or 'D'.
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