Types of Mortgages - MoneyTips

40-Year Mortgage: Everything You Need To Know

MoneyTips Writer — Mon, 07 Aug 2023 18:48:06 +0000

Traditionally, most mortgages are either 15-year or 30-year loans. And because purchasing a home can get expensive, many aspiring home buyers wonder if it’s possible to get a longer mortgage. Typically, the longer a loan’s repayment term, the lower your monthly payments. Enter the 40-year mortgage. Before applying for this type of loan, it’s important...

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What Is the Minimum Credit Score for a VA Loan?

MoneyTips Writer — Tue, 09 May 2023 19:25:19 +0000

The U.S. Department of Veterans Affairs (VA) reported that in 2022, nearly 750,000 VA home loans were issued, and the average loan amount was $343,895. For veterans and service members (and their families), a VA loan remains one of the most viable paths to homeownership. Those interested in the program typically have questions about the...

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Joint VA Loans: Everything You Need To Know

MoneyTips Writer — Mon, 01 May 2023 21:01:52 +0000

With perks like no required down payment and free mortgage loan counseling, it’s no wonder U.S. Department of Veterans Affairs (VA) loans are a popular option for the military community. The catch is you must meet minimum service requirements to apply for a VA loan. However, with joint VA loans, non-military borrowers also have an...

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Is Fannie Mae’s HomeStyle® Loan Right for You?

MoneyTips Writer — Fri, 17 Mar 2023 14:03:32 +0000

Not every homeowner starts with their dream home. Many Americans begin building equity with fixer-uppers. Other times, savvy investors might see the potential in a property after upgrades are made. If you’re interested in financing upgrades to a property, a Fannie Mae HomeStyle® loan might be right for you. We’ll explain how the program works,...

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Freddie Mac’s Home Possible® Program: Explained

MoneyTips Writer — Fri, 17 Mar 2023 13:25:33 +0000

Founded by Congress in 1970, Freddie Mac exists to provide liquidity and stability to the U.S. mortgage market.Their core mission is to ensure a reliable and affordable supply of mortgage funds. In theory, this helps keep interest rates lower and makes mortgages affordable for more Americans. Designed to help very low- to low-income borrowers become...

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What Is an Energy-Efficient Mortgage?

MoneyTips Writer — Tue, 07 Mar 2023 20:38:58 +0000

Whether you’re worried about your carbon footprint or trying to save on utility bills, there are many benefits to considering an energy-efficient mortgage (EEM). EEMs, also known as green mortgages, are loans that can be used to finance energy-efficient improvements to an existing home or purchase a home that’s already energy efficient. We’ll cover EEM...

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Mobile Home Loans: Know Your Options

Nathan Grant — Fri, 17 Feb 2023 18:05:04 +0000

Even with fluctuations in the housing market, homes remain expensive – especially new construction. In November of 2022, the median sales price for new construction was $471,200. Alternative housing, in the form of mobile and manufactured homes, offers Americans a significantly cheaper path to homeownership. The average sales price of new manufactured homes was $86,500...

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Home Loans for Teachers: Affordable Mortgages and Assistance

Matthew Jones — Tue, 20 Dec 2022 21:07:24 +0000

Given today’s home prices, buying a home on a teacher’s salary ain’t easy. If you’re a teacher and aspiring home buyer, you should know that many home loans are specifically designed for educators to help them purchase real estate. And you can also take advantage of mortgage assistance programs to help make buying a home...

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FHA Approved Condos: How To Find and Buy Yours

Matthew Jones — Tue, 20 Dec 2022 17:19:24 +0000

If you qualify for an FHA loan, but you can’t find or don’t want a traditional house, you could opt for a condominium. Like houses, condos need to be approved by the Federal Housing Administration (FHA) before they’re added to the official list of FHA-approved properties. This means you’ll need to pick from available FHA-approved...

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FHA Flipping Rule: What Should Home Buyers Know?

Jonathan Pressman — Mon, 19 Dec 2022 16:53:46 +0000

When you’re searching for your next home, a fully renovated property can be pretty appealing. But if you want to use a Federal Housing Administration (FHA) loan to purchase a recently renovated property, you might run into some trouble getting your financing approved. Even if you have excellent credit and enough cash for a sizable...

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FHA vs. VA Loan: What’s the Difference and Which One Is Right for You?

Adaeze Nwakaeze — Mon, 19 Dec 2022 16:23:11 +0000

Plunging into homeownership is a big deal. You want to make sure you’re getting the best deal possible, and that starts with researching your loan options. Federal Housing Administration (FHA) and Veterans Affairs (VA) loans are two of the most common government-backed mortgage programs – but they offer very different benefits for borrowers. So which...

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ARM vs. Fixed-Rate Mortgages: What’s the Difference

Jonathan Pressman — Fri, 16 Dec 2022 17:15:55 +0000

If you’re exploring your options for financing a home purchase, you’ve probably encountered two of the most common types of home loans: fixed-rate mortgages and adjustable-rate mortgages (ARMs). ARMs have an introductory period with a low teaser rate, followed by periodic interest rate adjustments. Fixed-rate mortgages remain unchanging for the full loan term. Let’s compare...

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