Mortgage Loan Programs Overview

 

Conventional Financial

A government-sponsored enterprise (GSE) is a financial services corporation created by the U.S. government. Fannie Mae and Freddie Mac are the two largest GSEs and the ones that most people know. The purposes of a GSE is to encourage lending and enhance...

Maximum LTV For Conforming Loans

Maximum Loan To Value The maximum Loan To Value for Conforming Home Loans varies whether the home is a Primary Residence, a Second Home, or an Investment Property. • Primary Residence = 5% down. • Second Home = 10% down. • Investment Prope...

Mortgage Insurance (MI)

What is Mortgage Insurance? Mortgage Insurance (MI) protects the lender if your unable to pay the mortgage payment and guarantees your lender will get paid if you default. When financing a home you have choices, pay 20% or more down, get a second...

Mortgage Insurance Overview

Mortgage Insurance, PMI, MIP, MI - it's all the same (sort of). PMI is mortgage insurance for conventional loans, MIP is for government loans (like FHA and USDA), and Mortgage Insurance, aka "MI" is the generic term for all types of mortgage insurance....

Mortgage Insurance Tax Deduction

Legislation is still pending to determine if Mortgage Insurance (MI) will be an allowable deduction in 2014. The following information is not tax advice and you should consult your tax advisor regarding deductions. MORTGAGE INSURANCE TAX DEDUCTION...
Conventional MI

Conventional MI

The costs of Mortgage Insurance (MI) varies from program to program and the government-backed programs (like FHA , VA , USDA , etc.) have predetermined MI factors that only vary based on the Loan to Value (LTV) and the loan term (i.e. 30 year vs....
Mortgage Insurance Cancellation

Mortgage Insurance Cancellation

Mortgage Insurance Cancellation Let's face it, nobody likes Mortgage Insurance and the sooner you can cancel PMI the better. The information below is to serve as a guideline to mortgage insurance cancellation and is not intended to serve as legal...
Second Lien Mortgages Explained

Second Lien Mortgages Explained

Split Financing means using two mortgages to purchase or refinance a home so that the total amount financed is "split" up into two loans. A second lien is a mortgage that exists behind a first lien mortgage and is typically used to avoid Mortgage Insurance...
FHA Home Loan Basics

FHA Home Loan Basics

FHA Home Loan Basics An FHA home loan is a residential mortgage that is insured by the Federal Housing Administration (FHA). This means the U.S. Government insures the home loan and protects FHA-approved lenders against potential losses should a...
FHA Mortgage Insurance

FHA Mortgage Insurance

FHA Mortgage Insurance FHA Home Loans have two types of mortgage insurance: Up Front MIP (UFMIP) and Annual Mortgage Insurance (that is paid monthly). Because the mortgage insurance protects lenders from potential default risks, FHA home loans offer...

Multiple FHA Loans

http://portalapps.hud.gov/FHAFAQ/controllerServlet?method=showPopup&faqId=1-6KT-879 Can a person have more than one FHA loan? To prevent circumvention of the restrictions on FHA insured mortgages to investors, FHA generally will not insure more...
USDA Home Loans

USDA Home Loans

USDA Home Loans allow 100% financing when purchasing or refinancing a home in a USDA-designated rural area. These home loans are guaranteed by the United States Department of Agriculture and eligibility is based primarily on income limitations and...

VA Loans - Veteran Administration Loans

http://www.benefits.va.gov/WARMS/pam26_7.asp 2 years seasoning required after a short-sale / foreclosure. If the previous home was a VA foreclosure then the eligibility must have been restored (i.e. paid back).

A Detailed Insight into Obtaining the VA Home Loans in Texas

VA or Vet home loans for veterans in Texas, Dallas, Easy pre-approval loan The Texas City is the hot real estate and home loan market for people. The lenders help the people to qualify for the mortgage loans and guide military veterans with the VA loans....

How To Restore VA Eligibility

If your VA Entitlement and is currently tied up on your primary home and you want to purchase another home using your VA benefits, here's what you need to know and do: You will need to send your lender the HUD from the sale of your current home You...

Texas Vet Home Loans

Texas Vet Home Loans In 1983, the Legislature created the VLB Veterans Housing Assistance Program to assist Texas veterans in purchasing a home. Through this program, eligible Texas veterans have an opportunity to purchase a home with an unbeatable,...

Texas Vet Interest Rate Discounts

Texas Vet Interest Rate Discounts The VLB offers several discounts to the available base rate for Home and Home improvement Loans. NOTE: All Texas Veterans Land Board loans are subject to credit approval. Disabled Veterans Discount Veterans with...

Jumbo Home Loans

The Government-Sponsored Enterprises (GSE) (better known as Fannie Mae and Freddie Mac) set the Conforming Loan Limit in Texas as $424,100 for a home loan. (This amount varies from state to state and is determined by the median home value within the...

Jumbo Loans with 10% Down?

Who knew your JUMBO clients could purchase or refinance with only 10% down payment? Team Pfeiffer ...that's who! Buyers purchasing at a price point which pushes their loan above the $417,000 conforming loan limit have typically been required...
High-Cost Areas

High-Cost Areas

The Federal Housing Finance Agency (FHFA) is the government agency that sets the mortgage loan limits that apply to all conventional mortgages delivered to Fannie Mae and Freddie Mac. Meaning, they ultimately determine what is considered a "normal" loan...

Mortgage Loan Terms

ARM 3/1 5/1 7/1 10/1 Fixed Rate 10 year 15 20 30 Interest Only   Negative Amortization  
Underwriting Guidelines For A Mortgage

Underwriting Guidelines For A Mortgage

We don't expect you to be a mortgage underwriter, nor will we post all the underwriting guidelines for a mortgage. We are simply creating a resource where commonly asked questions can be addressed. Categories If you select the "guidelines" category...

Qualifying Income

When getting a mortgage there are three parts to qualifying: credit, income, and assets. The most challenging part of qualifying for home loan is determining the qualifying income because of the myriad of business industries, ownership structures, and...

Income Allowances

When and what types of Income Allowances are allowed with Fannie Mae . Automobile Allowance: For an automobile allowance to be considered as acceptable stable income, the borrower must have received payments for at least two years. The lender...

Student Loan Payments

Student Loan Payment - Conventional Financing Student Loans For all student loans, whether deferred, in forbearance, or in repayment (not deferred), the lender must use the greater of the following to determine the monthly payment to be used as the...

Vacation Home

Wishing you had a vacation home you could get away to right about now- either to catch that fresh powder in Colorado or some warm sunny rays at the coast? Check this out before you sign the dotted line! One: Decide Whether a Second Home Makes Financial...
Convert A Homestead To A Rental Property

Convert A Homestead To A Rental Property

Convert A Homestead To A Rental Property When someone who owns a home is going to purchase a new homestead using conventional financing AND they want to turn their existing home into a rental property and use the rental income from that to qualify,...

Multiple Investment Properties

Limited to 10 Properties Fannie Mae (FNMA) does limit the number of properties that can be owned or financed when applying for new loan to purchase or refinance a non-primary residence (i.e. a second home or investment property). Fannie Mae restricts...