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Recent Mortgage Articles

Posted on February 14  
With so many lending institutions facing bankruptcy during the current economic downturn there is reason to believe there may be decreases in the amount of funds a homeowner can borrow against the equity of his home. The recent bankruptcy of Lehman Brothers and the purchase of Merrill Lynch by Bank of America place some concerns in the foreground concerning the future of the current reverse mortgage industry and the levels that are currently available. There also seems to be controversy concern.... Read More...
Posted on February 14  
Choosing your payment option may seem to be an easy task, especially when you are aware of your particular needs and wants at the time your funds are released. But did you know you can chose a line of credit and make your money grow? Yes it is true. The equity line of credit grows at a rate of 0.5% plus current monthly interest rate being charged on the loan. Do not be confused and think the interest is earned but rather it is accrued monthly and only used on unused money from your reverse mortg.... Read More...
Posted on February 14   By Andy Roberts
The reverse mortgage program was established to give mature Americans who are over the age of 62, the ability to use some or a majority of the equity in their homes all while receiving cash payments for the duration of the loan or until the borrower moves from their home. The initial program did not have the steady stream of borrowers as it does now and the Federal Housing Administration (FHA) coupled with the U.S. Department of Housing and Urban Development (HUD) moved quickly to update mandat.... Read More...
Posted on February 14   By Brandon
For the past four years, aspiring small business owners in developing nations have been able to pursue their dreams thanks to Kiva.org, a unique microlending company that's become an online sensation. Kiva has funneled more than $75 million in loans since 2005 to 180,000 entrepreneurs in 44 developing nations. Business owners from El Salvador to Nigeria have benefited from Kiva microloans, opening clothing stores, food markets and bookstores. Now, as part of a unique pilot program, fledgling Ame.... Read More...
Posted on February 14   By MLP Blog
In 1992 the FHA piloted an Energy Efficient Mortgage program in five states. The pilot was so successful that in 1995 the program was expanded to the entire nation. The basis of the Energy Efficient Mortgage is that a home buyer can afford a higher mortgage with lower utility expenses. FHA's Energy Efficient Mortgage Program insures new or refinanced mortgages for owner occupied buildings. The mortgage includes the cost of energy efficient improvements. The cost allowed for the energy efficient .... Read More...
Posted on February 14   By MLP Blog
A housing rescue bill aimed at helping distressed homeowners recently passed a test vote in the Senate. 60 votes were needed to close the debate on the bill and it received 83. However, problems still loom with the president threatening a veto over certain sticking points. In particular, the White House is opposed to giving $4 billion dollars to states to purchase properties that have been foreclosed upon. President Bush sees this as a way to help out the banks that financed these risky loans an.... Read More...
Posted on February 14   By MLP Blog
Do you know that your income will increase in the future? If you are like many people with steady career growth and income increases you may qualify for the FHA Section 245 loan program. This program allows an individual or family to purchase a home based future rising incomes while paying smaller mortgage payments in the beginning of the mortgage term. Depending on the payment plan selected, qualifiers for this loan program must understand that while their monthly mortgage payments start sma.... Read More...
Posted on February 14   By MLP Blog
The FHA Section 245 loan program is available to first-time or repeat homebuyers. Applicants must meet all FHA eligibility requirements. With the umbrella of the FHA insured Section 245 mortgage, lenders can grant loans to individuals or families who may not otherwise qualify for conventional loans or other FHA insured loans. Also, with a FHA insured loan, down payments can be as low as 3 percent, allowing borrowers to finance the remaining 97 percent of the cost of the home through their mort.... Read More...
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