AccessNational asked:


Thanks to the GI Bill, qualified veterans from New York are guaranteed to get mortgages with no-money down – and federally insured – through New York VA Home Loan Programs. To get access to the programs, you just need to get an assist from a helpful and knowledgeable New York VA Mortgage lender.

What kind of home can the New York VA Home Loan Programs get you into?

Nearly every type of home is available to qualified veterans through a New York VA Mortgage lender, such as the programs offered by Access National Mortgage, so long as the home meets a certain qualification. This provision requires that the home being purchased is occupied by the veteran buyer. And if the home meets this provision, then the New York VA Home Loan programs offer a long list of property types that can be purchased.

The New York VA home loan programs offer buyers these type of properties:

•Single-family homes

•Townhouse, or condo units in approved projects

•The building of a new home

•Improvements of existing homes

•Energy efficient improvements to a home

•Manufactured homes or lots (which are subject to certain standards)

•Farm properties (as long as there is a house which is the primary home for the qualifying veterans) •Refinancing

How to find your New York VA Home Loan Programs

The first lesson a veteran needs to learn is that their right to a VA loan through a New York VA mortgage lender is automatic, but qualification for a loan is not. Veterans still must meet certain qualifications for a loan through a New York VA mortgage lender, as set by the Veteran’s Administration. What do you need to get this loan through your New York VA mortgage lender? A good credit rating, income to support the loan, and a VA certificate of eligibility about your qualified service.

To get your certificate of eligibility, use the online Automated Certificate of Eligibility program. Your New York VA mortgage lender is the only one who can provide this service, or you can use the mail to get VA Form 22-1880.

Once your New York VA mortgage lender has your certificate, the process for putting together your mortgage and determining your eligibility can start. From there, your New York VA mortgage lender will need a veteran to apply for a loan just like a typical applicant. After that, the New York VA mortgage lender will work to see which of the New York VA home loan program you qualify for and what terms the New York VA mortgage lender can work out.

New York VA home loan programs are a tremendous benefit for state veterans, from the no-money down program, which allows veterans to get into a home with little savings and helpful down-payment allowances which can get a veteran into a bigger a better home. But to find out about the best VA home loan programs, you will always need the help of a skilled and trustworthy New York VA mortgage lender.



STEFAN

Georgia Loan Pro asked:


How Georgia Homeowners Can benefit from the New Home Loan Programs



The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Georgia families in their homes, stabilize Georgia’s communities and assist Georgia homebuyers during these troubled times. Under these new home loan plans, Georgia homeowners can:

Refinance their mortgage to a new, lower, fixed interest rate. Refinance even with declining property values. Refinance with lower income and asset verification requirements. Refinance Multiple Investment Properties. Each of the above possibilities require that Georgia Homeowners be current on their existing home loans. However, for those Georgia families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can;

Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home. Finally, for those Georgia families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to; Purchase beautiful Georgia homes with credit scores as low as 580 Purchase their new dream home with no out-of-pocket money down The U.S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Georgia borrowers, to get back on track and improve their current financial situations.

So How Do They Work? Refinance

For Georgia Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Georgia Homeowners:

Fixed-rate mortgage to fixed-rate mortgage Adjustable-rate mortgage (ARM) to fixed-rate mortgage Super conforming fixed-rate mortgage to super conforming fixed-rate mortgage

Loan Modification

For Georgia homeowners who are behind in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced a significant hardship, you may be able to modify your loan to a lower rate through the Loan Modification Program. Significant hardships are set as circumstances that may make it difficult for you to pay your mortgage going forward.

Purchase

For Georgia area families and individuals that are in search of a loan for their new dream home, financing and programs are available to help them purchase;

Bank owned foreclosures at below market value With 580 credit scores With no, or little, money down With down payment assistance

How Do I Know If I Qualify?

Georgia Loan Pro can help you move through the qualification process, and help you find the homeowner lending program that fits you best. Georgia Loan Pro will work with Georgia Homeowners to assist them in putting together the best purchasing package, and discover whether loan modification or a refinance, is the best option for them.

For more information, please contact Georgia Loan Pros via email.



ARNULFO

Jim Johnson asked:


For most people the mortgage industry seems to speak a foreign language, with terms and acronyms that are vague and unfamiliar. And of course, when dealing with large sums of money such as those found in a home mortgage, you want to try to understand the language as much as possible in order to avoid making mistakes. So here is a little primer on some of the most important terms used when getting a mortgage or home loan.

There are four types of mortgages that are generally available and those are fixed rate, adjustable rate, convertible and special loans.

Fixed Rate Loans – usually these are found in either the 30 year loan or 15 year loan category, and this simply means that you pay a fixed payment each month over the course of either the 30 years or 15 years.

Adjustable Rate Loans – this is where your payment can fluctuate depending on the prevailing interest rate at the time. If interest rates rise, then your payment goes up and if interest rates fall, your payment goes down instead.

Convertible Loans – these are loans that may start out as either a fixed rate or an adjustable rate mortgage, and then can be converted over to the opposite kind of loan instead. Many people will use this type of loan to start out as an adjustable rate mortgage and then convert over to a fixed rate mortgage when interest rates are at their lowest.

Special Loans – these include FHA loans for first-time homebuyers and folks with credit problems, and also VA mortgage loans for veterans of the Armed Forces and their families.

There are other terms that you need to know when it comes to getting a home mortgage as well and they are:

Appraisal – this is where you pay an independent person to correctly assess the value of your home using excepted market calculations.

Closing costs – these are fees that are usually payable when the mortgage papers are signed that pays for the transfer of the ownership of the home.

Points – this is a value that typically relates to 1% of the total cost of the home being mortgaged.

Escrow – this is where money is often held by a neutral third party in a transaction of two or more people.

Pre-qualify – this is where a lending institution will state that you do qualify for receiving a home mortgage for a certain price range of home.

Pre-approval – this is where a lending institution has already run the necessary paperwork and approved a home mortgage loan for a certain amount.

There are other special terms and acronyms used by the mortgage industry, but the ones listed above are perhaps the ones that are most commonly used. Hopefully this will help you be more informed when you try to get your next home mortgage loan.



FORREST