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Part II: Learn About your Home Mortgage Options
from: Mark Mathis
Conventional Mortgages
A conventional mortgage is one that is not insured or guaranteed by the government. Conventional loans with a downpayment of less than 20% typically require private mortgage insurance (PMI), which protects the lender if the homeowner defaults on the loan. For more information about conventional loans, please check the Web sites of Fannie Mae and Freddie Mac, the two primary puchasers of conventional loans.
FHA-Insured Loans
The Federal Housing Administration (FHA), which is a part of the US Department of Housing & Urban Development (HUD), operates several low-downpayment mortgage insurance programs that buyers can use to purchase a home. FHA-insured loans generally require the buyer to make a three percent cash contribution to the downpayment and closing costs. FHA-insured loans are available from most of the same lenders who offer conventional loans.
The maximum FHA-insured loan amount for a one-family home ranges from about $172,632 to $312,895 depending on local area median home prices and other factors. Your lender can provide more details about FHA-insured mortgages and the maximum loan amount in your area, or find information on FHA’s loan limits directly from HUD’s Web site.
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Be sure to read Part III of this article at:
http://www.houseplancentral.com/articles.php?id=15
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About the author:
Mark Mathis is a building designer and publisher of several stock house plan websites and informational resources including http://www.HousePlanCentral.com,
http://www.HousePlanGallery.com, and http://www.moneytalks-bswalks.com. Be sure to visit each site and subscribe to our eNewsletters to receive special offers, promotions, and subscriber-only features.
Florida Home Mortgage Refinance News
Landmark settlement with mortgage lenders provides relief for some struggling ... - MiamiHerald.com
 ABC News | Landmark settlement with mortgage lenders provides relief for some struggling ... MiamiHerald.com About $170 million will be available for cash payments to Florida borrowers who lost their home to foreclosure from Jan. 1, 2008, through Dec. 31, 2011, and suffered servicing abuse. The value of refinanced loans to Florida's underwater borrowers would ... $8.4 billion from foreclosure settlement to help Florida homeowners Florida Homeowners Find Little to Cheer in Deal With 'Gangsters' Florida top beneficiary of $26B mortgage settlement |
Foreclosures to Climb Before Bank Deal Helps US Housing Market - BusinessWeek
 Telegraph.co.uk | Foreclosures to Climb Before Bank Deal Helps US Housing Market BusinessWeek About 11 million US homeowners have negative equity, or owe more on their mortgages than their homes are worth, according to CoreLogic Inc., a real estate data provider. That has limited their ability to sell or refinance and reduced the incentive to ... Government can't untangle nation's housing market Mortgage help on way for borrowers |
New refinance deal to bolster local market - Bradenton Herald
New refinance deal to bolster local market Bradenton Herald The deal struck with five of the nation's biggest mortgage writers Thursday will allocate $25 billion to borrowers who owe more than their home is worth. The program will help about 1.75 million Americans, experts say. Only California will field a ... |
For America's hard-hit homeowners, little relief from settlement - Reuters
For America's hard-hit homeowners, little relief from settlement Reuters A further $3 billion is on tap to help homeowners who are current on their mortgages but are unable to refinance because they owe more than their homes are worth. Critics of Thursday's agreement, like Margaret Becker, director of the homeowner defense ... |
Experts: Don't expect mortgage settlement to solve Marion's housing problems - Ocala
Experts: Don't expect mortgage settlement to solve Marion's housing problems Ocala The settlement just isn't enough, they argue, to help a state like Florida where 2 million homes, nearly half of all residential properties, are underwater and worth less than what their owners agreed to pay for them. Florida Attorney General Pam Bondi ... |
Mortgage deal provides limited relief to foreclosed homeowners - STLtoday.com
Mortgage deal provides limited relief to foreclosed homeowners STLtoday.com Thousands of others in danger of foreclosure would be eligible to have their mortgage debt reduced, under the deal announced Thursday. Others whose homes are worth less than their mortgage would be allowed to refinance at lower rates. |
Impact 5: Mortgage deals by Bank of America, Wells Fargo, Citigroup and more ... - WPTV
 WPTV | Impact 5: Mortgage deals by Bank of America, Wells Fargo, Citigroup and more ... WPTV Banks like Bank of America, Wells Fargo and Citigroup have agreed to send $8 billion to troubled homeowners in Florida and $26 billion total for refinancing, lowering principal amounts and for cash payments. Vito and her husband lost their home in Palm ... Mortgage deal could benefit thousands of underwater homeowners in Gainesville Montanans share in mortgage fraud settlement Mortgage plan gives homeowners bulk of the benefits |