Easy Home Loans

Easy Home Loans are available through several Federally sponsored programs that give special considerations to first-time home buyers.

Your easy home loans options include:

• Banks that offer fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs) as well as VA and FHA loans. These should probably be your first stop.
• Savings and Loans Associations focus on one to four family residential mortgages, multifamily mortgages and commercial mortgages, and usually give you lower interest rates.

Since 1986, the 30 Year Bi-Weekly Arm ( Adjustable Rate Mortgage) has proved to be a popular choice outperforming fixed rate monthly mortgages.

• Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are congressionally chartered, shareholder-owned companies that buy mortgages from lenders and resell them as securities on the secondary mortgage market. The maximum loan amount for both Fannie Mae and Freddie Mac is $322,700.

• FHA Loan (Federal Housing Administration) has some advantages over conventional loans. Since FHA loans are insured by the government, they generally have more lenient qualification requirements, lower down-payment requirements, and they are assumable loans. The maximum loan amount for an FHA loan (single-family) ranges depending on the county where you live. You can contact a mortgage specialist for these maximum amounts for your specific county. Government easy home loans make up 20 percent of residential mortgages in the U.S.

• VA Loans (Veterans Affairs) carries many of the same advantages as an FHA home loan. However, to qualify for this loan, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty serviceman. The maximum loan amount for a VA-guaranteed loan is $240,000. No down payment is required for these easy home loans.

• Jumbo Loans are conventional loans that are too large for government agencies. Currently, any loan over $322,700 is classified a "Jumbo". Jumbos have higher interest rates than conforming loans - typically 0.5 percent to 1 percent higher. Jumbo loans also may have higher down-payment requirements.

Financial contracts are very confusing. Before signing yourself to a major long term commitment, have an attorney familiar with financing and taxes examine the documents and explain the details.

A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.

Whether buying a new car, or a used car, or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.

For complete information on all your financial needs, turn from easy home loans to the Loan homepage.

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