and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his... mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium. More flexible underwriting criteria than conventional loans FHA limits the amount... lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage). Loans are assumable to qualified buyers. VA Loans VA guaranteed loans...

What is PMI? Private Mortgage Insurance helps you get the loan Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain... in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio the amount of your mortgage loan divided... by the value of your home is greater than 80 percent. PMI isn't a bad thing it allows you to make a lower down payment and still qualify for a mortgage loan. In fact without PMI...

to borrow money against your property is considered one of the biggest advantages of owning a home. A second mortgage is essentially a loan secured by your home or another piece..., a second mortgage is any loan that involves a second lien on the property, but you generally have two options: a home equity loan or a home equity line of credit. Both options combine... monthly over a set time frame, much like your first mortgage. However, the closing costs (often 2-3 percent of loan amount) are often higher than your first mortgage and the rate...

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. These qualifying ratios are guidelines. An excellent credit history can help you qualify for a mortgage loan even if your debt load is over and above the limit. Understanding.... The first number in a qualifying ratio is the maximum percentage of your gross monthly income that can be applied to housing (including loan principal and interest, private mortgage... expenses Simply guidelines Remember these are just guidelines.We d be happy to pre-qualify you to determine how large a mortgage loan you can afford. We look forward to helping you buy...