Ann Arbor Home Loans

Question 1

What is a Federal Housing Administration (FHA) Loan?

Answer

An FHA loan is a mortgage that is insured by the government and requires a lower than usual minimum down payment or credit score. It's typically meant for low to moderate household incomes and first-time homebuyers

Question 2

What is a Veterans Administration (VA) loan

Answer

VA loans are mortgages designed for U.S. veteran service workers and their spouses. The loan is issued by private lenders but is insured by the government. Rates are usually attractive because terms such as no downpayment, prepayment penalties and no mortgage insurance are common with these loans.

Question 3

What are Jumbo Loans?

Answer

Jumbo loans are designed for luxury and high-end properties. The terms typically by state and sometimes by county. The requirements are much tougher than conventional loans: higher credit score and low to income-to-debt ratios. These loans are not purchased by Fannie Mae or Freddie Mac.

Question 4

What is a mortgage pre-approval?

Answer

A mortgage pre approval helps you determine how much you can afford and how much a lender is willing to let you borrower to purchase a home.

Question 5

What is mortgage refinancing?

Answer

A mortgage refinance is when a current mortgage holder gets a new mortgage to replace their current one, often with new terms and mortgage amount. Underwriting occurs to confirm your financial information, and your home is appraised to get its most recent value.

Ann Arbor Home Loans

Real Estate Professionals: Ann Arbor

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