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what is a reverse mortgage loan?

What is a reverse mortgage loan? A reverse mortgage is a special type of loan available only to older homeowners with full or nearly full equity in their homes. Such

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Where to get info on refinancing

Where do I get information on refinancing? For information on refinancing, the following booklet may be helpful: * “A Consumer’s Guide to Mortgage Refinancings;” Federal Reserve Bank of San Francisco,

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Bi-weekly mortgages

What about splitting my mortgage in two and paying bi-weekly? Some people set on paying off their home loan early and reducing interest charges opt for a biweekly mortgage. Monthly

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Low-down-payment home loans

Are there low-down-payment home loans? A host of private lenders offer low-down-payment loans. In addition, there are government programs to help cash-strapped buyers. The U.S. Department of Housing and Urban

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Who to call for low-down-payment loans

Who do I call for a low-down-payment loan? Here are several popular programs available to home buyers, along with the appropriate telephone numbers for more information: *The Federal Housing Administration

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What is negative amortization?

What is negative amortization? Negative amortization occurs when the monthly payments on a loan are insufficient to pay the interest accruing on the principal balance. The unpaid interest is added

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Fannie mae’s low-down program

What is Fannie Mae’s low-down program? Fannie Mae is expanding the availability of low-down-payment loans in an effort to help more people nationwide qualify for a mortgage. Two new programs

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Who offers FHA loans?

Which lenders offer FHA loans? Lenders who handle Federal Housing Administration loans typically advertise in the Yellow Pages under “real estate loans” and in the real estate sections of newspapers.

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Rates for FHA and VA loans

What are rates for FHA and VA loans? There are no set interest rates for FHA and VA loans. The FHA stopped regulating rates in 1983 and the VA followed

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Rules for FHA loans

Rules for a FHA Loan? The U.S. Dept. of Housing and Urban Development offers a variety of loan insurance programs through the Federal Housing Administration, which requires approximately 3 to

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