Louisiana Mortgage Guide
In this Louisiana mortgage guide you?ll find information that can assist you in applying for the right loan that fits your individual needs.? From the traditional loans everyone here?s about to the not so talked about mortgages you may not even be aware of, knowing what is available to you is key in saving time and possibly a substantial amount of money.? Here are some of the Louisiana mortgage programs for residents.
Benefits of today?s FHA Loan Programs ? For Homeowners and Buyers
Taking a look at the benefits that FHA home loans have to offer is smart, and it might just surprise you.? Did you know the FHA loan program provides more security to homeowners than any other mortgage program today? In cases of financial difficulty, you have a higher probability of not losing your home if you have an FHA mortgage loan verses those with a traditional loan.? Another surprising fact that most do not realize is these loans are fully assumable, which adds even more protection for you and your family. There are a wide range of FHA home mortgage programs available to qualified applicants and these programs do not consider your credit score. Many people find this very difficult to believe, but it is in fact dictated by HUD guidelines that credit scores cannot be considered during underwriting, only credit quality instead. This gives consumers who might not otherwise have the ability to secure a low interest rate fixed Louisiana mortgage the opportunity to get one, making it one of the biggest benefits that many FHA home loans offer.
Types of FHA Loans ? Overview
Refinance – Refinancing an existing FHA home loan is actually called a streamline refinance. The major benefit of having an existing FHA loan is the ability to do a streamline refinance. Having already been approved by HUD once for a government insured FHA product, doing a streamline mortgage refi to improve your existing interest rate, or to shorten your loan terms is pretty straight forward and comes with reduced fees for closing.? If taking cash out, or desiring to refinance an existing non-FHA loan to a FHA home loan, you will have to go through the traditional qualifying processes.
Mobile Homes – You can finance a mobile home and land with the FHA home loan program.? Some instances allow you to get up to 96.5% loan-to-value and at much lower mortgage rates than you will get through any other Louisiana mortgage loan program available today.
FHA 203K Mortgage program ? This loan provides funds for purchasing and repairing that house you want to buy that just needs some renovation. These mortgage loans include the base home loan and the repair money all in one loan.
FHA Reverse mortgage program – Designed for Senior?s 62 and older who want to cash-out the equity in their home or create a monthly income stream to supplement their income. In either case, you make no monthly payments as long as you live in the home, and it’s backed by the Federal Government.
Plus, there are various other mortgages for Veteran?s; individuals employed by the state such as police officers, firefighters and teachers; programs that allow for purchasing a government owned home at a 50% discount; and loans for purchasing or refinancing homes in rural areas of Louisiana.
When it comes down to finding the Louisiana mortgage right for you, mortgage.org can help.? We assist thousands of people each day in getting the best loan for their needs.? Contact us today, and let us help you too!
