Larry J Hoff, LLC

Description

An Adjustable Rate Mortgage (ARM) An Adjustable Rate Mortgage (ARM) is a mortgage loan that has the following benefits: 15 Year Fixed Rate Mortgage Program A 15 year fixed mortgage has the following benefits: A 30 Year Fixed Rate Mortgage Program A 30 year fixed mortgage has the following benefits: An FHA Mortgage Loan Program An FHA mortgage loan program is insured by the Federal Housing Administration and is a division of the Department of Housing and Urban Development (HUD). Here are some of the benefits of the FHA Loan: Jumbo Loan Programs VA Loan Programs (Department of Veterans Affairs) The benefits of the VA loan include the following: What Is A VA Loan? The Veterans Administration (VA) does not make loans. VA guarantees that the lender will be protected against loss in the event of a foreclosure up to a maximum of 25% of the loan amount. A funding fee is paid by the veteran to the Veterans Administration for each loan. VA will guarantee a loan for any eligible veteran to purchase a home provided his income will permit him to make the mortgage payments, his credit history is acceptable and he has enough cash to close the loan without borrowing. Advantages of VA Loans Eligibility Requirements To be eligible for a VA loan, the veteran must have served in the Armed Forces of the United States of America for a specified amount of time. The length of service required varies based upon the period of time he or she has served. The veteran should have also been discharged under conditions other than dishonorable. Also eligible are unmarried widows of qualifying veterans whose deaths were service related. There are some exceptions to this schedule. Please contact us to help us make a determination of eligibility. VA Loan Programs and Amounts The maximum VA loan amount is currently set at $240,000. ARM (Adjustable Rate Mortgage) which can fluctuate based on the index (1-year Treasury Bill) and has a 1% annual cap and a 5% lifetime cap. GPM (Graduated Payment Mortgage) which allows the borrower to qualify at a lower rate but requires a downpayment and has negative amortization. VA Appraisals All VA appraisals are done by VA assigned/approved appraisers. A Certificate of Reasonable Value (CRV) is then issued, setting forth VA's estimate of value. Eligibility Restoration Criteria The assumption of a VA loan leaves the veteran with limited eligibility until the loan is paid off in full as a result of a bonafide sale. Eligibility may then be completely restored and another property purchased using full entitlement. Co-Mortgagors If a veteran is legally married, VA will consider the spouse's income. If the veteran is to be married and the spouse's income is being used to qualify, VA will approve the loan with a marriage certificate as a condition for closing. All other co-mortgagors must meet the following requirements: -Both must be veterans. -Both will occupy the property. -Both will use their entitlements. -Both must qualify for 1/2 of the payment. Buyer's Costs Seller's Costs And Don't Forget... In a VA sale, the seller may pay any or all of the Veteran's costs listed above.

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