A mortgage loan not insured by FHA or guaranteed by the VA or Farmers Home Administration. The Fannie Mae/Freddie Mac loan limit in our lending territory is $417,000.
Offered by an approved HUD lender and insured by the Federal Housing Administration. FHA loans are open to all qualified home purchasers. While there are limits to the size of the FHA loans, they are generous enough to handle moderately priced homes almost anywhere in the country. The loan limit for west TN and east AR is $271,050 while the loan limit for middle TN ranges from $271,050 to $432,500.
Made by an approved lender and guaranteed by the Department of Veterans Affairs. This type of loan is restricted to individuals qualified by military service or other entitlements. VA allows for up to 100% financing depending upon veteran eligibility.
A loan that exceeds the limits set by Fannie Mae/Freddie Mac which is currently any loan over $417,000.
A loan that exceeds the Jumbo loan limit, which is typically $650,000
Programs provided by state governments (Tennessee Housing Development Agency, Mississippi Home Corporation, Arkansas Development Financing Authority) to make lower interest rate bond loans. Most bond programs require borrowers to be first time homebuyers and meet income restrictions determined by median income limits. Each state has its own program and guidelines. Funds are provided based on availability and issued until depleted
Programs that are usually from non-profit agencies providing down payment assistance to low and very low-income buyers, meeting income limitations and other requirements. The Housing Bond programs frequently offer down payment assistance options.
Allows the owner/purchaser to finance eligible repairs into the permanent loan. Saves the borrower out of pocket money for needed repairs and improves the property immediately upon occupying home. FHA products are available under the renovation program.
A loan made by a lender based on internal requirements and guidelines for borrowers that do not meet secondary investor guidelines but warrant approval. These loans are non-saleable in the secondary market and are serviced by the bank
One that has a lien position subordinate to the first mortgage. Often time a second mortgage is combined with a first mortgage to purchase more expensive homes.
A line of credit secured by the equity in a primary residence. Available funds may be used as needed.
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Designed to fluctuate periodically based on a certain index such as the Treasury bill, LIBOR (London Inter-bank Rate), or Prime Rate for example. The period of adjustments are program specific such as 6 months, 1 year, 3 years, 5 years or 7 years, with annual adjustment after the initial period. These loans will typically have an interest rate floor (lowest regardless of index) and a life of loan interest rate cap (maximum rate charged regardless of index). These loans generally have a specific time frame the rate can change as well as a specific time frame the actual payment can change
For the purpose of repayment of a debt from the proceeds of a new loan using the same property as security. Typically, a refinance transaction is either limited cash back to the consumer for the purpose of reducing interest rate and/or term or cash back for the purpose of securing additional funds for the consumer's individual needs.
A refinance loan when the proceeds are used specifically to combine the payment of a 1st and 2nd mortgage and/or pay off consumer debt such as credit cards.