Native American Direct Loan (NADL) Program

Program Description

The Native American Direct Loan Program makes home loans available to eligible Native American veterans who wish to purchase, construct, or improve a home on Federal trust land.

The home must be your primary residence.

(It’s also possible to use the program to re-finance an existing Native American Direct Loan.)

General Program Requirements

This program is designed specifically for Native Americans who want to purchase, build, or improve a home on Federal Trust Land.

Native Americans who may qualify for these loans include—

• Veterans (including Reserve and National Guard members who were called to active duty)
• Active duty service members
• Current Reserve and Guard members (usually after 6 years of reserve service)

Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged.

Length-of-service requirements apply in most cases.

Veterans must have been discharged under conditions other than dishonorable.

In addition, you must either (a) be a Native American enrolled in an American Indian tribe or Alaskan Native village, a Pacific Islander or a Native Hawaiian; OR (b) be married to such a person.

You will need a valid Certificate of Eligibility (COE). You can get one from VA or from a lender using the Automated Certificate of Eligibility (ACE) program.

If you need to obtain your COE, contact a lender about obtaining your COE or download VA Form 26-1880, complete it and mail it (with proof of service) to our Winston-Salem Eligibility Center at:

VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120

You can download the form at http://www.va.gov/vaforms/.

For overnight delivery:
VA Loan Eligibility Center
251 N. Main Street
Winston-Salem, NC 27155

Toll free number: 1-888-244-6711
E-mail: nceligib@vba.va.gov

Loan Terms
The interest rate is set by VA. The length of the loan is usually 30 years with payments due monthly. The length of the loan is usually 30 years with payments due monthly.

The maximum loan amount is the same as the Federal Home Loan Mortgage Corporation (also known as “Freddie Mac”) single-family conforming loan limit. That limit is currently $417,000 for loans made on Federal Trust land located in the 48 contiguous States and $625,000 for loans made on Federal Trust land in Alaska, Hawaii, and the South Pacific. Increases in these loan limits will be published annually, based upon the annual adjustment in the Freddie Mac conforming loan limit.

There must be a Memorandum Of Understanding (MOU) between the tribe and VA. The veteran or the veteran’s spouse must be recognized as Native American subject to the jurisdiction of the tribe which controls land. The tribe must be Federally-recognized, and the home must on Federal trust land.

Interest Rate Reduction Refinancing Loans (IRRRLs) may only be done if prior loan was a NADL and there is at least 1% difference in existing loan rate and IRRRL rate.

Your Next Steps

The following information will lead you to the next steps to apply for this benefit.

Application Process
The tribe must enter into a Memorandum of Understanding with VA and provide VA with copies of lease to be used (if tribal trust land) and tribal foreclosure ordinances. Veteran completes application, with VA’s assistance, if necessary, and submits application to VA. If approved, VA schedules closing at veteran’s convenience. If it’s a construction loan, VA makes staged disbursements, through escrow account, to builder. Funds are disbursed upon approved progress inspections. More information on this may be found at http://www.homeloans.va.gov, including copies of model MOUs, leases, & foreclosure ordinances.

You must meet basic program requirements, including the following:

• The loan must be for the home you will live in.
• The home must appraise for the loan amount or higher.
• You must have enough income to meet your monthly mortgage payments, maintain the home, take care of other debts and obligations, and still have enough money left over to cover day to day expenses (food, gas, etc.)
• You must also have a good credit history.

Home Loans For Native Americans

Bank2 is pleased that as a 100% tribally-owned bank, we can offer our customers the personal touch they are looking for in a home loan. We offer dedicated professionals that know and understand the HUD-184 Home Loan program for Native Americans. We are the Nation's Leading Native American Home Lender and as such take care to offer each member of Indian Country the best services and programs around the country.

Regardless of where you live, we have the services and technology to offer you the best mortgage experience you've ever had throughout the nation.

HUD-184 Loan Program

HUD 184 loans are backed by the U.S. government, and are available for new construction, rehabilitation/renovation, refinancing, and purchase of existing homes. These loans feature competitive rates and terms as well as no mortgage insurance or hidden fees.

Eligible customers include:

American Indians or Alaska Natives who are members of a federally recognized tribe

Members of an Alaska Village and Regional Corporation (established pursuant to the Alaska Native Claims Settlement Act)

An Indian tribe

A Tribally Designated Housing Entity (TDHE)

An Indian Housing Authority (IHA)

Loan Production

VA's Home Loan Program is for veterans and active duty military personnel (referred to as veterans throughout the rest of the document) and certain members of the reserves and National Guard. VA's program provides an excellent product and benefit for those individuals who have served or are serving to protect our families and our nation, as well as giving them a form of financing that will allow real estate professionals to sell more homes.

For those who are unfamiliar with the program, there are several advantages to using VA's Home Loan Program. The VA allows a veteran who qualifies income and credit-wise to purchase a primary residence without putting money down towards the sales price, as long as the sales price does not exceed the appraised value. Veterans do, however, need money towards closing costs and the earnest money deposit, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which is an item to consider when the sales price is being negotiated.

Other benefits of using VA's program (other than the 100% financing of the sales price) include:

• Loans are assumable, provided the person assuming the loan is qualified.
• Veterans' closing costs are limited by VA.
• Additional assistance is offered by VA should veterans have problems making their home loan payments in the future.
• Prepayment of the loan without a penalty.
• There is no Private Mortgage Insurance
• Veterans must meet credit standards but loans are not “score driven”

Here are some quick facts you may find useful concerning purchase transactions:

• VA does not have a maximum loan amount. However, lenders do sell loans on the secondary mortgage market, so they will generally limit loans to the VA limit for the county where the property is located. With a down payment, loans may exceed these amounts.
• The veteran does have to qualify income and credit wise.
• The veteran does have to occupy the home as their primary residence.
• The veteran does not have to be a first time home buyer and may reuse his/her benefit.
• The lender, not VA, sets the interest rate and discount points, so they may vary from lender to lender.
• There is no private mortgage insurance, but VA does charge an up front VA funding fee, which may be financed. The exception to this is that if a veteran is in receipt of VA service connect disability payments each month, he or she does not have to pay a VA funding fee.
• The seller can pay for closing costs. There is a requirement that seller concessions do not exceed 4%, but only certain items are considered as part of the concession; i.e., payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, funds for temporary buydowns (not discount points).
• The veteran is not allowed to pay for the wood destroying insect (termite) report; it is generally paid by the seller.
• VA does not approve the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention.

Here are additional items you may choose if you find them useful:

• Certificates of Eligibility - What is needed, and how to obtain it.
• Lost proof of service? Visit the National Archives and Records Administration.
• Need to find lenders? Ginnie Mae

How much can the veteran afford (and other important factors)?

Please note that VA uses two methods for qualification purposes. The primary method of evaluating a veteran's income is the residual income method. Under this method, the underwriter determines that a veteran has sufficient income to cover day-to-day living expenses after paying housing expenses, taxes, and other debts such as car payments and credit card payments. VA also uses a debt-to-income ratio method like many programs. However, VA uses only one ratio which is the ratio of total debt (both housing and other debt) to income. To calculate the ratio, please go to the Ginnie Mae site.

Important: This is provided for informational purposes only. A VA approved lender is the best resource to see how large a VA loan the veteran truly qualifies for. The lender will look at income (amount and stability), credit and compensating factors involved when rendering a decision. VA also allows lenders to use certain approved automated underwriting systems.

Other Useful Links:

• Ginnie Mae - This site will give you information on the process and calculators
• HUD - Contains information on shopping for a home, closing costs and terminology
• MBA (Mortgage Bankers Association of America) - Will give you information on the purchase process, calculators and real estate terms.
• Freddie Mac (Federal Home Loan Mortgage Corp.) - Site will give you information about the purchase process and real estate terms.
• FNMA (Fannie Mae) - Contains information on the purchase process.

Steps in the Process of a VA Home Loan:

There are five basic steps when obtaining a VA backed home loan. Although there are lots of details within each step and some may overlap, here is a basic overview of how the process works.

1. The veteran selects a home they are interested in. The purchase and sales agreement should contain a VA option clause. Sample wording for a VA option clause:
   "It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise of be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs. The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs."
   The contract must also allow the veteran to "escape" from the contract without penalty if he/she is unable to obtain a VA loan. Some veterans prefer to contact a lender to get "pre-qualified" (see how much they can afford) prior to searching for a home. Veterans may also apply for a certificate of eligibility prior to looking for a home or contacting a lender. Please review our site for information on certificates of eligibility and a listing of lenders.
2. Contact a lender to apply for the loan. At this point, if the veteran has not already obtained his/her certificate of eligibility, they will need to. The lender may be able to obtain it off the internet or the veteran may have to complete a form and send it to the eligibility center. In either case the lender will be able to assist in the procedures of how to obtain a certificate of eligibility. The lender will complete a loan application and gather supporting documentation, i.e., paystubs and bank statements. An important item for veterans to know is that lenders set their own interest rates, discount points and closing points.
3. The lender will "process" (develop) all credit and income information. Lenders are allowed to use VA approved automated underwriting systems. The lender will also order a VA appraisal. VA's appraisal is not a home inspection or a guaranty of value. It is an estimate of the market value as of the date the inspection is made comparing it to similar homes that have recently sold in that area. Although the appraiser does look for obviously needed repairs, VA does request that appraisers not address cosmetic items. VA does not warrant the condition of existing homes. The appraiser is a licensed individual who does not work for VA but is chosen by VA to assure his/her review is unbiased in any way. The lender can not request which appraiser to use, they are assigned on a rotation basis.
4. Upon receipt of the appraisal and all supporting documentation on credit, income and assets, the lender will "underwrite" the loan. It is the lender who reviews all the data collected and decides if the loan should be granted, developed for additional data or if the veteran does not qualify and must be denied. Although VA does "underwrite" some loans, it is very rare. The decision on whether or not to approve the loan is generally made by the lender.
5. The final step for loans that meet VA regulations and guidelines is the loan "closing" (when the transfer actually takes place). The lender chooses the title company, attorney or if their representative will conduct the closing. The title company, attorney or lender representative who will handle the closing will coordinate the date and time. If there are any questions during the process that the lender can not assist you with, please contact a VA representative.

Home Loan Guaranty Services

VA Direct Home Loans for Native American Veterans
Living on Trust Lands (On-Line Version)

WHO IS ELIGIBLE?

VA direct home loans are available to eligible Native American veterans who wish to purchase or construct a home on trust lands. Details on the military service requirements are spelled out below.

WHAT CAN THE LOAN BE USED FOR?

A VA direct loan can be used to purchase, construct, or improve a home on Native American trust land. These loans may also be used to simultaneously purchase and improve a home or to refinance another VA direct loan made under this program in order to lower the interest rate. VA direct loans are generally limited to the cost of the home, or the Federal Home Loan Mortgage Corporation single-family conforming loan unit, whichever is less. Contact a VA office with loan activities for information regarding the current loan limit and any other questions you may have concerning VA direct home loans. The addresses and toll free numbers of the VA office servicing your area can be found at the bottom of this page.

FIVE EASY STEPS TO A VA LOAN

1. Make sure that your tribal organization or other appropriate Native American group is participating in the VA direct loan program. The tribal organization must have signed a Memorandum of Understanding with the Secretary of Veterans Affairs, which includes the conditions governing its participation in the program.
2. Apply for a Certificate of Eligibility. A veteran who doesn’t have a certificate can easily obtain one by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan. This form should be mailed to the VA Eligibility Center, P.O. Box 20729, Winston-Salem, N.C. 27120. To contact the VA Eligibility Center, call toll free 1-888-244-6711.
3. Decide on a home to buy and sign a purchase agreement or a contract with the builder to build the home. Make sure to include in the contract a provision that makes the contract void if you are unable to obtain a VA direct loan.
4. Contact either your local housing authority or VA to apply for the loan. An appraisal of the property will be ordered, and you will be asked to provide information needed to verify your income and credit history.
5. Close the loan and move into your new home.

HOW TO GET A VA DIRECT LOAN

Who is Eligible?

Veterans who were honorably released from active duty service, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam-era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days active service. Veterans of enlisted service that began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years.

Persian Gulf Conflict. Basically, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were honorably released from the period of activation are eligible.

Reservists. Members of the Selected Reserve, including the National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving, are eligible. Ask VA about what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans. (See paragraph entitled "Costs of Obtaining a VA Direct Loan.")

VA DETERMINATION OF REASONABLE VALUE

The maximum loan amount may not exceed VA's estimate of the reasonable value of the property to be purchased. A qualified appraiser assigned by VA will perform the appraisal and make this determination. An application fee, collected from the veteran at the time of loan application, will be used to pay for the cost of the appraisal and for other expenses connected with the processing of the loan.

It is important to recognize that VA does not guarantee the value or condition of the property. Homebuyers should carefully inspect the property themselves, or have it inspected by a reputable inspection firm.

Loan Application

Contact either your local housing authority or VA to apply for the loan. The party processing the loan verifies the applicant's income and assets, and obtains a credit report to see that other obligations are being paid on time. If VA office reviewing the package determines that all is well and the appraised value of the property is enough to cover the loan needed, the loan will be approved and a date set for loan closing.

REQUIREMENTS FOR LOAN APPROVAL

To obtain a VA direct loan, the law requires that:

• The applicant must be an eligible Native American veteran who has available entitlement.
• The tribal organization or other appropriate Native American group must be participating in the VA direct loan program. The tribal organization must have signed a Memorandum of Understanding with the Secretary of Veterans Affairs, which spells out the conditions under which the program will operate on its trust lands.
• The loan must be to purchase, construct, or improve a home on Native American trust land. Individually allotted land is considered trust land for this purpose.
• The veteran must occupy the property as his or her home; a loan for rental or investment purposes is not permitted.
• The veteran must be a satisfactory credit risk.
• The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the other costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.
• All prospective applicants are encouraged to first contact either their local housing authority or VA to discuss their financial situation and obtain a general idea of whether or not they might qualify for a home loan.

COSTS OF OBTAINING A VA DIRECT LOAN

• A funding fee of 1.25 percent must be paid to VA unless the veteran is receiving compensation because of a service-connected disability. In the case of veterans who qualify based on service in the Reserves or National Guard, which was not active duty, the funding fee is 2 percent of the loan amount. The funding fee may be paid in cash or it may be included in the loan.

Other closing costs may not be included in the loan. Closing costs may vary because of differing local laws and customs. The following items may be paid by the veteran purchaser, the seller, or shared:

• VA appraisal
• Credit report
• Loan processing fee of up to $300 to a party who processes your loan
• Title search and title insurance or other title review fee
• Recording fees
• State and/or local transfer taxes, if applicable,
• Survey
• Hazard insurance premium

No commissions, brokerage fees, finders fees, or "buyer broker" fees may be charged to the veteran buyer.

Native Americans and Mortgages

American Indians, while still falling below many minorities, have several avenues open to them to facilitate acceptance of mortgage applications. The Federal Govt. has established these agencies in response to problems American Indians may face when applying for a traditional mortgage. American Indians can face extraordinary difficulties in obtaining a traditional mortgage due to economic depression in tribal lands and unfair lending practices.

HUD provides Native American’s with recourse to mortgages through the establishment of its Office of Native American Programs, or ONAP. ONAP offers American Indians several options in mortgage types, loan duration, interest rates and amount of down payment. HUD’s ONAP can be accessed through mail, in person or through Web access; in addition, many websites offer a rundown of the benefits of ONAP’s loans providing valuable information to American Indians interested in HUD’s mortgage loans. Some of the benefits from using HUD’s One Stop Mortgage Center are zero down payment, potential refinancing, mobile home financing and veterans programs.

A partnership between the Native American Bank, LenderLive and Greenpoint Mortgage has resulted in turnkey home mortgages for American Indians for a number of purposes like rehabilitation, refinancing and home buying. This partnership provides American Indians with great resources to help in getting a home loan. The Native American Bank is now in position to be the number one lender to American Indians and to reap the rewards of serving this growing sector of the industry.

The Fannie Mae Organization has also created mortgage programs for Native Americans. These do not have as broad a spectrum as the HUD loans and some of the terms may be somewhat less attractive but they are quality mortgage loans offered at good rates. The Fannie Mae organization is a well respected entity in the nation, providing loans and mortgage information to people nationwide.

Freddie Mac also has a specialty division to assist American Indians with attaining a home mortgage.
They provide access to HUD loans and several other programs designed to help Native Americans. This institution provides information to help Native Americans understand the options available to them and the difference between what once was and what the industry has become today.
Home loans to Native Americans consistently fall behind mortgages to whites and several other minorities. The programs listed above were designed with this in mind, to bolster the numbers of American Indian’s successful loan applications. Traditionally, American Indians have been poorly received by many institutions due to tribal autonomy, poor economy in tribal lands and other issues of concern.

One of the factors behind Native Americans’ difficulty in obtaining mortgage loans is the situation on tribal lands. Many times, the economy of these lands is depressed, leading to low paying jobs and high unemployment rates. The American Indians have begun a promising change, however. Jobless rates, though still worse than national levels, are plunging. Social reforms, land acquisition and internal tribal change are revitalizing tribal lands and thus the economy and feasibility of acquiring home loans. Many groups are beginning to recognize the potential of the Native American peoples and are actively courting their interest.

How to Reduce Your Mortgage

One Additional Mortgage Payment a Year

There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.

This is the method being used by "Bi-Weekly Mortgage Reduction Services" and "Bi-Weekly Mortgage Savings Programs". Only, when you do it yourself, you don't pay a third party unnecessary set-up costs and fees!

Example: $100,000 loan, 30-year mortgage, 6.5% fixed interest rate

Extra Mortgage Payments/ Year Principal & Interest Additional Monthly Payment SAVINGS Total Paid # of Years 0 $632.07 0 0 $227,542.98 29.92 / 359 mos. 1 $632.07 $52.68 $29,088.02 $198,454.96 24.12 / 290 mos. 2 $632.07 $105.35 $28,399.71 $181,050.85 20.5 / 246 mos. 3 $632.07 $158.02 $58,320.95 $169,222.03 17.92 / 215 mos. 4 $632.07 $210.69 $66,969.79 $160,573.19 15.92 / 191 mos. 5 $632.07 $263.36 $73,607.77 $153,935.21 14.34 / 172 mos.

One-time Payment

It may not be possible for you to increase your monthly mortgage payment. Keep in mind that most mortgages will permit you to make additional payments to your principal at anytime. Perhaps, five-years after moving into your home you receive a larger than expected tax return, or an inheritance or a non-taxable cash gift. You could apply this money toward your loan's principal, resulting in significant savings and a shorter loan period.

Example:

With a $100,000, 30-year, 6.5% fixed interest rate mortgage loan, the borrower will pay a total of $227,542.98 to pay back the loan in 30 years. That equals $127,542.98 in interest payments.

If the same borrower makes a one-time $5,000 payment the first day of year 6, he/she will pay a total of $204,710.75 and pay off the loan in 27 years (324 months). That's a savings of $22,832.23 in interest.

Needler Home Loans

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.

American Homefront Mortgage

American Homefront Mortgage is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.

Customer Reviews

Recommended Mortgage Lenders - FL, GA, SC, AL & MS areas

Thank you for connecting with us. We are pleased to recommend you, as we choose our affiliations very carefully as you probably do also. We are proud to be part of your network and we look forward to working with you.

You can refer any non-qualifying, credit-challenged clients to us with complete confidence and be assured we'll send them back to you with better credit and higher scores. Our experienced attorneys are consumer credit law specialists and we back them with the strongest 100% money-back warranty available. We want to help you promote and grow your business Ask about our Affiliate Plan. We have added your company to our database and we look forward to a mutually beneficial relationship. Thanks again and best wishes for your continued success!

June 30, 2009 by LEGAL CREDIT AID - Attorney Facilitated Credit Restoration Services

Class Act, A+, Stellar Company

I have worked with many mortgage companies over the years and this one by far has impressed me the most. I was pleasantly suprised at the strong follow up, communication, and dedication this company showed me, They worked hard to earn my business and I want anyone who cares to know. American Home Loans has my full endorsement, stamp of approval, and supreme recommendation. This is the kind of company you can feel confident and comfortable about working with.

The 1st American Home Loans Inc Difference:

The 1st American Home Loans Inc Difference:

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Home Equity Calculator Tools & Advice

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• Home equity loan vs. home equity line of credit Consider the amount you need to borrow and what you need it for to determine if a HEL or HELOC is right for you.
• Calculating your home equity Q: I've been hearing a lot lately about the benefits of home equity loans. But how do I know how much equity I have in my home?
• How to use your home equity wisely You can benefit from drawing on your home equity, but it's important to do it the right way.

Ratings

American Home Loans is one of the country's largest independently owned broker/bankers. With offices throughout the country lending homeowners over a billion dollars every year, American Home Loans is an in-dustry leader with a solid reputation for service, innovation and quality.

Based on 528 ratings-only reviews

These ratings are based on customers' evaluations of this lender since joining our Lender Network. These ratings do not include any customer comments. These reviews have been factored into the lender's overall rating.

Overall Rating

3.6 of 5

Rate

3.5

Fees & Costs

3.0

Responsiveness

3.8

Customer Service

3.7

George A. Nava Real Estate Loans

Hello, I am an independent, full service mortgage broker specializing in purchase loans, home equity lines of credit, refinancing, and creative lending solutions. I have a reputation for integrity, honesty, and consistency. As of 2009, I have strong relationships with over fifty lenders, so that I can guarantee you the best rates and service. The lenders that I use go above and beyond to get you the best loan possible. There are hundreds of programs available to fit any situation, and I have helped first time home buyers as well as investors acquire the perfect funding solution. Call me today today and find out what I can do for you!

American Home Loans inc

Get your loan fast!

Welcome to our website, a "frustration-free zone" where we get you started toward qualifying and applying for a mortgage loan. Our mortgage professionals can get you approved in record time! That's because we take advantage of the very latest and best automated tools to speed you hassle-free toward your new home, new mortgage or home equity cash!

You've earned your home equity. Make it count! Use our calculators and other tools to see how much you can borrow according to what you want to pay. We not only use technology but our experience to make cashing that check just around the corner.

Want to refinance a current mortgage and strike while the rates are hot? We offer several lock-in periods and bring your loan home from application to signing on the dotted line with time to spare. You don't want to wait to start saving on your interest rate and monthly payment, and we won't make you!

Shopping for a home? Thinking about it? Get prequalified by one of our mortgage professionals. You'll have the clout of a cash buyer. You'll know how much you can afford. And be well on your way to the mortgage program that's right for you as soon as you make the offer!

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Every day after you apply is a day you want to be paying a lower monthly payment, spending your home equity cash or moving into your dream home! We don't waste time -- we get you where you want to go. Use this site to help you find out what the best options are for you, then come meet one of our mortgage professionals.

Israel Said to Be Open to Settlement Freeze

JERUSALEM — Israel would be open to a complete freeze of settlement building in the West Bank for three to six months as part of a broad Middle East peace endeavor that included a Palestinian agreement to negotiate an end to the conflict and confidence-building steps by major Arab nations, senior Israeli officials said Sunday.

The officials spoke before a planned meeting in Washington on Tuesday between Israel’s defense minister, Ehud Barak, and George J. Mitchell, the Obama administration’s Middle East envoy, and said this was the message Mr. Barak would take with him.

The freeze would not affect construction that was already under way, nor include East Jerusalem. But it would mean that during the specified time no construction of any kind could start even in the close-in settlement blocks that Israel expects to keep in any future two-state agreement with the Palestinians.

While such an offer falls short of President Obama’s demand that Israel halt all settlement building now, it is the most forthcoming response that senior Israeli officials have given to date and suggests that American pressure is having some effect. Until now, Israeli officials have insisted that settlements cannot be asked to end “natural growth” or “normal life,” meaning building for the children of those living there.

The officials who spoke of the prospect of a temporary freeze said the issue was explosive in Israel, so they were not prepared to have their names publicly associated with the idea at this stage. But they spoke with clear authority. They calculated that about 2,000 buildings were going up in West Bank settlements now and said that they would be completed under their proposal, but nothing new would start. They also said that if broader peace efforts came to naught, the building would start up again.

Mr. Barak himself declined to address the question of a temporary freeze in a conversation on Sunday with The New York Times, saying only that settlements should be viewed as one issue in a larger framework needed to create a Middle East peace.

“For us, it is very important that the Palestinians commit to seeking an end to the conflict and a finality of any claims,” he said. “We should not isolate this issue of settlements and make it the most important one. It has to be discussed in the context of a larger peace discussion.”

He added, “Many Israelis fear that what Palestinians want is not two states but two stages,” meaning an end to Israel in phases. He also said that by focusing solely on settlement building and not on what the Arab countries should also be doing for peace, Israel felt that it was being driven to its knees and delivered to the other side rather than asked to join a shared effort.

Israel, he said, was eager for a regional agreement that would lead to a state for the Palestinians and security for Israel.

The issue of settlement building has plagued regional peace efforts and Israeli-American relations for decades, ever since the 1967 Middle East war ended with Israel holding vast swaths of land that had been won from its neighbors. In particular, taking the West Bank, previously held by Jordan, fired the collective imagination in Israel because so much of it — including the cities of Hebron, Nablus and Jericho — was part of the biblical Jewish homeland that Zionism sought to reclaim.

There are now nearly 300,000 Israeli settlers living in the West Bank in addition to 200,000 Israeli Jews living in East Jerusalem, also taken in that war. Since the Palestinians hope to build their state in the West Bank, Gaza and East Jerusalem, they accuse Israel of making that goal impossible through settlement building.

Israel says the real problem is Arab rejection of its existence in any borders at all and the rise of violent, radical Islam backed by Iran. When it removed soldiers from southern Lebanon in 2000 and soldiers and settlers from Gaza in 2005, it faced rocket fire from Hezbollah and Hamas.

The Obama administration believes that in order to build a solid regional coalition to confront Iranian ambitions, West Bank settlement building needs to stop as a sign of Israeli willingness to accept a Palestinian state.

Such a demand is part of the “road map” agreed to by the United States, Russia, the European Union and the United Nations, the so-called quartet, and signed by Israel. But the Israelis said they had unwritten agreements with the former Bush administration that defined the freeze more narrowly, as not building new settlements or expropriating more land. Last week the quartet issued its own call for a complete settlement freeze.

The issue is so problematic here partly because the three-month-old government of Prime Minister Benjamin Netanyahu is a largely right-wing coalition with parties that support more settlement building. But Mr. Netanyahu recently accepted the idea of two states and has said Israel would work hard on helping the Palestinians improve their lives in the West Bank.

Mr. Barak said on Sunday that Israel was already making progress on that. It has formed a ministerial committee headed by Mr. Netanyahu aimed at starting economic projects in the West Bank. It has also given the Palestinian security forces greater freedom of action in the past couple of weeks.

Mr. Barak presented such steps as examples of concessions Israel had already made that deserved recognition from Washington and Arab leaders. Among the steps being discussed that Arab nations might take as confidence building measures for Israel are permitting Israeli travelers to transit through their airports, allowing Israeli airplanes to fly in their airspace and creating limited academic and tourist exchanges. Among Arab countries, only Egypt and Jordan have full diplomatic relations with Israel.

In the interview, Mr. Barak suggested that there could be a role for an international Middle East peace conference in the coming months at which all sides would agree to steps and concessions. He said that given Washington’s desire to remove its troops from Iraq and find a way to deal with Iran, this was an auspicious moment for bold regional thinking that could make far-reaching changes, and Israel was eager to play its part.

In the West Bank, Suburb or Settlement?

MODIIN ILLIT, West Bank, June 29 -- Chaim Hanfling knows a lot about this settlement's population boom. Six of his 11 siblings have moved here from Jerusalem in recent years to take advantage of the lower land prices, and at age 29, he has added four children of his own.

Located just over the Green Line that marks the territory occupied in the 1967 Arab-Israeli war, the booming ultra-Orthodox community, home to more than 41,000 people, shows why the settlement freeze demanded by the Obama administration is proving controversial for Israeli Prime Minister Binyamin Netanyahu and also why Palestinian officials are insisting on it.

Amid their gleaming, modern apartment buildings, with Tel Aviv visible on the horizon, residents say they have little in common with the people who have hauled mobile homes to hilltops in hopes of deepening Israel's presence in the occupied West Bank.

We don't feel this is a settlement," said Hanfling. "We're in the middle of the country. It's like Tel Aviv or Ramat Gan," another Israeli city.

Across a nearby valley, residents of the Palestinian village of Bilin have watched in dismay as Modiin Illit has grown toward them and an Israeli barrier has snaked its way across their olive groves and pastureland. Two years ago, Israel's Supreme Court ordered the fence relocated, but nothing has happened. A weekly protest near the fence, joined by sympathetic Israelis and foreigners, has led to a steady stream of injuries, with protesters hit by Israeli fire and Israeli troops struck by rocks. One villager, Bassem Abu Rahmeh, died in April when a tear gas canister hit him in the chest.

"The court said, 'Move the fence,' so why is he dead?" villager Basel Mansour said as he surveyed the valley between Bilin and Modiin Illit from his rooftop. "Why hasn't it been moved?"

Amid a dispute with the Obama administration over the future of West Bank settlements, Israeli Defense Minister Ehud Barak left for the United States on Monday for talks with White House special envoy George J. Mitchell. Local news reports say he may propose a temporary construction freeze of perhaps three months, though Netanyahu's office said it is committed to "normal life" proceeding.

Of the nearly 290,000 Israelis who live in West Bank settlements, nearly 40 percent reside in three areas -- Modiin Illit, Betar Illit and Maale Adumim -- where the impact of a settlement freeze would probably be felt most deeply.

Debate over West Bank settlements is separate from discussion of Jerusalem, which both Israelis and Palestinians claim as their national capital. The Obama administration has also asked Israel to freeze construction in Jerusalem neighborhoods occupied after the 1967 war.

"The goal is to find common ground with the Americans," said Netanyahu spokesman Mark Regev. "Israel is willing to be creative and flexible."

Palestinian officials said Monday that they will not restart peace talks with Israel until a full settlement freeze is declared.

A trip across the valley outside Modiin Illit shows why the settlements remain a central Palestinian concern.

When the Israeli barrier was built around Modiin Illit, it looped into Palestinian territory -- too far, according to the Israeli Supreme Court, whose 2007 decision said that the route went farther than security needs required in order to make room for more building in the settlement.

Planned additions to the community have since been canceled by the Defense Ministry, which is in charge of construction in the West Bank. Israel Defense Forces Central Command spokesman Peter Lerner said the military has designed a new route for the fence that will return land to Bilin, but has not received funding.

The lack of an agreed-upon border, Palestinian officials and human rights groups said, figures into a variety of problems -- such as the violence that flares regularly between Palestinians and settlers, as well as larger policy matters. The rights group B'Tselem said in a recent report that neither Israel nor the Palestinian Authority is taking clear responsibility for wastewater treatment in settlements or Palestinian towns and villages -- putting local drinking water at risk.

Facing U.S. demands, Israel has said it will take no more land for settlement and has agreed to remove more than 20 unauthorized outposts. But even that has proved slow going. The government recently proposed dismantling the outpost of Migron, a settlement of about 40 families that is under legal challenge for being built on private Palestinian land, by expanding another settlement nearby.

"The individuals in outposts shouldn't be rewarded" for building illegally, said Michael Sfard, an attorney for the group Peace Now who helped prepare a lawsuit against Migron.

In the City Hall of Modiin Illit, such struggles seem part of a different world. Pointing from a hillside to bulldozers busy in one part of town and graded sites ready for building in another, Mayor Yaakov Guterman said the city has 1,000 apartments under construction but is running out of room.

Modiin Illit can't expand to the west, back over the Green Line, he said, because that is a designated Israeli forest area. He said the community should be allowed to spread to the surrounding valley because, in his view, Modiin Illit "will be on the Israeli side" of the border under any final peace deal.

US on settlements

In the current hullabaloo surrounding settlement construction, one side issue forced center stage is whether the US and Israel ever had tacit agreements on the matter.

Ron Dermer.
Photo: Ariel Jerozolimksi

At issue is whether there was an understanding with the Bush administration that even though the road map called for an end to all settlement construction, including natural growth, Washington and Jerusalem understood that this was not to be taken literally, and that there were certain qualifications that made continued construction possible.

Some, like former US national security adviser Elliott Abrams and Ariel Sharon's bureau chief Dov Weissglas, have said that these understandings did exist. Others, such as US Secretary of State Hillary Clinton and former US ambassador Dan Kurtzer, dispute this, saying that - as Clinton said - "there is no memorialization of any informal and oral agreements."

For some, the issue is academic, of no real consequence now that there is a new administration in Washington which sees things radically differently than the previous one, and which can chart new policy.

Israel stands firm on West Bank settlements

JERUSALEM (AFP) — Israel will not bow to pressure from Washington to halt settlement activity in the West Bank even for a temporary period, a minister from the governing Likud party said on Sunday.

"The prime minister made it clear in our meeting that there are no understandings and no commitments on the issue of a freeze of construction in the West Bank, not even a temporary one," Yuli Edelstein told AFP.

"We must not reach such a situation," the minister for information and diaspora affairs from Prime Minister Benjamin Netanyahu's right-wing Likud party added ahead of a weekly cabinet meeting.

The remarks came a day before a meeting in London between Israeli Defence Minister Ehud Barak and US Middle East envoy George Mitchell amid friction over the settlement issue between the two close allies.

The White House has repeatedly demanded that Israel halt all settlement activity in the occupied West Bank in order to relaunch peace talks with the Palestinians, who have refused to meet Netanyahu without a complete freeze.

Netanyahu has said his government will not allow new settlements to be built but that the "natural growth" of existing settlements will continue.

The roadmap agreement, adopted by world powers in 2003 and to which Israel is a signatory, requires a complete freeze of all settlement activity, including natural growth, and the dismantling of all settlements built after March 2001.

Barak said he and Mitchell would explore "how to translate the roadmap, which Israel has adopted with some reservations and understandings, into a common way that is agreed upon by us, the United States and other sides."

The presence of 470,000 Jewish settlers in more than 120 settlements scattered across the West Bank, 190,000 of them in annexed Arab east Jerusalem, has long been seen as a major obstacle to the peace process and the creation of a viable Palestinian state.

The international community views all settlements in lands occupied during the 1967 Six Day war as illegal and the Middle East Quartet -- made up of the European Union, Russia, the United Nations and the United States -- has called for a complete freeze.

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HomePath Financing

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

* Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
* You may qualify even if your credit is less than perfect
* Available to both owner occupiers and investors
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
* No mortgage insurance*
* No appraisal fees
* Also eligible for HomePath Renovation Mortgage (see details below)
* HomePath Mortgage financing is available from a variety of lenders - both local and national.

HomePath® Renovation Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

Available only on homes you make your primary residence and offers these benefits:

* Financing to fund both your purchase and light renovation
* Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
* No mortgage insurance*
* HomePath Renovation Mortgage financing is available from several lenders.

co-signer on my VA home loan

It's true that the legally married spouse of a military member or veteran can co-sign a VA loan. There is no "penalty" for doing so, the veteran loan is still fully guaranteed by the VA. Two unmarried military members are also able to co-sign on a VA loan with the same results. When a military member or veteran wants to bring an unrelated, non-military cosigner, the VA allows this with one major exception. The VA guarantee is limited to the amount of the veteran's interest in the property. Some companies won't allow these types of "mixed" loans, so you may have a bit of shopping around to do before finding a lender willing to work with you. If you find yourself in this position, give yourself plenty of extra time to hunt for the right lender.

VA loan

Veterans who shop around will learn it's possible to get a fixed rate loan, negotiated with the lender of your choice. Another option? The adjustable rate loan, where interest may be adjusted one percent annually, up to five percent over the duration of the loan period. Which to choose? No matter which way you think is best, do your homework, shop around and get the best rate possible. Some make the mistake of taking the first offer that sounds fair, but don't be intimidated by the process. You may be eager to get the "hard part" over with and get into a home. Take some time to research the biggest purchase of your life! When in doubt, consult an expert, a legal advisor or a trusted friend in the real estate business. The more research you do, the better you'll feel at closing time. The VA is in the business of loan guaranty, but the choice of which loan to take is strictly up to you. It's also a good idea to look for businesses who make a habit of cultivating customers who are veterans--you may find their expertise in VA matters quite valuable to reduce unnecessary waiting times on paperwork.

Mortgage calculator

* Required-income mortgage calculator
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* Fixed-rate mortgage or interest-only mortgage calculator
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Figure out the payments for any adjustable-rate mortgage. Just enter the amount and terms.
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Know when to buy your first home by considering all of the costs and tax breaks.
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Work out how much you could save with a new loan at a lower interest rate.
* Does a cash-out refi make sense?
See what it would cost to consolidate auto and credit card debt into a new mortgage.
* Interest-only, fixed-rate mortgage calculator
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* Interest-only, adjustable-rate mortgage calculator
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* Fixed-rate or adjustable-rate mortgage calculator?
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* APR mortgage calculator
The annual percentage rate allows you to compare loans by taking into account their total costs, not just their interest rates.

RAMS Home Loan

If you are buying your first home, refinancing, self-employed or purchasing an investment property - there's a RAMS home loan to suit you.

RAMS offers flexible and innovative solutions to suit a wide range of home loan needs. How can we help you?
Search per Channel

* I'm buying my first home
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RAMS Home Loans Range:

* RAMS Limited Deposit – No need to save a full deposit
* RAMS Fast Track – Buy your first home sooner and save on mortgage insurance
* RAMS Fixed Rate - Protect against rising interest rates
* RAMS Easy Start – Enjoy a 3 year home loan honeymoon
* RAMS Rate Relief - A low introductory rate for the first 2 years
* RAMS Basic – The no fuss, low rate home loan with no account keeping fee
* RAMS IO Maximiser – A low rate home loan designed for property investors
* RAMS Line of Credit – Easy access to home equity
* RAMS SmartWay – The “smarter” all-in-one home loan
* RAMS SmartWay Pro Pack – An all-in-one home loan with preferential rates
* RAMS Line of Credit Pro Pack – Access to home equity at preferential rates
* RAMS Fixed Rate Pro Pack - Repayment certainty for larger loans
* RAMS Standard Variable – A standard home loan with free redraw
* RAMS Fixed Rate Low Doc - Repayment certainty and simplified paperwork for the self-employed
* RAMS Low Doc 500 Plus – A preferential rate and low paperwork for the
self-employed
* RAMS SmartWay Low Doc – Low paperwork and smarter money management for the self-employed
* RAMS Line of Credit Low Doc – Convenient access to equity and low paperwork for the self-employed
* RAMS SE Pro Pack – Discounted rates and low paperwork for the self-employed with larger loans
* RAMS Line of Credit SE Pro Pack - Access to home equity at preferential rates, for the self-employed with larger loans
* RAMS Fixed Rate SE Pro Pack - Low paperwork and repayment certainty for the self-employed with larger loans
* RAMS SE Pro Pack 80 - A discounted rate home loan for self-employed clients with total RAMS borrowings of $100,000 or more who wish to borrow up to 80%

Home Loan Calculators

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Savings Calculator
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Very Low to Moderate Income Housing Loans

The following is a summary of information about an assistance program or grant available to individuals or families through an agency of the U.S. Government.
To assist very low, low-income, and moderate-income households to obtain modest, decent, safe, and sanitary housing for use as a permanent residence in rural areas.

TYPES OF ASSISTANCE
Direct Loans; Guaranteed/Insured Loans.

USES AND USE RESTRICTIONS
Direct and guaranteed loans may be used to buy, build, or improve the applicant's permanent residence. New manufactured homes may be financed when they are on a permanent site, purchased from an approved dealer or contractor, and meet certain other requirements. Under very limited circumstances, homes may be re-financed with direct loans. Dwellings financed must be modest, decent, safe, and sanitary. The value of a home financed with a direct loan may not exceed the area limit. The property must be located in an eligible rural area. Assistance is available in the States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana's, and the Trust Territories of the Pacific Islands. Direct loans are made at the interest rate specified in RD Instruction 440.1, Exhibit B (available in any Rural Development local office), and are repaid over 33 years or 38 years for applicants whose adjusted annual income does not exceed 60 percent of the area median income, if necessary to show repayment ability. Payment assistance is granted on direct loans to reduce the installment to an "effective interest rate" as low as one percent, depending on adjusted family income. Payment assistance is subject to recapture by the government when the customer no longer resides in the dwelling. There is no funding provided for deferred mortgage authority or loans for deferred mortgage assumptions. Guaranteed loans may be made to refinance either existing RHS Guaranteed Housing loans or RHS Section 502 Direct Housing loans. Guaranteed loans are amortized over 30 years. The interest rate is negotiated with the lender.

ELIGIBILITY REQUIREMENTS
Applicants must have very low-, low- or moderate incomes. Very low-income is defined as below 50 percent of the area median income (AMI), low-income is between 50 and 80 percent of AMI; moderate income is below 115 percent of AMI. Families must be without adequate housing, but able to afford the housing payments, including principal, interest, taxes, and insurance (PITI). Qualifying repayment ratios are 29 percent for PITI to 41 percent for total debt. In addition, applicants must be unable to obtain credit elsewhere, yet have an acceptable credit history.

INFORMATION CONTACTS
Regional or Local Office Consult your local telephone directory under United States Department of Agriculture for Rural Development field office number. If no listing, contact appropriate Rural Development State Office listed in Appendix IV of the Catalog or on the internet at http://www.rurdev.usda.gov/recd_map.html.

Headquarters Office Director, Single Family Housing Direct Loan Division or Director Single Family Housing Guaranteed Loan Division, Rural Housing Service (RHS), Department of Agriculture, Washington, DC 20250. Telephone: (202) 720-1474 (direct loans), (202) 720-1452 (guaranteed loans).

Web Site Address http://www.rurdev.usda.gov.
Also See:

More Grant ProfilesGovernment Grants: No Free LunchAre You Eligible for Govt. Aid?
Elsewhere on the Web

Catalog of Federal Domestic Assistance
Related Articles

* Very Low Income Housing Repair Loans and Grants
* Low Documentation Loans - How Low Documentation Loans Work
* Student Loan Interest Tax Deduction
* Student Loan Interest Rates Drop
* U.S. Gov Info/Resources - Articles

Types of Home Mortgage Loans

Basic Types of Mortgages

The articles below explain the most common types of mortgage loans you may encounter as a home buyer. I recommend reading a few articles from this section before you delve into the specific types of mortgages in the articles on down the page.

Types of Home Loans - A Home Buyer's Guide
If you only read one article on this page, make it this one. We cover the different types of home loans in detail, with links to additional resources for each type of loan. It's a "must read" to be sure!

Top 9 Mortgages Explained! Find the Right Mortgage for You
Mortgage terms have you confused? Read on to find the mortgage rate that is right for your financial situation.

Understanding the Different Types of Mortgages
Confused by all the different types of mortgage loans? Want to know which type of mortgage loan is right for you? Then this is the article for you.

Low-Income Home Buying Programs
This page will help you understand low-income home buying programs, and will also point you to helpful resources where you can learn more.

Home Mortgage Buyers: Study the Big 3 Loan Types
To find the best mortgage loan for you, you should study the pros and cons of the three major types of mortgage loans.

First-Time Mortgage Buyers
Buying a home may be the fulfillment of a long-cherished dream, but the entire process of buying can be confusing if you are not well informed.

Mortgages - Types Of Interest Rate
The type of interest you wish to pay will depend on your circumstances and how much you are willing to pay every month. You'll learn in this article that not all interest rates are the same.

Traditional Mortgages are Back in Style
If you purchased your home using a risky adjustable rate mortgage, you might want to consider refinancing.

House Bullet
Fixed-Rate Mortgages

These articles explain the different pros and cons of a fixed-rate mortgage, which (as the name implies) is a mortgage loan that has a fixed / unchanging interest rate over the entire life of the loan.

Choosing Between Fixed Rate and Variable Rate Mortgage Loans
An important decision to make when shopping for a home loan is whether or not you want to have your interest at a fixed rate or at a variable rate.

Fixed Rate Mortgage Loans - Pros And Cons
There are many benefits and drawbacks to consider when deciding if a fixed rate mortgage is right for you. It is important to understand them.

House Bullet
Adjustable-Rate Mortgages

Perhaps you have heard about the ARM loan but aren't really sure how it works. These articles will educate you on all aspects of the adjustable-rate mortgage, also known as an ARM.

Adjustable Rate Mortgage Loans - The Basics
Adjustable rate mortgages (or ARMs) can help you finance the purchase of a home with lower interest rates. But you need to know the whole story.

Understanding the ARM Loan
The adjustable rate mortgage often confuses home buyers. But once you understand the basics of an ARM, it will all make more sense.

Adjustable Rate Mortgages - A Guide to the ARM
Many home buyers choose the ARM loan in order to save money during the first few years of homeownership. But later, these same homeowners run into trouble when the interest rate adjusts.

House Bullet
Balloon Loans

The balloon mortgage is a truly unique approach to home financing. But it can be financially dangerous for the first-time home buyer who does not fully understand it. These articles will give you a thorough understanding of the balloon mortgage loan.

Balloon Home Loans - Be Careful
These days, lenders provide loans tailored to many situations. Balloon loans are one such loan, but carry a serious downside if you’re not careful.

Balloon Or Reset Mortgage Loans - Understanding The Basics
A balloon mortgage, also called a reset mortgage, offers lower interest rates with the option in 5 or 7 years to pay off the balance or resent the loan.

House Bullet
Government-Backed Loans

Mortgage loans that are insured by the U.S. government can help pave the way to home ownership for many home buyers. One of the primary advantages of such a loan is that it allows you to buy a home with a low down payment.

FHA Mortgage Loans - The Benefits of an FHA Mortgage
The Federal Housing Administration (FHA) insures mortgages to help low- to moderate-income families purchase their own home.

A Borrower's Guide to FHA Home Loans
The Federal Housing Administration (FHA) is a government program created in 1934 to make home financing available to more American families. Today, it's part of the Department of Housing and Urban Development (HUD). Basically, they insure home loans made by private lenders.

Why the FHA Loan is Good for First-Time Buyers
Every type of loan has certain advantages and disadvantages to it. After all, there is no such thing as a perfect financing tool. But with that being said, the FHA program is almost perfectly suited for first-time buyers. This article explains the reasons for this, and it also tells you how to apply for this program.

The VA Home Loan Program For Military Veterans
The federal government offers many benefits to men and women who serve their country. One of those benefits is the VA home loan program.

House Bullet
Interest-Only Loans

Interest-Only Home Loans
As the name implies, interest-only home loans are loans that include an option of only paying the interest every month. Read on to learn about them.

Interest-Only Mortgage Basics
Financing your home with an interest only mortgage can save you as much as 25% off your monthly mortgage payments. What is the downside of this type of mortgage and are the risks worth the savings?

Traditional Versus Interest-Only Home Loans
Now that homes sales have slowed and prices have leveled out, will the number of interest-only mortgages also decrease?

House Bullet
Other Types of Loans

Home Equity Loans
This is a popular financing tool for homeowners who want quick access to cash (often for educational costs, home improvement or debt consolidation. But there are some things you need to know before applying for an equity loan, and this article is a great place to start.

Consider a 15-year Mortgage
If you are dedicated to managing your money wisely, you should consider taking a 15-year mortgage. This article explains why.

Reverse Mortgage Loans for Senior Citizens
This type of loan is made against the value of your home, hence the "reverse" terminology. It's similar to a home equity loan but it has unique aspects. This lending tool has become increasingly popular among senior citizens in recent years.

Subprime Mortgage Loans - A Borrower's Guide
Subprime mortgage lending is a relatively new but fast-growing component of the mortgage industry. But buyer beware — subprime lending has been linked to the current rise in home foreclosures. Here's what you need to know.

Subprime Lending Crisis in the U.S.
This crisis of subprime lending has had far-reaching effects. It has also made it harder for poorly qualified home buyers to obtain mortgage loans. So let's take a closer look at the history, development and impact of the subprime mortgage crisis in the United States.

Are 40-Year Mortgages A Good Idea?
A recent analysis of the lending policy of the top 125 mortgage lenders found that approximately 30% were now offering mortgage terms of 40 years of more.

50-Year Mortgage Now Available
Mortgage lenders are offering a new product to assist home buyers in purchasing a home at an affordable monthly payment.

Understanding Jumbo Mortgages
If you are buying a home in a state with high prices, you know financing can be an issue. This brings up the issue of the jumbo loan.

Zero Down Mortgage Loans - First-Time Buyer Programs
A zero down mortgage is a great idea for a first time home buyer. Here is some information on obtaining a zero down mortgage loan.

First Time Home Buyer Loans
Due to the current state of the economy, the so-called first time home buyer loans are becoming a thing of the past. But don't be discouraged by this. While it may be hard to find a specific program that offers loans for first-time buyers, you can certainly qualify for a regular mortgage loan. Just don't expect special treatment from lenders in the current housing market.

Mortgage Modification Programs
There's a lot of talk about loan modification programs right now. There's also a lot of confusion and misinformation. So we created this page to help homeowners understand (A) what home loan modification is all about, (B) which lenders are offering these programs, and (C) where you can go to learn more about each program.

Getting a Home Loan in the 2009 Economy
Are there new rules for getting a mortgage loan in the 2009 economy? Yes and no. The guidelines that have applied to loan qualification in the past will apply in 2009 as well -- but they'll be more strictly enforced. Here's what you need to know about the so-called "new economy."