Benefits of FHA Loans for Home Buyers

FHA loan is insured by the Federal Housing Administration and is very popular especially for first time home buyers. FHA loans for home buyers offers best mortgage loan because its requirements are less strict as compared to conventional loans. Borrowers can easily qualify for an FHA loan with a low down payment. If borrowers cannot afford a 20 percent down payment can have lower credit score. Go Direct Lenders strives to commit best FHA loan service that streamlines your loan process. These loans offer many benefits one such benefit associated with FHA is that can be assumable that means if you want to sell your home, the buyer can assume the loan you have. Also, FHA suits well for people who have low or bad credit, have undergone a bankruptcy or have been foreclosed.

At Go Direct Lenders, we offer hassle free mortgage loan process. Thus we offer complete knowledge about FHA loans. These loans have minimal standards and require two kinds of mortgage insurance premiums: full upfront (can be financed into the mortgage) and monthly payment. FHA loans require that the house meet certain conditions and must be appraised by an FHA-approved appraiser. For upfront mortgage insurance premium, borrowers will pay a premium of 1.75% of the home loan, regardless of their credit score. Monthly insurance payment will be figured into your mortgage payment. The amount of the mortgage insurance premium is a percentage of the loan amount, based on the borrower’s loan-to-value.

Go Direct Lenders serve customers with complete integrity based on mortgage loans. We aim to offer home loans with lowest interest rates and closing costs. We offer in-depth knowledge on FHA loans for home buyers that offer quick, easy, and painless loan process. For more details on FHA loans call us and attain the sound and best mortgage loan services.

Best VA Home Loan Lenders

Veterans Affairs (VA) loan is offered by government and are intend to provide affordable financing to eligible veterans. VA loans are combined with other loan benefits and generally provide low interest rates than conventional loans. They also offer borrowers the ability to cash out 100% of their home’s equity without penalty. VA loans waive the requirement of private mortgage insurance. Most lenders require for loans with down payments of less than 20 percent. Only three to 4 percent closing and administrative costs are required in VA loans, thus these loans are more attractive. While selecting a lender for VA loan it is important to the status of lenders with the VA directly.

In case lender is not approved by the VA, you should avoid that lender and find the one that is VA approved. VA approved lenders well understands the intricacies of the VA process and guide your VA loan application through the approval process. These lenders have independent authority to not only accept your VA loan application but also order the appraisal written according to VA standards. However, some lenders may take your loan application to another lender who is VA approved. In general, VA loans look similar as other conventional loans but they have their own rules and requirements. It is important to follow these rules otherwise your loan application will get rejected.

VA loans don’t need any down payment and have less qualification standards. These loans are guaranteed by government that means you can have a lower credit score and get more debt. Borrowers can spend up to 41% of their pretax income on debts, including student loans, credit card bills and auto loans. Guidelines of VA consider those borrowers who discharged a bankruptcy just two years prior to their application. If you are thinking about buying home, VH loans are best choice for your purchase.

Go Direct Lenders – Streamline Your Mortgage Process

One of the greatest obstacles that many homeowners face is how to get best home buyer loan program and closing costs. Go Direct Lenders provides the sound and ethical loan program assistance with low interest rates. Our qualified team of experts offers complete assistance on each loan program. Though the home purchase process can be costly and complex, we at Go Direct Lenders provide the best home loans with lowest closing costs. We recognize the value of homebuyer education that’s we offer complete education over home loans that make customers long-term and successful homeowners. Either you are a first time homebuyer, moving to a new home, or want to refinance your existing conventional Go Direct Lenders loan program will let you purchase a home with a low down payment and flexible guidelines.

Go Direct Lenders offer FHA loan programs that limit how much customers can borrow for a mortgage. FHA loan options include low down payments, low closing costs and easy credit qualification. If you are first time home buyer FHA offers the best and lowest down payment price. It also gives financial help for seniors who are 62 years or older. Additionally FHA Reverse Mortgage is right for many customers because it convert a portion of customer’s equity into cash.

Go Direct Lenders is recognized as a leading industry leader in offering pioneering strategies that help to ease the mortgage process. Our qualified team members are offering quick and easy loan experience services. We are offering lowest interest rates and closing costs as compared to our competitors. Go Direct Lenders strives to provide a variety of loan programs to suit every need of home buyer. We prioritize customer service to educate consumers every step of the way so that they understand the loan program very easily and get hassle free loan process.

Get Hassel Free Mortgage Loans and Programs from Go Direct Lenders

Go Direct Lenders strives to commit best and responsible solution for mortgage loans and programs. Our dedicated team has extensive years of experience that can streamline the mortgage process and make quick and easy loan services.

Different  Mortgage Loans and Programs:

• Conventional Fixed-Rate (30, 25, 20, 15, 10 year terms): It simply refers to any mortgage loan that is not insured by the Federal Government. Loan amount determines either a mortgage is confirmed or not. Loans that are considered over the conforming loan limit are termed as jumbo mortgages and always come up with increased mortgage rate.

• Conventional Adjustable-Rate (5/1, 7/1, 10/1): This type of loan is mainly used by investors or homeowners who have short term goals. It is usually followed with a lower introductory rate than a fixed rate and is accompanied with periodic adjustments that are combined with a particular index such as LIBOR or T-Bill.

• FHA Loans (Fixed, Adjustable, Purchase, Streamline, Cash-out): FHA covers mortgage lenders against potential losses that occur from borrower default. The guidelines of this loan are less strict and provide diverse options to homeowners.

• Reverse Mortgage (Home Equity Conversion Mortgage): Another type of mortgage loans and programs is reverse mortgage that is restricted only to homeowners who are aged 62 years or older. It doesn’t involve monthly payments; lenders can make payments directly to the borrower. Also borrower is not required to pay back the loan unless the home is vacated. In case of death, family of borrower may reclaim the home with final settlement with the lender.

• VA Loans: These loans are guaranteed by the government and provide best financing options. Additionally, they are accompanied with the benefits of other loan programs and offer lower interest rates than conventional loans.

If you are seeking for mortgage loans and programs, please consult with our legal advisor.

Understanding Terms for First Time Homebuyer Programs and Loans

Buying your own home is a huge responsibility and a great opportunity. We at Go Direct Lenders understand this and offer best possible programs and loan services for first time homebuyers. Our professionals will help you in every step and make sure you get best loan for your property. However, before you take step into all of the benefits of homeownership, it is good to get prepared first. To help you get ready, you must know the benefits associated with homeownership, some of them are:

• Homeownership brings many benefits. First time homebuyer programs and loans help in experiencing the benefit of owning a home. Along with this homeowners can take control on their home and get rid of increased rent.

• Having your own home can help in increasing your assets with the principal portion of your mortgage payments.

• First time homebuyers are benefitted with Tax-Exempt Program (TEP). This program offers reduced interest rates to qualified first-time homebuyers who meet maximum income limits. For setting eligible criteria of this program it is important that borrowers may not have owned a primary residence in the last three years unless the house is within a targeted area.

Important things to consider for first time homebuyers:

Buying a home is a serious and long-term commitment both financially and emotionally. You need to be careful before buying and know the factors that are associated with it. Homebuyers need to take charge of financial responsibility as they need to pay for utilities and maintenance, along with mortgage payments, property taxes, and homeowners insurance. Also, acquire knowledge about the potential risk connected with your property because real estate often increases in value over time but not always.

If it is your first home, we will help you to understand each stage of the mortgage process. Contact us today and get benefited with sound and legal loan programs.

Interested in purchasing a property? Jumbo Mortgage loan is for you!

Just like the name suggests ‘Jumbo Mortgage loan‘ is one which enables a lender to borrow loan that exceeds the loan limit established conventionally in various states. The standard loan amount is established by two agencies of government which are; Fannie Mae and Freddie Mac.

Typically the amount that exceeds the range of $417,000- $1,00,000 are regarded as Jumbo Mortgages.

Since the greater amount increases the risk involved it affects the interest rates. Basically the higher the loan amount, the higher is the rate of interest.

Since the rate of interest is higher another factor that makes a jumbo mortgage loan different from the other conventional loans is the amount of down payment. A minimum of up to 10% would be required by the lender at the time of lending the money.

Jumbo Mortgage Loans are lent by a few selected organisations which include Insurance companies and investments groups that are owned and controlled privately. These groups might demand documents that are stricter in nature as compared to the requirements of other organisation lending conventional loans. They may ask documents verifying your income and assets.

Jumbo Mortgage loans usually have a time period that extends far greater than the conventional loans. Loans can extend as long as 40-50 years.

It is necessary for borrowers living in U.S who are interested in making a purchase in the real estate which is residential in nature to acquaint themselves with the various benefits a Jumbo Mortgage loan offers. It is necessary because of the significant increase in the property value in certain geographical locations.

First Time Home Buyers Loan Program – Overview

The excitement and happiness of purchasing a new home simply can’t match with any other thing in the world. A house is not only a structure composed of bricks and clay but, it is like a companion that witnesses your happy as well as sad times. Well, getting a new home is no child’s play. It takes a lot of research and evaluation, both of your needs and financial condition. Moreover, buying a home in present times is a bit tricky due to hindrances created by poor finances.

Property owners who keep on buying still have an idea about what type of loan to opt whereas, an individual who has never ever owned a house is sure to get confused about it. Fortunately, several lending companies have come up with their ‘First Time Home Buyers Loan Program’ to help people who plan to purchase a home for the very first time. Given in this article is the overview of this loan program. Read on to know:

What ‘First Time Home Buyers Loan Program’ actually is?

This type of loan is meant only for people who have never been the owner of a property. In some cases, the loan is also for those who have not been able to search a property in the last three years. Not to mention that divorcees can also take advantage of these loan programs. Also, it should be noted that these kinds of loans are meant for those who fall in the category of low or medium income groups. If you belong to a high income group, then you are not eligible for these loans.

Well, these loans give the following benefits to the qualified borrowers:

• Very low or no down payment at all
• Grants offered
• Subsidized interest rates
• Forgiving loans
• Limited lending fees
• Reschedule/defer payments

Restrictions of ‘First Time Home Buyers Loan Program’

There are a few restrictions that you need to consider before buying a home through the first time home buyers loan.  First of all, you can’t purchase a very expensive property with the amount you receive from your loan. This rule is made to prevent any misuse of the loan program. Secondly, the property who own will be your main residence whose renting is not at all applicable. Thirdly, the property you will buy must be in prime condition and also without any safety concern.