- Jennifer Bailey
- BROKER-ASSOCIATE, GRI, SFR, ABR, e-PRO, C2EX
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Listed are some popular loan types, information on getting your credit report information, and online resources to learn more. Be sure to ask your financial expert and mortgage lender/loan processor specific questions about any of these (and other) loan types to see if you qualify.
Conventional loans are not insured by the FHA or VA. Generally, these are a good option for homebuyers with higher credit scores and stable employment histories.
VA housing assistance can help service members, Veterans, and their surviving spouses buy a home or refinance a loan. VA Housing Assistance
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). Borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults. Borrowers may qualify with a down payment as low as 3.5% with a credit score of 580+. Let FHA Loans Help You
This program assists approved lenders in providing low- and moderate-income households the opportunity to own a safe and sanitary primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve, or relocate a dwelling in an eligible rural area. To see if you qualify, contact a local mortgage lender.
USDA Eligible Areas
The most widely used reverse mortgage is an FHA product called the Home Equity Conversion Mortgage (HECM). This program is for a person over the age of 62 to release equity in a primary residence without having to sell or move. Home Equity Conversion Mortgages for Seniors
FHA's Energy Efficient Mortgage program (EEM) helps families save money on their utility bills by enabling them to finance energy-efficient improvements with their FHA-insured mortgage.
The EEM program recognizes that an energy-efficient home will have lower operating costs, making it more affordable. Cost-effective improvements can lower utility bills and make more income available for the mortgage payment. Learn more about this program
A consumer should review their credit report from each credit reporting agency at least once a year and especially before making a large purchase, like a house or car. To request a copy, the consumer can contact the credit reporting agencies directly:
Consumers can also go to https://www.annualcreditreport.com/index.action to obtain a free copy of their credit reports from each of the three bureaus.
If a consumer finds an error, the credit reporting agency must investigate and respond within 30 days. If a consumer is applying for a loan, they should immediately notify the lender of any incorrect information in the report.
The Consumer Federation of America (https://consumerfed.org/), FICO (https://www.fico.com), and Freddie Mac (https://www.freddiemac.com) offer free online resources regarding consumer credit, credit reports, and credit scores.
Visit Freddie Mac’s Primary Mortgage Market Survey (PMMS) for current and historical mortgage rates:
https://www.freddiemac.com/pmms
