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Getting a mortgage for a HUD or VA home is not
much different than getting a mortgage for a traditional property for
sale. It is easy to confuse a HUD or VA home with a HUD or VA
loan. A HUD or VA home (continued below)
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is one that has been
foreclosed on by the government, and is being offered for sale.
HUD and VA loans are special loan programs backed by the federal
government. In the case of HUD, it is the Department of Housing
and Urban Development that administers the loan program. In the
case of VA, it is the Department of Veterans Affairs.
It is entirely possible that you may qualify for a HUD or VA loan on a
HUD or VA home, but most homebuyers opt for a traditional mortgage on
these types of properties, unless they happen to fit the qualifications
for a HUD/VA loan. More information is available on our FAQ page.
Want to know how much your mortgage payment will be? Use our mortgage loan calculator.
Mortgages - what's
hot?
Right now, with declining property values and questionable actions in the financial markets, borrowers are shunning the once popular adjustable rate mortgages (ARMs), and heading towards low 30 year fixed rate mortgages. Rates are at or near historic lows, and with excellent credit, borrowers may find terms as low as 4.5%.
More information is available at MortgageFinders.
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