Facts about Mortgage Loans

Buying a home is obviously the biggest purchase in your life. After years of hard working and saving, you decide to fulfill your dream. However, it might be difficult to get a home within your budget or it can also happen that the home that you choose is beyond your budget.

To fulfill your need, you can apply for different types of home loans that are available in the market. FHA mortgage loans are one among them. The loan often allows the borrower to have slightly higher debt ratios, utilize gifts for their down payments, and use alternative forms of credit while a borrower has little or no credit established.

For many borrowers, the minimum down payment is 3.5%. Borrowers can qualify for the loan with credit scores of 580 and even lower.

If you are in the lower stages of life, then you can choose the reverse mortgage. With it, no monthly mortgage payments are needed, because the loan balance is repaid with the equity of the home after the person moves out or dies.

A reverse mortgage makes it possible for people in retirement to access a part of their home equity and continue living in their home at the same time. While living in the home, the person actually receives payments from the bank based on a specific percentage of the home equity that has accumulated.

Are you looking for reverse mortgage lenders? The professionals of Vance Long can help you in this. Moreover, they will help you to learn whether you are eligible for the loan or not.

Address
3198 - F Airport loop Dr.
Costa Mesa, CA 92626
(714) 420-1997
vlong@uamco.com
Website: http://vancelong.com/