Mortgage Lending

Different Types Of Mortgage Lenders

 · The Lender Alphabet The ABC’s of Mortgage Lenders I often talk about alternative lenders in my articles so this week I want to discuss the different types of mortgage lenders a borrower may encounter when looking for mortgage financing. I look at the lenders.

 · Lenders offering a qualified mortgage are required to make a good faith effort to determine that the applicant has the ability to repay a mortgage. In addition, loans under the qualified mortgage umbrella have relatively stable features, unlike other types of loans. For example, interest-only loans are not qualified mortgages.

Types of Home Loans: FHA, VA, USDA.OMG! – common mortgage loan types. conventional mortgage. This is the most commonly used type and usually has the best rates. You’ll typically need at least 10% for a down payment and good credit. Can be for 15 or 30 years or "interest only" where you are not paying any principal in your payment.

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Conforming versus non-conforming loans. So if you live in a locale where the conforming loan is $417,000 and you take out a single mortgage for $500,000, you’d have to opt for the non-conforming loan. Although Fannie Mae and Freddie Mac are now controlled by the government, these types of loans are not government loans.

Choosing a mortgage lender can be confusing, so where should you turn when you are ready. Are there different types of mortgage lenders?

Unique Loan Types. Many borrowers opt for conventional or government-backed loans. However, there are other options – jumbo loans and balloon mortgages. Jumbo Loans In most markets, the maximum amount for a conforming loan is $424,100. There are some high-priced markets where the maximum amount is higher, but under $636,150.

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The differences between these two mortgage types are covered below. A conventional home loan is one that is not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA). Government-insured home loans include the following: FHA Loans