Tag: Loan

Texas VA Loans – Official VA Mortgage Website #texas #va #home #loan

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Looking to obtain a Texas VA loan?

veterans and other service members who have completed their service are eligible to take advantage of these loans.

However, if you get a traditional loan they may not include benefits like low down payment (as low as $0), no private mortgage insurance, and no pre-payment penalty. Curious about what else you need to do to qualify? Keep reading below.

Qualifying for a VA Loan in Texas

Some Quick VA Loan Requirements to Keep In Mind:

  • Traditionally, service members who served on active duty for 90 days during wartime or 181 days during peacetime, but more recently a minimum of 2 years of service have been typical VA loan requirements.
  • National Guard or reserve members who served at least six years.
  • Unremarried surviving spouse of a service member killed in duty.
  • Veteran honorably discharged due to injury.

If you think you qualify and you’re ready to take advantage of your VA Loan, get your Certificate of Eligibility or fill out the VA Home Loan Application .

At VA Mortgage, our goal is to help you get the home you deserve. If you have questions give us a call directly at 888-775-1585 or fill out the form below to get in touch with us.

Texas VA Loan Limits and Statewide Median Prices

Texas State Loan Limit. $417,000

Texas Median Home Price. $131,900

There is no consistent or exact limit to the home loan amount, although the maximum is usually around $400,000. This limit is typically determined by how much liability the VA is willing to assume. (For updated loan limits, click here )

Texas Major Cities Median Home Price

Austin (median home price: $197,600) Located deep in the heart of Texas is Austin. Once a relatively small town, it has grown into one of the most popular cities in the country and consistently makes the “Top 10” lists at each release. Known as the “live music capital of the world” Austin is an ideal place for veterans. VA loan limits in Austin and the rest of Texas are right at the $417,000 limit and with the median home price at $197,600 VA loans can be used for the bulk of the homes in Austin. Austin is an hour and a half drive away from the Central Texas Veterans Health Care System located just north in Waco, Texas and an easy trip to the VA regional center located in Houston, TX.

Dallas-Ft. Worth (median home price: $143,600) The Dallas Ft. Worth metroplex, which includes Arlington as well, is a metropolitan statistical area that covers 12 counties. With over 6.5 million residents, it is an ideal destination for veterans. VA loans used to finance homes in Dallas/Fort Worth cover provide a wide range of property types due to the attractive median home price of $143,600. The economic climate is as healthy as it is diverse, and the median household income for the area is just under $60,000, making housing affordability one of the best in the country and a popular place for veterans.

Houston (median home price: $142,500) Another growing area in Texas is Houston. Houston is a popular destination for both veterans and active duty members with a population of more than 2 million. Houston’s energy industry along with its healthy import-export channel and manufacturing base make the city an economic powerhouse. One of the regional VA benefit centers is located in Houston as well. Houston’s median home price is attractive and it is one of the more affordable metropolitan areas in the country. Veterans can take advantage of the zero down VA home loan benefit to buy and finance a home in Houston or the surrounding areas.

San Antonio (median home price: $143,000) San Antonio is perhaps the most historic city Texas. Steeped in heritage, San Antonio is home to the revered Alamo and other monumental sites. San Antonio is a bustling military town with Fort Sam Houston, Randolph, Lackland AFB, and Brooks City Base all calling the San Antonio area home. San Antonio is also a popular retirement spot for veterans due to the lower cost of living index and median home price.

El Paso (median home price: $95,300) The western-most city in Texas, located in its own time, is El Paso. El Paso has a population of about 700,000 people and is home to the revered Army post Fort Bliss. El Paso touches both Old and New Mexico and is the single largest international metroplex in the entire world. Nestled against the scenic Franklin Mountains, El Paso is highly affordable with one of the lowest median home prices for a large metropolitan area in the state as well as the country. Strong military support means veterans and active duty members alike have used their VA home loan benefit to buy an El Paso area home and retire there.

Statistics stated above can change daily, without notice. For update statistics visit: zillow.com for Median Home Pricing Information city-data.com for Population Income Statistics

Texas Military Bases

Dyess AFB
Arnold Boulevard and S 7th
Dyess AFB, TX 79607
1-325-696-3113

Fort Bliss
Robert E. Lee Gate
Building 5400 Robert E. Lee
Fort Bliss, TX 79916
1-312-978-6291

Fort Bliss SFAC
Building 2494, Hinman Road
Fort Bliss, TX 79916
1-915-568-6879

Fort Hood
T.J. Mills Boulevard 761st Tank Battalion Avenue
Building 121
Killeen, TX 76544
1-254-287-4471

Goodfellow AFB
3005 Kearney Boulevard
GAFB, TX 76908-4304
1-325-654-4122

Laughlin AFB
548 Laughlin Dr, Bldg 468
Laughlin AFB, TX 78843
1-830-298-5620

NAS Corpus Christi
11001 D Street, Suite 143
Corpus Christi, TX 78419-5021
1-361-961-3722

NAS JRB Fort Worth
1510 Chenault Avenue
NAS JRB Fort Worth
Fort Worth, TX 76127-1021
1-817-782-7152

NAS Kingsville
554 McCain Street
Building 2740
Naval Air Station Kingsville
Kingsville, TX 78363
1-365-516-6482

Red River Army Depot
100 James Carlow Drive
Red River Army Depot
Texarkana, TX 75507
1-903-334-2141

Sheppard AFB
210 Missile Road
Sheppard AFB, TX 76312540
1-940-676-4358

USAREC, Dallas Battalion
1350 W Walnut Hill Lane, Suite 150
Irving, TX 75038
1-800-790-0963

USAREC, Houston Battalion
US Army Recruiting Battalion
1919 Smith St, Suite 1529
Houston, TX 77002
1-713-588-4034

USAREC, San Antonio Battalion
1939 Buck Road, Suite SA
Fort Sam Houston, TX 78234
1-210-295-0641

Texas Financial Regulatory Agency

Texas Department of Savings and Mortgage Lending
2601 North Lamar Suite 201
Austin, TX 78705
1-877-276-5550





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7(a) Loan Amounts, Fees & Interest Rates #international #business #jobs

#business loan rates

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The specific terms of SBA loans are negotiated between a borrower and an SBA-approved lender. In general, the following provisions apply to all SBA 7(a) loans.

Loan Amounts

7(a) loans have a maximum loan amount of $5 million. SBA does not set a minimum loan amount. The average 7(a) loan amount in fiscal year 2015 was $371,628.

Fees

Loans guaranteed by the SBA are assessed a guarantee fee. This fee is based on the loan’s maturity and the dollar amount guaranteed, not the total loan amount. The lender initially pays the guaranty fee and they have the option to pass that expense on to the borrower at closing. The funds to reimburse the lender can be included in the overall loan proceeds.

On loans under $150,000 made after October 1, 2013, the fees will be set at zero percent. On any loan greater than $150,000 with a maturity of one year or shorter, the fee is 0.25 percent of the guaranteed portion of the loan. On loans with maturities of more than one year, the normal fee is 3 percent of the SBA-guaranteed portion on loans of $150,000 to $700,000, and 3.5 percent on loans of more than $700,000. There is also an additional fee of 0.25 percent on any guaranteed portion of more than $1 million.

Interest Rates

The actual interest rate for a 7(a) loan guaranteed by the SBA is negotiated between the applicant and lender and subject to the SBA maximums. Both fixed and variable interest rate structures are available. The maximum rate is composed of two parts, a base rate and an allowable spread. There are three acceptable base rates (A prime rate published in a daily national newspaper*, London Interbank One Month Prime plus 3 percent and an SBA Peg Rate).

Lenders are allowed to add an additional spread to the base rate to arrive at the final rate. For loans with maturities of shorter than seven years, the maximum spread will be no more than 2.25 percent. For loans with maturities of seven years or more, the maximum spread will be 2.75 percent. The spread on loans of less than $50,000 and loans processed through Express procedures have higher maximums.

*All references to the prime rate refer to the base rate in effect on the first business day of the month the loan application is received by the SBA.

Percentage of Guarantee

SBA can guarantee as much as 85 percent on loans of up to $150,000 and 75 percent on loans of more than $150,000. SBA’s maximum exposure amount is $3,750,000. Thus, if a business receives an SBA-guaranteed loan for $5 million, the maximum guarantee to the lender will be $3,750,000 or 75%. SBA Express loans have a maximum guarantee set at 50 percent.





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Student Loan Services – Ways to Pay for College #student #loan #services, #college #financing,

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Student Lending and Services

* Multi-year approval funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note.

1 Average savings of $643 are calculated using the 2016/2017 Award Year Federal Direct PLUS Loan program reporting (as of 5/03/2017 for quarter ending December 31, 2016 not including Grad PLUS) of originations of

$11.1 billion to 740,097 borrowers through 769,597 loans with an average loan size of $15,035.30. Average fee savings is possible with either private student loan option we offer, including the Citizens Bank Student Loan or the Citizens Bank Student Loan for Parents.

2 Average savings based on 57,772 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 6, 2014 and January 31, 2017. The borrower s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.

3 U.S. Dept. of Education. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2016 and September 30, 2017 the origination fee is 4.276%.

4 Interest rate reduction of up to 0.50 percentage points is possible with the following discounts:

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.





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Loan Limits – VA Home Loans, home loan maximum amount.#Home #loan #maximum #amount

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VA Home Loans

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a downpayment. These loan limits vary by county, since the value of a house depends in part on its location.

The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran’s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.

VA county loan limit:

  • VA’s 2017 Loan Limits are the same as the Federal Housing Finance Agency’s limits – 2017 Loan Limits (Effective January 1, 2017).

For purposes of determining the VA guaranty, lenders are instructed to reference only the One-Unit Limit column in the FHFA Table Fannie Mae and Freddie Mac Maximum Loan Limits for Mortgages Acquired in Calendar Year 2017 and Originated after 10/1/2011 or before 7/1/2007 .

Remaining Entitlement

Veterans who had a VA loan before may still have “remaining entitlement” to use for another VA loan. Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, for example, $23,500 remaining entitlement would probably meet a lender’s minimum guaranty requirement for a no-down payment loan to buy a property valued at and selling for $94,000. You could also combine a down payment with the remaining entitlement for a larger loan amount.

External Link Disclaimer: This page contains links that will take you outside of the Department of Veterans Affairs website. VA does not endorse and is not responsible for the content of the linked websites.

PDF Documents To read PDF documents, you need a PDF viewer. Links to viewer software can be found at this link.





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Loan Programs, American Financial Network, Inc, streamline loan.#Streamline #loan

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Loan Programs

Streamline loan

Learn More About Loan Programs Below

HIP (Home Improvement Program) Mortgages

Non-QM Investors Impac, Galton Funding, Republic Bank

Streamline loan

We have branches across the nation with licensed and dedicated Loan Officers who are ready to help you find the perfect loan.

Streamline loan Streamline loan Streamline loan

CORP NMLS# 237341 ; Equal Opportunity Employer ; Equal Opportunity Lender American Financial Network, Inc. 10 Pointe Drive, Suite 330, Brea, CA 92821.

Phone: (714) 831-4000

This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas. American Financial Network, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.





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How to Find a Lender for a Home Loan #find #a #lender #for #a

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How to Find a Lender for a Home Loan

Tips Warnings

  • One way to help cut down on the legwork of finding a lender is to work with a good real estate agent who has experience with many lenders and can give helpful advice. A good way to gauge an agent’s advice is to compare that agent’s short list with rates you have found on your own.
  • The most common mortgage lenders (or originators, as they are referred to) are traditional banks, savings and loan associations and mortgage bankers. Banks are probably the most visible since they advertise heavily and most everyone has a checking and/or savings account.
  • Because of bank consolidation, looking at smaller banks can prove worthwhile. They can offer very good rates, as do savings institutions.
  • Mortgage bankers do only mortgages, and the best ones offer very competitive rates.
  • For qualified low-to-moderate income families purchasing rural property, the U.S. Department of Agriculture offers loan guarantee programs. Contact the USDA/RA office in your area, listed in the blue pages of your phone book.
  • Low-to-moderate income, first-time buyers should also contact the National Council of State Housing Agencies (202-624-7710) to locate the agency in your state that offers low-interest loans to qualified buyers.
  • While real estate agents can be good sources for finding lenders, their word should not be taken as gospel. They may be experienced, but they may also simply be comfortable working with certain lenders and may not be up-to-date on the better lenders.
  • Mortgage lending is not the strong point of many banks, so often they don’t offer the best rates.
  • Remember that the initial rates you get are not carved in stone. Rates can change quickly, particularly when interest rates in general are volatile.

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Veterans who have served a minimum of 90 days active duty during war or 181 days during times of peace and were.





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Online college gi bill #veterans, #benefits, #services, #va, #us #department #of #veterans #affairs, #veterans

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Veterans On-Line Application (VONAPP)

Four forms are now available on the vets.gov site. They are the 22-1990, 22-5490, 22-1995, and 22-1990E. If you select any of those forms within VONAPP, you will be redirected to the vets.gov site.

The final 2 education forms, the 22-5495 and the 22-1990N will be removed from VONAPP in May. All educations forms will be accessed through vets.gov.

As of September 20, 2015, you can now apply for Vocational Rehabilitation and Employment (VR E) benefits online through eBenefits. If you were routed here to the Veterans Online Application (VONAPP) page by mistake, please go back to the eBenefits homepage and login.

Once logged in, on the left hand side of the page:

– From Dashboard column, go to �Additional Benefits� under Benefits and Payments

– From the Additional Benefits page expand the VR E link

– Select apply for either Vocational Rehabilitation and Employment Program or Education/Career Counseling

To use the eBenefits VR E options, you will need a premium account. If you do not have a premium eBenefits account, please register for one. The register option is located in the top right hand corner on the eBenefits homepage.

Effective April 6, 2014 � Use VONAPP for Pension claims. If you are a Veteran with an existing VONAPP account, please select I Have Used VONAPP Before. If you do not have an account, please select I Am a New VONAPP User.

You cannot use VONAPP to submit a Compensation claim. If you want to submit a Compensation claim online, please use the �Apply for Benefits� section on the eBenefits homepage.

Can I access my incomplete form in VONAPP?

Partially completed forms and forms saved but not submitted can be accessed in VONAPP for 30 days following the date you started your application. After 30 days, claims not submitted are removed from the system.

Can I view my completed forms in VONAPP?

Submitted applications cannot be viewed or printed ; however, you will be able to view and print your submission confirmation page for one year (365 days) from the date of submission.

Can I start a new VONAPP form?

VONAPP can be used to prepare and submit new forms for Veterans Pension Benefits, Education Benefits, and Burial Benefits.

Claims for Compensation Benefits and Dependency Benefits can be filed through VDC. VDC is available for use in eBenefits under the �Apply for Benefits� section. A Premium eBenefits account is necessary for access to VDC. Your VONAPP username and password will not allow access to VDC. To register for an eBenefits Premium account, please visit their DS Logon Account Registration page.

Once registered, select “Apply” on the eBenefits homepage. You will then be able to select the benefit for which you are wanting to apply.





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Home Loans Today Mortgage Reviews – Ratings #home #loan #reviews

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Home Loans Today Reviews Ratings

My Loan has just been funded, I have used Home Loans and Dan Sullivan for a couple of years. Dan is always professional, curteous and on time. I really appreciate him and his staff. Thanks

My Loan has just been funded, I have used Home Loans and Dan Sullivan for a couple of years. Dan is always professional, curteous and on time. I really appreciate him and his staff. Thanks more

By LFerguson (Denver)

Reviewed on: 5/30/2017 1:33:17 PM

I found Dan and Home Loans today while surfing around on bankrate.com. After we spoke I read some reviews and all were very glowing. I was excited about the process and the team I was going to be working with. During the process I was well directed through everything and was made very aware when anything changed. Beyond that Dan was highly accessible even when I only had limited times to devote to process. He was always available nights and weekends which helped in my situation greatly. Like everyone one else I had a great experience with nothing negative during the process. I would recommend Home loans today and Dan Sullivan to everyone. Thanks! more

I found Dan and Home Loans today while surfing around on bankrate.com. After we spoke I read some reviews and all were very glowing. I was excited about the process and the team I was going to be working with. During the process I was well directed through everything and was made very aware when anything changed. Beyond that Dan was highly accessible even when I only had limited times to devote to process. He was always available nights and weekends which helped in my situation greatly. Like everyone one else I had a great experience with nothing negative during the process. I would recommend Home loans today and Dan Sullivan to everyone. Thanks! more

By Cody O (California)

Reviewed on: 6/5/2017 6:02:38 PM

I just closed my 3rd loan with HLT. Each time with Phil, my loan rep. It went smoothly. I use HLT for many reasons. They always beat other lenders rate because they shop the rate as opposed to a single money source that gives a rate they assess. They also deliver what you want, which is a simple loan process that meets your needs with a rate that is competitive. I got tired of lenders telling me they pay closing costs and they pay or do this and that only to find out, they wrap costs into the loan and charge a higher rate which means the $1,000 they gave you today cost you $7,000 over the life of the loan. There is a reason HLT is writing so many loans, I am a 3 time repeat customer and I would use them again. more

I just closed my 3rd loan with HLT. Each time with Phil, my loan rep. It went smoothly. I use HLT for many reasons. They always beat other lenders rate because they shop the rate as opposed to a single money source that gives a rate they assess. They also deliver what you want, which is a simple loan process that meets your needs with a rate that is competitive. I got tired of lenders telling me they pay closing costs and they pay or do this and that only to find out, they wrap costs into the loan and charge a higher rate which means the $1,000 they gave you today cost you $7,000 over the life of the loan. There is a reason HLT is writing so many loans, I am a 3 time repeat customer and I would use them again. more

By jplblue (Viera, FL)

Reviewed on: 4/3/2015 2:57:03 PM

Just only closed my loan refinance with Home Loans Today. I need to accept the great job done by Phil and Dana as loan is closed in agreed time-window and with agreed costs. There were issues on the way which I would address to the lack of communication and human factor: The lender was not proactive to lock for me the best possible rate, so I had to wait when acceptable rate came up again. Suggestion – make sure that lender understand your willingness to start refinance process immediately. Make sure that all your important details are received and understood – especially if you have phone discussion. In my case some details corresponded in beginning were forgotten, which came up as surprise at the last moment. By the end, receiving GFE numbers were not matching to expected. After couple of days of investigation I’ve got numbers in spreadsheet, where I could see where the numbers coming from – in my case lender included property tax in the closing costs, which raised the principal amount. This might be a normal practice, but as customer I would expect that such things would be explained in advance. As person who went through refinance first ever time I would recommend to keep process and numbers crystal clear as this is your loan being processed. For the company I would recommend to keep doing the great job, but make the details of your hard work are clearly visible to your customers. Thank you. more

Just only closed my loan refinance with Home Loans Today. I need to accept the great job done by Phil and Dana as loan is closed in agreed time-window and with agreed costs. There were issues on the way which I would address to the lack of communication and human factor: The lender was not proactive to lock for me the best possible rate, so I had to wait when acceptable rate came up again. Suggestion – make sure that lender understand your willingness to start refinance process immediately. Make sure that all your important details are received and understood – especially if you have phone discussion. In my case some details corresponded in beginning were forgotten, which came up as surprise at the last moment. By the end, receiving GFE numbers were not matching to expected. After couple of days of investigation I’ve got numbers in spreadsheet, where I could see where the numbers coming from – in my case lender included property tax in the closing costs, which raised the principal amount. This might be a normal practice, but as customer I would expect that such things would be explained in advance. As person who went through refinance first ever time I would recommend to keep process and numbers crystal clear as this is your loan being processed. For the company I would recommend to keep doing the great job, but make the details of your hard work are clearly visible to your customers. Thank you. more

By matvix (Santa Clara, CA, United States)

Reviewed on: 4/5/2015 2:26:00 AM

Great and expeditious customer service

Level of Service

I truly enjoyed working with a trustworthy loan officer, who returns emails as quickly as he can.

I truly enjoyed working with a trustworthy loan officer, who returns emails as quickly as he can. more

By Jane (Laguna Hills, CA)

Reviewed on: 4/6/2015 3:44:23 PM

View More Reviews

Average rates in Los Angeles, CA

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Loan Programs #business #hosting

#small business loans

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From starting up or expanding your business to recovering from disasters, SBA loan programs are available to help your business succeed.

You can explore various types of loans that may be available to you, including: 7(a) loans, which are part of SBA s most common program; real estate and equipment loans; disaster recovery and even exporting!

It s important to understand SBA s role the agency doesn t lend the money directly to entrepreneurs to start or grow a business, but sets the guidelines for loans that made by its partners (lenders, community development organizations and micro-lending institutions). SBA guarantees that these loans will be repaid, which eliminates some of the risk to the lending partners.

Check out the resources here on SBA.gov to gain insight about the financing options you have throughout your business ventures, along with information about loan credit factors. how to prepare your loan application and a helpful checklist .

And when you re ready, find SBA lenders in your area with this search tool. Discover the size and types of loans being provided, then contact one of the Lender Relations Specialists listed to learn how you can get started.

Free Online Learning Courses





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Types of Loan Programs: Conforming, Jumbo Loans, FRM, ARM, Balloon Mortgage, different mortgage loan

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different mortgage loan types

Different mortgage loan types

Different mortgage loan types

Different mortgage loan types

Different mortgage loan types

Types of Mortgage Loans

Conventional and Government Loans

Any mortgage loan other than an FHA, VA or an RHS loan is conventional one.

The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. Go to FHA Programs page to get more information.

If you are looking for an FHA home loan right now, please feel free to request personalized rate quotes from HUD-approved mortgage lenders via our website.

VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $203,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

VA-guaranteed loans are obtained by making application to private lending institutions. If you are interesting in obtaining a VA-guaranteed loan you can try our VA loan request form.

Please see also pamphlets published by VA.

RHS Loan Programs

The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no downpayment. Visit our page RHS programs for details.

Ginnie Mae which is part of HUD guarantees securities backed by pools of mortgage loans insured by these three federal agencies – FHA, or VA, or RHS. Securities are sold through financial institutions that trade government securities.

State and Local Housing Programs

Many states, counties and cities provide low to moderate housing finance programs, down payment assistance programs, or programs tailored specifically for a first time buyer. These programs are typically more lenient on the qualification guidelines and often designed with lower upfront fees. Also, there are often loan assistance programs offered at the local or state level such as MCC (Mortgage Credit Certificate) which allows you a tax credit for part of your interest payment. Most of these programs are fixed rate mortgages and have interest rates lower than the current market.

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.

Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.

The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Since early 2008, a series of legislative acts have temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the contiguous United States. Permanent limits, which apply to the Enterprises’ acquisitions of certain mortgages originated prior to July 1, 2007, are set under the terms of the Housing and Economic Recovery Act of 2008 (HERA).

For every county and county-equivalent in the country, maximum loan limits for mortgages can be found at: http://www.fhfa.gov/Default.aspx?Page=185

The 2013 conforming loan limits for first mortgages remain at the limits set in 2006, 2007, 2008, 2010 and 2011:





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