Frequently Asked Questions
You asked. We answered.

  1. Can we still buy a home after a short sale or foreclosure?
    A: Short answer, yes. Long answer, you have to show what you went through that led to the short sale or foreclosure was an extenuating hardship such as a divorce, a death or a job loss. If you are able to convey to the bank that situation many banks will consider giving a loan based off that circumstance and where you stand now.
  2. Q: I am ready to purchase my first home and want to take advantage of the low mortgage interest rates. With all the loan choices available, what would work best for me?
    A: Owning your first home is a big step, but one that is well worth the investment if it's chosen wisely. Now is a great time to invest in real estate. There are several types of loans; Conventional, FHA and VA. The best thing you can do it first determine what type of home you are interested in and then get in contact with your Realtor and Lender to discuss what loan type would suit your needs.
  3. What is a VA loan?
    The Veteran's Administration guarantees VA loans for all qualifying active and veteran personnel. Government insured loans like FHA and VA loans are typically more flexible in finance terms, credit standards, and lower down payments required. In fact, the VA loan offers 100% funding and the funding fee can be rolled into the life of the loan. Click HERE to learn more about the VA loan process.
  4. What is a conventional loan?
    A conventional loan is the most common type of loan. It's called a conventional mortgage because the loan itself is not insured by a government agency like FHA and VA loans are. FHA is guaranteed by HUD. Most conventional loans are fixed rate mortgages, which means the interest rate is fixed for the entire term of the loan, typically 30 years. Click HERE to learn more about conventional loan process.
  5. What are Fannie Mae and Freddie Mac loans?
    Conventional loans are also called traditional loans and are packaged into mortgage backed securities and sold to the secondary market. This is where Fannie Mae and Freddie Mac come into play and control about 90% of the nation's secondary mortgage market therefore conventional loans must meet their criteria.
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