Precious young bonded pair surrendered by Terrible owner because "they keep getting out"

When you are financing a home, you might think there is only one type of mortgage for which you are eligible. In reality, however, there are most likely several different types. These different types of loans each have their own restrictions, but they are worth looking into.

Government

You could be able to obtain a government-backed mortgage. There are some advantages to going this route, as you can get a lower interest rate, lower down payment, or waived PMI insurance. The most common type of government option is the FHA. They all allow for 3.5 percent down payment instead of the traditional five to ten percent. Unlike some traditional options, you can have a co-signer on this mortgage. However, each state has its own limit on how much you can finance through an FHA mortgage.

There is another type of FHA known as the FHA 203K. This is for homeowners who wish to purchase and renovate properties. The work must be completed by a licensed contractor and must be completed with a specific fixed timetable. You cannot do any of the work yourself. There are also budget and repair limits.

A USDA Rural housing opportunity allows you to purchase a low-cost home in rural areas. These have low-interest rates and does allow for 100 percent financing and 30 years fixed interest.

A final type of government-backed loan is the VA. This is for veterans only and allows 100 percent financing with no PMI. Veterans must have a copy of their DD-214 and a Certificate of Eligibility to get one of these loans. There may be limits placed on purchase price based on the area.

Conventional

When you think of a mortgage, you typically think of conventional loans. Fixed-rate and adjustable-rate mortgages are by far the most popular. With a fixed-rate, your interest rate and monthly payments remain the same. You can choose from a variety of term options and it protects you from rising interest rate. Typically, the rate is higher for this type of financing than it is for an adjustable rate.

Adjustable rate financing has a fixed initial rate, which is usually lower than fixed-rate. However, after the initial period, which can be as little as six months or as long as ten years, the rate adjusts annually. You can get longer loan terms, and there is a rate cap, which prevents the interest rate going over a certain amount in a given period.

Portfolio

Portfolio loans are probably the least well known. With this type of loan, the group or bank that initiates the financing keeps it in their portfolio; they don't sell it to a secondary source. These are usually given to individuals that might not be able to get a traditional mortgage due to issues with their credit. Lenders see these as a good investment and want to keep the financing on their books. Examples of those who don't qualify for a traditional mortgage, but may qualify for portfolio financing are those with steady income without the steady job such as contractors or anyone who receives 1099s instead of W2s.

Knowing the types of loans available is important. If you don't qualify for one, you may still qualify for a different type and get the home of your dream.

These precious young pups were just surrendered by their owner because "we keep them in the yard and they keep getting out"
Who keeps small dogs OUTSIDE anyway? They belong in the house!

Available NOW City of San Bernardino Animal Control

Emma #A517659 and Roxy #A517660 (Kennel 113)

PetHarbor links:
http://petharbor.com/pet.asp?uaid=SBCT.A517659

http://petharbor.com/pet.asp?uaid=SBCT.A517660

We are NOT the City Shelter to where pictures were taken. FOR MORE INFO ON THIS PET please contact:
San Bernardino City Animal Shelter
333 Chandler Place
San Bernardino, CA 92408
Phone Number: (909) 384-1304
Closed Sunday and Monday
Ask for information about animal ID number Emma #A517659 and Roxy #A517660 (Kennel 113)


STATUS : - read comment for update from crossposter
When it's time to buy a house, you will need to arrange affordable financing. When assessing mortgages, many factors are at play and can impact the terms, making them more or less advantageous for the creditor. Future homeowners need to be aware of common concepts that impact the process, such as interest rate, closing costs, and points.

Overview of Loans

There are several residential and commercial loan options for buyers. A fixed mortgage involves payments and interest that will remain the same for a specific number of years, often 15 or 30. At the end of the term, you will have paid back the entire amount borrowed. Adjustable-rate mortgages have interest rates that change at specified times throughout the duration of the loan. This financing option often involves a lower initial rate, but it could go up or down depending on market trends. Another type of financing involves a short-term balloon loan for a fixed period of time. At the end of the term, the balance will be due, or the borrower will need to refinance.

Know Your Credit Score

Before you approach a bank, it's advantageous to know your credit score. The type of financing you will get partially depends on your credit score. People with better credit usually receive better offers from lenders. The best time to check your own credit score is several months before you plan to approach lenders. This time frame allows you to make adjustments and potentially improve your score before you contact lenders.

If you have a score of at least 720, you should be able to qualify for lower rates. A score of between 780 and 850 is very high, so you should anticipate the best terms available from lenders. Scores between 620 and 720 are not as good, but you should still qualify for a loan. Numbers between 580 and 620 are considered low. A score in this range will probably result in higher interest.

Contact Lenders

Once you have a firm idea of the types of mortgages available and you know where you stand with your credit, you will be ready to contact lenders to find out what type of financing is available. Different types of lenders exist, including commercial banks, mortgage companies, brokers, credit unions, and thrift institutions. Rates will vary depending the type of lender, so it's important to shop around. Questions to ask include:

- What are all current interest rates available? Are these the lowest at this time?

- Is the rate fixed or adjustable?

- If adjustable, how will the terms vary?

- What points are you currently offering?

- What fees are associated with the loans?

- What down payment is required?

- Is insurance required? If so, what would be the total cost?

After gathering information from various lenders, you will be ready to compare various options to find the most advantageous terms. Don't forget the possibility of negotiation to get the best deal.

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