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American Credit Express Associates
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Loan Options

Types of Mortgage Loans
The Many Types of Mortgage Loan Options that are Available:
Be advised that HUD does not provide financing. For this you must go through a bank or a mortgage broker. Since HUD homes are eligible for FHA insured mortgages; this can make financing much easier. However, you are not required to obtain a FHA loan to buy a HUD home. You can use any other means or types of mortgages, as you wish.

Fixed Rate Mortgage

With a fixed rate mortgage your rate stays the same for the life of the loan. This term is usually 30 years, but it can be a short as 15 years or as long as 40. The principal and interest payment remains the same, making this easier for you to plan your monthly budget. But with a fixed rate loan your interest rates tend to be higher than any other type of mortgage.

Adjustable Rate Mortgage

With an Adjustable Rate Mortgage a (ARM), your interest rate and monthly mortgage start out low, but with this type of loan the rates and payments can adjust with the market; up or down. Be aware that when they go up your payments can increase sometimes significantly.

FHA Insured Mortgage

This is a loan that the Federal Government Insures the lender against loss in case the home owner defaults on the loan. This type of loan was set up so Americans that could not afford the typical down payment of 10% to 20% could buy a home. HUD homes can be purchased with a FHA loan; with a FHA loan you can purchase with a low down payment. You also do not have to be a 1st time home buyer to qualify for a FHA mortgage.

VA Loan

With a VA Loan it is the Department of Veterans Affairs that guarantees the lender against loss. You may purchase a HUD home with a VA Loan, as well.

Assumable or Non-Assumable

This type of loan is one that you can “assume” form the previous owner. What that means is that the previous owners lender will allow for you to assume the mortgage. Transfer the mortgage from the previous owner to you. This type of loan can be a wonderful bargain.

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Applying for a mortgage is simple, safe, and secure. Your information will only be sent to your designated FHA Loan Officer.

Equal Housing

Please note: There are no fees to submit your application or to request your free consultation with an FHA loan officer. These services are provided to you at no charge and no obligations.

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