Curtis Radmacher
"Living, Loving, Selling SoCal"

Getting the right type of real estate home loan is an important part of the home buying process. In this section of my web site I have put together some basic information regarding the types of real estate home loans that are common in the market today.

Fixed-rate mortgages: Fixed rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates do.

Adjustable-Rate Mortgages: With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. The rate of the loan is based on adding points to a fixed base.

Hybrid loans: A hybrid loan combines a fixed period along with an adjustable component. Usually these loans are fixed for a period of time and then the loan becomes adjustable where it is dependant on current rates.

VA real estate home loans: A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.

FHA real estate home loans: An FHA loan is a loan in the United States that is insured by the Federal Housing Administration.

These are the basic qualifications for an FHA loan, consult your lender, qualifications for FHA loans vary by location:

Proven employment status of at least 2 years.
Steady or increasing income over a 2 year period.
History of on-time payment. No more than two missed payments on your credit.
If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
Those with foreclosures must wait at least 3 years since the most recent foreclosure.
Monthly mortgage payment should be roughly 30% of your gross income.
You must pay a minimum of a 3% down-payment.
Agree to 2.25% in closing costs
Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes and 2-4 unit properties.
The property must be your primary residence.

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The accuracy of all information, regardless of source, including but not limited to square footage and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals.

Curtis Radmacher"Living, Loving, Selling SoCal"

Curtis Radmacher
"Living, Loving, Selling SoCal"