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Mortgages

Learn some of the basics about mortgages.

, the  or forbearance. 

If you're having trouble making payments because of the coronavirus pandemic, your loan servicer must:

  • Defer or reduce your payments for six months if you contact your loan servicer to make arrangements

  • Kết quả xổ số minh ngọc hôm nayGive you another six months of mortgage relief at your request

  • Offer options for how you can make up the deferred or reduced payments. They will discuss these options with you at the end of your forbearance period.

Make sure you know your rights before you contact your loan servicer. Read this . 

If you don't know whether your mortgage is federally-backed, . You can also check the and the to see if either one owns or backs your mortgage. Together, Fannie Mae and Freddie Mac own nearly half of all mortgages in the U.S. 

is your first place to look for an introduction to mortgage refinancing, including useful worksheets, a glossary of terms used in the industry, and more to help you decide if mortgage refinancing is right for you.
  • What type of mortgage should you choose? Get information about mortgage types and the settlement process in .  
  • Veterans may be eligible for refinancing their VA mortgage using .
  • Making Home Affordable Program

    • The offered opportunities to modify or refinance your mortgages, but as of December 30, 2016, no new requests for assistance under any MHA program will be accepted.
    • However, the MHA program still offers free counseling and help for homeowners who are having difficulty communicating with mortgage companies or lenders about their needs for mortgage relief. or call 888-995-HOPE (4673).
    • The (HAFA) is an alternative solution for homeowners who are interested in a short sale or deed-in-lieu to avoid foreclosure.

    Mortgage Company Transferring Your Loan to Another Company

    • Kết quả xổ số minh ngọc hôm nayFederal Reserve rules require mortgage companies to notify homeowners when their loans are transferred to another company. The company that takes over your loan must send you a notice within 30 days of acquiring it. Even with a new loan owner, the company that "services" or handles your loan might not change and you might continue to send your payments to the same address. If that loan servicer changes, you will receive a separate notice.

    • For more information about servicing companies, read the Federal Trade Commission's publication

    Kết quả xổ số minh ngọc hôm nay .

    Types of Reverse Mortgages

    Types of reverse mortgages include:

    • Federally insured Reverse Mortgages - Known as
    • Proprietary Reverse Mortgages
    • Single Purpose Reverse Mortgages

    Kết quả xổ số minh ngọc hôm nayBe sure to watch for aggressive lending practices, advertisements that refer to the loan as "free money," or those that fail to disclose fees or terms of the loan. To be a savvy consumer and help protect yourself, remember:

    • Do not respond to unsolicited advertisements
    • Be suspicious of anyone claiming that you can own a home with no down payment
    • Seek out your own reverse mortgage counselor
    • Never sign anything you do not fully understand
    • Make sure the loan is federally insured

    Reporting Fraud or Abuse

    Kết quả xổ số minh ngọc hôm nayIf you suspect fraud or abuse, let the counselor, lender, or loan servicer know. You may also file a complaint:

    If you have questions, contact for advice. 

    Kết quả xổ số minh ngọc hôm nay . This may be a good mortgage choice if you’re a first-time buyer because the requirements are not as strict as other loans. 

    Am I eligible? 

    Determine your down payment, closing costs and credit score before applying: 

    • Cash down payment can be as low as 3.5% of the purchase price. 

    • Kết quả xổ số minh ngọc hôm nayYour  doesn't need to be high. 

    • Kết quả xổ số minh ngọc hôm nayClosing costs may be partly covered or lower than other loans.

    Kết quả xổ số minh ngọc hôm nayMake sure the price of the home is within the . 

    How Do I Apply? 

    Kết quả xổ số minh ngọc hôm nayThe FHA doesn't lend money to people. It insures mortgage loans from FHA-approved lenders against default. To apply for an FHA-insured loan, you will need to use an FHA-approved lender. 

    How do I complain? 

    If you have a complaint about an FHA loan program, . 

    HUD Homes 

    When homeowners default on their FHA loan, HUD takes ownership of the property, because HUD oversees the FHA loan program. These properties are called either HUD homes or HUD real estate owned (REO) property. 

    Am I eligible? 

    Kết quả xổ số minh ngọc hôm nayYour qualifications to buy a HUD home depend on your credit score, ability to get a mortgage, and the amount of your cash down payment. You can also use an FHA-insured mortgage to buy a HUD home.  

    How do I apply? 

    Use the  to find listings of HUD real estate owned (REO) properties for sale. Click on the agent tab to find contact information to learn more about the property. 

    Where do I call for extra help?

    Kết quả xổ số minh ngọc hôm nayIf you have a question or need more information about FHA loans or HUD homes, you can:

    • the FHA Resource Center

    • Check their list of

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    Kết quả xổ số minh ngọc hôm nay Ask a real person any government-related question for free. They'll get you the answer or let you know where to find it.

    Kết quả xổ số minh ngọc hôm nayLast Updated: November 23, 2020

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