Home Building - Choosing a Mortgage Agency
It pays to shop around, and the better mortgage "package" you can secure, the more money you can put into your new home. One of the best ways to find any new business contact is by referral. So, you may want to start with asking neighbors and colleagues if they can recommend a good mortgage broker.
Here are a few companies to consider when beginning your search.
The Federal National Mortgage Association (FNMA)/Fannie Mae provides funds for FHA and VA loan guarantee programs and conventional loans. It's the largest single source of mortgage funds, and they underwrite a large portion of the conventional loans that are provided by mortgage bankers. As secondary lenders, they purchase primary loans from other banking institutions. Many of the loan requirements of mortgage companies are dictated by Fannie Mae rules. They publish a set of requirements for the loans they purchase. Most bankers want to make sure their loans meet these requirements so they have the option to sell their mortgages to Fannie Mae.
The Federal Home Loan Mortgage Corporation (FHLMC)/Freddie Mac like Fannie Mae, purchases loans for FHA, VA and conventional loans.
Veterans Administration (VA) is a government loan guarantee that provides financing to qualified veterans, national guardsmen and reservists. They guarantee loans provided by other lending sources. Construction Loan Information
The AppraisalAfter you have chosen your lot and purchased your house plans, an appraisal will be done to determine the total value of your new home and land. This amount will be used by the lending institution to determine the actual loan amount, down payment and monthly note required. With this information, the lending institution can compare your financial standing with the actual requirements. If you cannot meet these requirements, your builder is your best source for working out the differences to bring you within your budget. Remember location, age of subdivision, design and size of house, number of houses for sale in the prospective area, etc. all determine the total value of your home and property.
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