Mortgage Information - Foreclosures
Obtaining a mortgage for a HUD or VA home is not much different than obtaining a mortgage for a traditional property for sale. However, it is easy to confuse a HUD or VA home with a HUD or VA loan.
A HUD or VA home is a home that has been foreclosed on by the government for failure to pay on the mortgage, and is then being offered for sale to the general public.
HUD/VA loans are special loan programs backed by the federal government. In the case of HUD, it is the Department of Housing and Urban Development that administers the loan program. In the case of VA, it is the Department of Veterans Affairs.
While it is entirely possible that you may qualify for a HUD or VA loan on a HUD or VA home, most homebuyers opt for a traditional mortgage on these types of properties, unless they happen to fit the very specific qualifications for a HUD/VA loan.
Ameriquest Mortgage offers good deals on loans, and has a quick initial application form.
With interest rates the way they are right now, many homebuyers are looking favorably on adjustible rate mortgages, or ARMs. ARMs are often available in the popular 1/3/5/7/10 - year offerings. If you're an investor who already owns your own home, you also might want to consider borrwing against the equity in your primary residence to fund the purchase of your investment.
Ameriquest Mortgage is one of America's leading direct lenders with more than 250 offices from coast to coast. They have a no-obligation form with only a few required fields to fill out, and you will be contacted directly by one of their helpful loan officers, usually within 24 hours. It's a quick way to find out what you can qualify for. Note that they do not lend in Washington D.C., Virginia, or West Virginia.
