Home Mortgage in Portland

Before you attempt to obtain a home mortgage loan in Portland, you should educate yourself on the types of mortgages available to you. Dedicated Mortgage Associates specializes in each of the following mortgages.

Reverse Mortgages

The definition of a reverse mortgage is what it sounds like; the process is very much reversed when you compare it to a regular home mortgage. The broker will pay the borrower one large lump sum that is not to be repaid until later. This can be when the borrower no longer owns the home, passes away, or enters into retirement care. This loan is ideal for the elderly; it is only available to those who are of retirement age, 62 years. Reverse home mortgage rates in Maine are determined on a case by case basis.

Jumbo Mortgages

The largest market lenders in the country, Fannie Mae and Freddie Mac, set the maximum loan amount to be lent to an individual. This amount varies by region and changes often, but an average amount is approximately $417,000.

There are instances, however, when Americans wish to borrow more than the confirming loan limit that the government has approved. Individuals who own large, luxury homes, for example, can technically borrow more money against their home if it is worth more than the confirming loan limit. These individuals can apply for jumbo mortgages. This means that their mortgage will be equal or less than the value of their home but greater than the standard refinancing home mortgage in Portland. Even larger mortgages are referred to as super jumbo mortgages.

VA Mortgages

A qualified home mortgage broker in Portland, such as Dedicated Mortgage Associates, has the ability to issue VA mortgages. Former United States service men and women or their spouses may obtain a VA Mortgage to help them purchase their home in situations where they could not otherwise afford it. This also means that no down payment is necessary.

Eligibility requirements for a VA Mortgage vary depending on the income of the applicant, the location of the home, and whether or not the loan is a second mortgage. Homes that are located in urban areas generally do not apply. Rural and suburban homes are among the more eligible properties for a VA home mortgage in Maine

FHA Mortgages

Another type of home mortgage in Portland that can only be lent by qualifying institutions is the FHA Mortgage. The Federal Housing Administration insures these loans to help qualifying families obtain housing. Since low income individuals and families often present the most risk to a home mortgage lender, the FHA provides lenders with necessary funds and insurance in order to make the loan possible. The home mortgage rate for a FHA mortgage is designed to be as low and affordable as possible for the borrower.