Need a mortgage prequalification letter?  Call us NOW at 469-363-3298!     

The NHL Mortgage Group is a local boutique Texas mortgage lender that focuses on RAVING fan customer service and GREAT mortgage rates!

Blog

FHA, VA, OMG!

Posted on October 4, 2017 at 10:40 PM

Acronyms are everywhere and in every profession. I’ve worked as an educator for nearly fifteen years and every school year we get brand new, cleverly-abbreviated terms: STAAR, TAKS, NCLB, TAAS (I bet you remember that one if you went to school in Texas in the 90s). The mortgage process is no different. When you begin to discuss loan types and options with your mortgage team, you’ll start to hear so many abbreviations that you just might begin to feel like you’re texting a teenager: FHA, FICO, MI. OMG, WTH?

During the home-buying process, the first acronym you’ll probably encounter is FICO. This refers to your credit score, something that is pretty critical when buying a house. I’ve written quite a bit about credit scores and repair; for more information, read some of my earlier posts.

FHA and VA are two acronyms that refer to loan types. FHA stands for Federal Housing Administration and is a mortgage program that is managed by HUD (there’s another one!). HUD stands for the Department of Housing and Urban Development, a part of the federal government. VA is a loan program for members of the military (U.S. Department of Veteran Affairs). There are also USDA (United States Department of Agriculture) loans for rural borrowers. 

When considering mortgage options, there are also loan types with acronyms. ARMs (Adjustable Rate Mortgage loans) have changing interest rates (as opposed to fixed-rate loans). MI (Mortgage Insurance) is another term that may come into play when you’re purchasing a house. 

If all this confuses you, consider yourself normal. The experts at Team Neal can answer all of your questions and walk you through every step of the process to help you make the best and most informed decisions about your mortgage. If you’re considering purchasing a house, give them a call and they can tailor a mortgage that is right for you. And they’ll do this while answering any questions that come up along the way.


Categories: First Time Homebuyer, Mortgage Approval Process, Credit

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

3 Comments

Reply Keisha
10:41 AM on January 23, 2018 
Back in 2016 we had one major drawback. Hubby lost his job, I had an accident that made me quit my job as well. We collected thousands of money from our Home Equity line of credit (HELOC) account which works sort of like a credit card to raise our son through college. This caused our credit scores to drop drastically, the bank almost terminated our line of credit and at that point I almost regretted my existence in life. I am using this opportunity to say a BIG THANK YOU to my sister and her BFF she introduced to us as a credit score hacker and counselor. He cleared our HELOC debt of $142,000 and raised our scores to 765 and 758. My special thanks goes to this genius hacker, we purchased our second home last week for our son. As we have promised to give him more clients if he should successfully fix our problems. We are living testimonies and confident of this miracle worker to handle all jobs, I will implore everyone facing challenges with credit scores, credit report,bankruptcy,mortgage issues to reach him on;
pyramideye(.)hack (AT outlook(.) com )
Reply DewayneReids
11:32 AM on October 15, 2017 
Ремонт и сервис / Мобильные телефоны / Доска бесплатных объявлений
Услуги / Доска бесплатных объявлений в регионе Россия, Амурская область
Купим Огнетушители авиационные и другие авиазапчасти / Доска бесплатных объявлений
Комнаты / Недвижимость / Доска бесплатных объявлений в регионе Россия, Калмыкия, Элиста
Музыкальные инструменты / Хобби и отдых / Доска бесплатных объявлений в регионе Россия, Кемеровская область



купить Аэродромная технику
продать Квартиру
продать Авиадвигатели
купить Дома, дачи, коттеджи
прадать Самолет
Reply DewayneReids
4:34 PM on October 13, 2017 
Резюме: поиск работы / Работа / Доска бесплатных объявлений в регионе Беларусь, Гродненская область
Услуги / Доска бесплатных объявлений в регионе Россия, Сахалинская область
Услуги / Доска бесплатных объявлений в регионе Россия, Кемеровская область
Услуги / Доска бесплатных объявлений в регионе Россия, Северная Осетия
Продажа авиационной техники в регионе Беларусь, Минская область



купить Самолет
продать Аэродромная технику
купить Комнату
купить Дома, дачи, коттеджи
продать Дома, дачи, коттеджи