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Mortgage Glossary
Loan Process
Adobe Financial offers a wide variety of loan programs to meet your individual needs. We work with the leading lenders in the industry to provide you with tailor-made solutions.
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.
The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.
HUD's 203(k) program can help you with this quagmire and allow you to purchase or refinance a property, plus include in the loan the cost of making the repairs and improvements. It is available to persons wanting to occupy the home.
The downpayment requirement for an owner-occupant (or a nonprofit organization or government agency) is approximately 3.5% of the acquisition and repair costs of the property.
FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction.
Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.
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Adobe Financial Corporation / MB #8762 - Ph: (480) 345-6780Fax: (480) 345-7981