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Hunter Brock has served as a loan officer and mortgage industry journalist. As a loan officer, he helped clients select the right loan programs for their refinance and purchase goals. He wrote a wide variety of loan types, including FHA-, subprime-, alt-a, conventional, and jumbo loans.
As a mortgage industry journalist, he has covered various topics that help consumers understand mortgages and obtain advantageous financing.
As a loan officer for Assurity Financial, a broker, Hunter Brock trained in the minute details of various loan programs offered by over a half dozen primary lenders. As a loan officer, he focused on finding the best value for clients through negotiations with lenders. His goal was always to save clients money on their payments or refinance opportunities.
As a mortgage industry journalist, he has covered a wide variety of topics, including mortgage qualification and interest reduction strategies, advantages/disadvantages of loan types, the importance of down payments, budgeting, mortgage insurance, the mortgage crisis, foreclosure prevention options, and other mortgage-related topics.
In addition, he has written in-depth about the ins and outs of all types of mortgages, including the following:
Federal Housing Association (FHA) mortgages help borrowers with low- to middle incomes afford homes. Borrowers can qualify with low down payments of 3%, in addition to benefiting from relaxed credit standards compared to conventional loans.
Veterans Administration (VA) loans help current and former U.S. military personnel and their families purchase and refinance homes. Borrowers benefit from a no down payment option and relaxed credit standards.
United States Department of Agriculture (USDA) mortgages apply to homes in rural areas and towns (outside of metro areas) of under 20,000 people. Borrowers benefit from no down payment options and relaxed credit standards.
Conventional mortgages fit within the guidelines of Fannie Mae and Freddie Mac, which are quasi-government agencies that purchase loans from banks and service them. Because these loans conform to conventional standards and have low interest rates, borrowers must be well qualified.
Jumbo mortgages are too big for Fannie Mae and Freddie Mac guidelines. Because of this, lenders bear more risk, so interest rates are higher than conventional mortgages. Borrowers must meet stricter financial, down payment, and credit standards to qualify.
The subprime space is for borrowers with less than ideal credit histories. They allow borrowers with late payments, defaulted loans, and recent bankruptcies or foreclosures to purchase or refinance homes, albeit at higher interest rates.
Hard Money Loans
Hard money lenders do not consider credit history when granting loan approvals. They are concerned primarily with the value of the property. If the property has sufficient equity, usually at least 70% loan-to-value ratio, they will write the loan. These loans are ideal for investors who need to close quickly and obtain cash for repairs (hard money lenders loan based on the projected improved value of properties. They can also be a lifesaver for distressed borrowers in foreclosure.
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