Home Finance of America was established in 1993. They are headquartered in Plymouth Meeting, Pennsylvania and have licenses, license agreements, or pending licenses in some 35 states. They do business all across the nation. Home Finance of America is an approved lender with Fannie Mae and the Department of Housing and Urban Development (HUD). They are also an active member in the mortgage industry's national trade organization, the Mortgage Bankers Association of America. Home Finance of America is a direct-to-consumer lender.
Home Finance of America Mortgage Loans
Home Finance of America offers over 100 loan programs in order to meet the needs of the individual consumer. Home Finance offers fixed rate (the interest rate stays the same for the life of the loan) mortgages in both conforming (under $400,000) and jumbo (over $400,000) amounts with 10, 15, 20, and 30 year terms. The rates vary according to the amount of points paid, from -0.75 to 1.75 points. A point is a percentage point of the loan amount and is part of the closing costs of the loan. Adjustable rate mortgages (ARMs) are also offered. In this type of loan the interest rate stays fixed for a certain term and then returns to the market rate. These are offered with 1, 3, 5, 7, or 10 year fixed interest terms. Home Finance funds ARMs in conforming and jumbo amounts. Home Finance also offers an interest-only ARM for both the conforming and jumbo amounts. In this type of loan, the borrower pays only the interest for a set term. Interest-only loans lower the payment significantly; however, the principal is not paid during the interest-only term.
Home Finance of America Bad Credit Mortgages
Home Finance of America has a specialty lending division for those who have had credit problems in the past or who have less than perfect credit. Home Finance works to find the right loan, even for those with no credit at all. This division specializes in helping with debt consolidation, and helping their clients achieve a debt free status. They also work with first time buyers through their First Time Buyer specialty division, which offers same day approvals and a discount on the application fee. They also offer the 80/20 loan which is a no down payment, no private mortgage insurance loan with a fixed rate second mortgage. Home Finance offers a 3% down loan to first time qualified buyers without the strict government regulations. Home Finance also has the Door Opener Loan for either the first time buyer or for those who want to buy a bigger home. In addition, they fund a no fee loan, which has special interest rates. If the borrower can put 20% or more down, then he can take advantage of Home Finance’s no documentation or low documentation loans. This is for the individual with a hard to document income.
A home equity line of credit is another one of Home Finance’s funding options. This is for the home owner who wants the security of having some extra cash available, whether for immediate use or to save for a rainy day. This line of funds can be borrowed, repaid, and borrowed over and over again until the term of the line is up. Interest only payment options are available and you only pay interest on what you borrow.
At Home Finance of America, the borrower may apply online or by telephone.
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