Mortgage Broker Stockton California

Blanket Loan - A blanket loan is a loan in which 2 pieces of real estate are secured under one note.

Blanket loans are popular with developers who have bought one single unit of land with the intention of subdividing it into individual parcels. The developer will usually require a "partial release" clause so the individual parcels (of land) can be released from the blanket mortgage as each one of the parcels is sold.

Most blanket loans are provisioned for partial release (partial payoff) of the loan as the various different properties blanketed by the loan are sold.

HUD - The U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

HUD sells properties at reduced prices when someone with a HUD insured mortgage can't meet the payments. These homes range in price and are sold at market value.

When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home. HUD pays the lender what is owed, and HUD takes ownership of the home. Then HUD will sell it as quickly as possible.

Limited or no credit - Some borrowers have limited or no credit listed on their credit report. This can effect the ability of a borrower to have a credit score and a borrowers ability to obtain financing for a mortgage. Some lenders offer programs for these borrowers with limited or no credit. These lenders will allow the usage of a letter from rental companies, utility providers, cell phone providers, and many other types of debt to demonstrate a good payment history. Consult a mortgage professional for more information.

Another way to gain credit is through a secured credit card. This is a credit card that is issued to you based on a deposit you put down.

When you have limited or no credit one of the easiest ways to establish credit is to have a family member add you onto a credit card so that you can start to gain a credit history based on their good credit. Make sure that the credit card provider reports an authorized user to the credit company before doing this.

Chattel Mortgage - A chattel mortgage occurs when an interest is given as a security on moveable property other than real property. It is in writing, an guarantees the payment of a debt or the satisfaction of some action. A chattel mortgage automatically becomes void after the debt is satisfied or the specified action is completed.

A good example of a chattel loan is when someone buys a manufactured home that is located in a park. The land that the home rests on is leased. The title to the home is very similar to that of an automobile.

Mobile Homes are often purchased or refinanced with this type of loan.

Alt -A Loans - Alt-A loans (Alternative-documentation loans), have been around awhile. In recent years, however, their meaning has become somewhat blurred. Alt-A loans are primarily credit-score driven, since the candidates for these loans tend to lack proof of income from traditional employment. The Alt-A loan reduces the gathering of documentation associated with fully documented loans, such as providing income verification and documentation of assets. On the other hand, borrowers do pay a slightly higher interest rate, often from a quarter, up to half-point more than fully documented loans.

Alt-A mortgage loans loans are usually much more flexible that traditional loans. Commissioned employees are usually good canditates for Alt-A loans due to the inconsistency in their income each month. Alt A might even be considered as a short-term solution, entered into with the understanding that the borrower will refinance later. mployees are usually prime candidates for Alt-A loans due to the instability of their income. For Banks and borrowers alike, Alt A programs are appealing because they are easier to document and have fewer restrictions than conventional loans.

Investors and Self Employed borrowers are often the likely candidates for this type of mortgage financing.