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1st Alliance Lending based in Hartford, Ct is a home mortgage loan company that works with consumers who have been affected by the fallout of the housing crisis. 1st Alliance works with "underwater" homeowners to restore their ownership through a variety of loan programs and is a provider of the FHA Back to Work -Extenuating Circumstances program.

1st Alliance Lending offers home mortgage options to consumers with programs that include; FHA, VA and conventional home loans.

FHA- Back To Work This is a new type of mortgage designed for families that are regaining their financial stability. No one expects to lose a job, a home, get sick or the tremendous impact those events can have on a family. In the past, even after recovering from those events, there was still a long road back to homeownership. The new mortgage reduces the wait time to 12 months. If you had a foreclosure and, one year later, can show that you have recovered from whatever caused the hardship, you may qualify for this loan. It’s a way to help rebuild your life that much sooner. Read More..

Fixed-Rate A fixed-rate mortgage offers a monthly payment that stays the same over the life of the loan. The amount you pay is “fixed” no matter what happens with interest rates or anything else in the market. It is very popular because many people like the security of knowing exactly what their payments will be. If you plan on being in your home for the long term, a fixed-rate mortgage would most likely be your best option.

ARM or Adjustable Rate Mortgage This mortgage has two parts. It starts off with a fixed interest rate for a certain number of years (typically, 3, 5, 7, or 10 years) then it becomes adjustable. What that means is that the interest rate you pay is tied to what’s going on in the market. That means it can go up and down. Who usually chooses this mortgage? It tends to work best for buyers who plan on selling or refinancing their home before it hits the adjustable period.

FHA FHA stands for Federal Housing Administration. It’s a government insured loan and is often considered a mortgage for first-time homebuyers. Why? Because it requires a smaller down payment and is more flexible on income and credit requirements. If the down payment you can make is less than 20%, this may be the right loan for you. With an FHA loan, you must take out Mortgage Insurance.

VA VA stands for Veterans Affairs and these loans are insured by the Department of Veterans Affairs. To qualify, you must be a current or former member of the U.S. armed forces. You can also qualify if you are the current or surviving spouse of someone who is serving or has served. These loans often have lower interest rates and down payment requirements. The available terms are 15 years and 30 years.

References

http://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008



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