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alternative mortgages

Detailed info about alternative mortgages including home loans issued by the USDA, energy efficient FHA loans and a life insurance home loan.

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alternative mortgages

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  1. Alternative Mortgages • Alternative Mortgage Options • Changes in the mortgage industry have made conventional home financing more challenging than it was a few years ago. There are a few alternative mortgage options that may be worth a look, depending on your situation. • Lease to Own is just what it infers. You rent property temporarily or for a specified period of time agreed on by you and the owner. A portion of your monthly payment is put into an escrow account. At the end of the lease term, you can offer to buy the property and use the escrow and earnest money against the offer. This plan could be good for a person who does not have enough money for a down payment. However, it can be risky for the seller because during the period of time of the agreement, the property is off the market and the “buyer” could walk away from the deal. However, agreements have been written in which the seller keeps the escrow and earnest money if the “buyer” does walk away. Take a look at mortgage calculators here.

  2. U.S. Department of Agriculture has a Home Loan Program, but your income must meet specific requirements and the home purchased must be located in an eligible rural area as defined by the USDA. If you are curious, you can check with the USDA’s website ( on the basics of the program as well as income and property eligibility. Brookfield offers New Homes San Diego.

  3. The Pay Option Arm is a variation of the variable rate mortgage. In that kind of mortgage who get a rate that can go up or down during the period of the loan. In a Pay Option Arm, the loan is similar to a variable rate mortgage in that the rate can go up or down during the period of the loan. However, you also agree to one monthly payment amount regardless of the interest. However, if the rate goes up and your payment doesn’t cover the monthly interest, then that interest is added to the principle. As a result, you could owe more than the house is worth. GMAC offers mortgages at low rates.

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