Wilmington, NC (PRWEB) September 27, 2007
President Bush recently revealed a plan to extend Federal Housing Administration insurance to qualifying homeowners who may have fallen behind on their mortgage payments when they were affected by a rate increase with an adjustable rate mortgage. AAXA Discount Mortgage, a mortgage brokerage firm, is now offering FHA loan and VA loan assistance for those that have been affected.
FHA loans are a financing solution designed for the middle class, military veterans, lower income individuals and the elderly. FHA loans can be an excellent alternative to sub-prime mortgages because rates are more in-line with traditional conventional financing and borrowers may qualify with as little as 3% down. Unlike sub-prime mortgages that are often subjected to a rate increase after an initial two or three year term, FHA mortgages offer fixed rate financing terms that are not subject to future rate fluctuations. AAXA is currently providing FHA mortgage assistance to residents of Georgia, North Carolina, South Carolina, Tennessee, and Virginia. The company has plans to expand its FHA coverage to include all twenty-six states it services. FHA loans are not made by the government but by independent lenders. The government simply insures the loans so that lenders can feel confident lending to individuals that may be considered a higher risk. FHA loan standards are set by the Federal Housing Administration which is part of the Department of Housing and Urban Development (HUD).
AAXA recently was sponsored by Franklin American Mortgage, one of the Country's government loan pricing leaders, and is now able to offer VA loan assistance to qualified military Veterans and those actively serving in the Armed Forces. VA loans offer flexible guidelines including 100% financing options, no cash reserves requirements, allowable seller contributions, and no monthly mortgage insurance obligations.
With the recent shake-up in the sub prime mortgage market, both FHA mortgages and VA loans offer borrowers the opportunity for homeownership who may not qualify under traditional underwriting guidelines.
About AAXA Discount Mortgage
AAXA Discount Mortgage has been offering its clients some of the best mortgage rates and lowest closing costs in the Nation since 2000. AAXA conducts business in twenty-six states and is headquartered in Wilmington, NC. The company also has full service offices in Arizona, South Carolina, Texas, and Vermont. AAXA uses state-of-the-art technology to simplify the lending process and drive down the cost of home financing. The company works with some of the Country's largest and most progressive wholesale lending institutions to ensure that its customers have access to some of the most competitive pricing and programs in the marketplace. Product offerings include traditional conventional financing such as 30 year mortgages and 15 year home loans, as well as, interest only loans, adjustable rate mortgages, jumbo loans, lot loans, and second mortgages.
For more information on AAXA Discount Mortgage and its VA loan and FHA mortgage offerings, visit http://www.forthebestrate.com
AAXA Discount Mortgage, Inc
Toll Free: 877.RATE.LOW
Wilmington, NC 28403