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``Changing it isn't going to decrease homeownership,'' she said. ``It may help expand first time mortgage bad credit to low- and middle-income people who can't take advantage of it now.'' In the third quarter of 2005, 72 percent of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least five percent higher than the original mortgage balances, according to Freddie Mac’s quarterly refinance review. This share is unchanged from the second quarter of 2005. A VA loan is a mortgage loan first time mortgage bad credit the United States guaranteed by the Veterans Administration. The loan may be issued by first time mortgage bad credit lenders. The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry). A promissory note is a contract detailing the terms of a promise by one party (the maker) to pay a sum of money to the other (the payee). The

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