| Analysis) -- used if borrower is self-employed Simmons sees the lower-interest home equity loan as a better alternative to a higher-interest credit card. Given the land constraints and the continued demand for houses, especially in home construction lending most land-starved coastal regions, it is almost remarkable that new-home prices have not soared. The median price for a newly constructed home is up 33% in home construction lending last five years in the United States, to $228,800 in August from $171,500 in August 2000, according the statistics from the National Association of Home Builders. ``Changing it isn't going to decrease homeownership,'' she said. ``It home construction lending help expand homeownership 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 home construction lending 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 in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified home construction lending 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) |
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