Team 3 Economic Analysis Team Project Home Financing.

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Presentation transcript:

Team 3 Economic Analysis Team Project Home Financing

Team Members Jason de la Guerra - Organizer Michael Jauregui - Summarizer Jerry Lessley – Techie Kevin Navares – Techie

Adjustable Rate Mortgage (ARM) Spread Sheet Development Federal Housing Administration (FHA/HUD) Fixed Rate Mortgage (FRM) Overview

Adjustable Rate Mortgages (Jason) –Pros Lower initial payments due to lower starting interest rate. Ability to qualify for higher loan amount –Cons Temporary lower interest rate. Higher payments over life of loan if interest rate increase. Spread Sheet (Mike) –Determine best fit loan based on financing criteria.

Federal Housing Administration –Pros Federally funded Designed to assist first time buyers and others who would otherwise have difficulty meeting down payment requirements for normal loans Anyone with average credit and steady income for mortgage payments can be approved 100% of the money to close the loan can be a gift from non-profit organizations, a relative, or a government agency –Cons Statutory limits on how much can be borrowed Government agency