Government Mortgage Help Programs ? Getting Government?s Help [mortgageinsurance-101.blogspot.com]
Question by Tim D: Are there any mortgage programs out there right now that allow you to buy with no down payment? I don't have the money for a down payment, and we really need to relocate to a new city. Are there any mortgage programs available right now that would help me do this? I have excellent credit and good income, so I'm confident in qualifying. Best answer for Are there any mortgage programs out there right now that allow you to buy with no down payment?:
Answer by Jon Porrey
Some Rural Development Programs allow for 1st tim Home Buyers to purchase with No money down, but they do require help from the seller. 14 years Fulltime Realtor
Answer by Phyl Mar
In most cases, no. And the reason is that it was allowed during the last few years which is one of the major reasons this country is in financial trouble.
Answer by Janet P
There are VA loans and USDA (rural) loans.
Answer by MissV
Yes, as mentioned there are USDA and VA loans, however, you'll still be bound by lender restrictions regarding your ability to purchase. Are you self employed or working with a national company that doesn't care where you live? If you're not working you'll have to show pay stubs, etc. Even if you rent you'll have to show employment info.
Answer by chatsplas
0% down loans are a BAD idea 0% loans are a MAJOR cause of the continuing foreclosure crisis It means you are renting money to buy a home, paying interest on interest on interest, using NONE of your own money. . . .and it costs you BIG TIME over the life of the loan. . . .Look at some of the online mortgage calculators, the difference between 0% and 5% and 10% and 20% down. . . you pay TENS of THOUSANDS of dollars MORE in interest Underwriting is much stricter now, and it would be difficult to obtain a loan with 0% down and newly moved to a location (only two options, now, both limited) Mortgage approval depends on the whole package of you: Good credit, sufficient income, job stability (2 yrs in job), adequate down payment, low debtload, etc. IMHO, those without a down payment, not even the 3.5-5% required by FHA are NOT yet ready to become home owners
The program may also help the FHA reduce its liability from defaulted loans, according to Isaac Boltansky, vice president for research at Compass Point Research & Trading LLC in Washington. “What we're seeing at the FHA is a government agency that has ... FHA to Expand Bulk Sales of Defaulted Mortgages in Program
The financial crisis has led the Government to come up with a range of government mortgage help programs. But they can be a little difficult to find. Ads that talk about the new legislation seldom lead a person onto the right path. Here is a review of the programs and places where a person can get government mortgage assistance.
Government Mortgage Help Programs
The most sensible way to obtain genuine advice is to talk to a HUD-approved counselor. The counselor will offer authentic information about the help programs and how does a person qualify. They’ll know everything that is available after discussing the loan takers situation.
Fees:
A person does not have to pay any fee for these help programs. Analysis and counseling is absolutely free. In fact, the homeowner must be wary of somebody who asks for a fee.
Be Careful of Scams:
If a person does a loan modification with a lender, he or she will have to pay some fee.
But it is not a part of the government program; it is only an agreement the borrower comes to with the bank or the lender. Some genuine government help with mortgage programs contain modification.Loan Modification Basics:
If a person decides to refinance, he or she might also have to pay some fee and costs. But, this fee is paid to the lender, not to the counselor.
Eligibility
To make use of the benefits of the programs offered by the government, a person must ensure that he or she is eligible for it. Some conditions for eligibility are discussed below.
The rules set by the government state that to seek help, the mortgages have to have originated on First of January 2009 or prior.
As per the mortgage rules, it is only the first mortgages which qualify for the assistance. If a person has borrowed more cash than the value of the house, he or she is not eligible for the government mortgage help. Also, if the house is the primary residence of the borrower, he or she may not be eligible for the refinancing option. The program makes use of the money gathered in tax to assist the homeowner. Therefore, as a real estate investor, a person certainly can’t make use of the taxpayer’s money to bail out him or herself.Basically, government aid can only be used if homeowners meet the required guidelines.
Online Assistance
To speed up the whole process of getting a loan and notify the homeowners, the state is making efforts to offer the info online. For example, webinar has become a very popular tool to explain government mortgage help options. Internet is a very convenient option, as it’s an all-encompassing technology today. These sessions that are designed to instruct homeowners about the eligibility criteria for various different programs takes about two hours.
The programs offered by the government are a ray of light for homeowners. Under a rough recessionary time, the government mortgage help programs are a much-required relief. By tendering incentives to banks and other financial institutions, these programs aim to generate an appropriate environment for modifications of loan. But, there are certain criteria a person needs to fulfill to qualify.
You will learn all about the Government Mortgage Help Program and how this mortgage program is helping homebuyers make their dreams come true.
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