No Down Payment Mortgage: Is It Right for You?
There are options for mortgages with no down payment, but it's important to decide if that choice will be the right one for you. There are many ways to get a mortgage, and some options don’t even require a down payment. While most mortgage lenders still require at least some down payment, it’s important to explore all your choices and decide which one is right for you. With a no down payment mortgage, you have the opportunity to buy a house even if you don’t have a lot of available cash. Some people also choose this option if the house needs work, because they want to use their cash reserves to fix up the house and make changes to it. To determine if a no down payment mortgage is right for you, there are some issues to consider.
What is a HARP Mortgage?
Is your current mortgage underwater? Discover how a HARP refinance can help you to refinance your loan and keep your home. What is a HARP mortgage? In response to the number of foreclosures after the housing bubble burst in 2008, the Federal Housing Finance Agency started the Home Affordable Refinance Program (HARP). This program was designed to help homeowners who are current on their mortgage payments but are unable to refinance since the amount owed on the loan is more than the value of their home, known as “underwater.” The HARP program is set to expire at the end of 2016 unless Congress intervenes, but that still leaves plenty of time for eligible homeowners to refinance their homes.