New HARP(Homeownership Affordability Refinance Program) ready to roll out. No lender has made a decision on how they will administer this program, but this program is a sequel to the 2009 original HARP program designed to help those homeowners “upside down” on their mortgage. However, the results fell way short of expectations, mainly because …
Read more »Putting less than 20% down payment on a house does not necessarily mean you have to pay that dreaded monthly mortgage insurance on top of your regular principal and interest payment. On the contrary, if you are a veteran, for example, you can (all other credit qualifications met) apply for a VA loan for up …
Read more »Economists report the homeownership affordability index at its highest point in 30 years. Affordability index measures the proportion of the average mortgage size based on median home prices compared with median household income. An index reading at 100 means that one can afford a home at median price at 100% of median income. Today, …
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