Articles Tagged With: Mortgage Affordability

December 9, 2010

Making Home Affordable Program Second Mortgage Modification Program

FHA borrowers, VA mortgage and conventional loan holders can all face default and foreclosure. There's no mystery as to what happens when the bank sends a foreclosure notice--it's all there in black and white. The key is to avoid getting to that point in the first place. There are plenty of programs for first-time home buyers and other home owners who are behind on their mortgages, but what's not so well-known is the assistance for those struggling to pay second mortgages. That's where the government home loan bailout program Making Home Affordable comes in with the Second Lien Modification Program or 2MP for short.

November 30, 2010

FHA ARM Loan Basics

By Joe Wallace

The FHA offers an adjustable rate mortgage, also known as an FHA ARM loan. These loans offer an introductory interest rate which is subject to change after the initial fixed rate period. That period varies depending on the loan--there are hybrid ARM loans available that feature different periods--but once the introductory rate period has elapsed, the adjustable rate is subject to a cap that applies either year-to-year or over the lifetime of the FHA loan. The initial interest rate is often lower than the fixed rate of conventional home loans, which is why many people consider ARM loans even in spite of the fears generated by the housing crisis of 2008.