You may have heard that you should put 20 percent down when you purchase a home. It’s true that having a large down payment makes it easier to get a mortgage and may even lower your interest rate. But many people have a hard time scraping together a down payment that large. Fortunately, there are many options for homebuyers with little money for a down payment. FHA loans offer down payments as low as 3.5 percent. VA and USDA loans may require no down payment at all.
There are several steps that homeowners can take on their own to deal with a delinquent mortgage payment or an impending foreclosure. People do not always need to rely on the government, solutions offered by their lender or a housing counselor. There are things you can do own your own. However, please always keep in mind that mortgage counselors can often help you, and they offer free or no cost mortgage advice.
The Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD), is working aggressively to halt and reverse the losses represented by foreclosure. Through its National Servicing Center (NSC), FHA offers a number of various loss mitigation programs and informational resources to assist FHA-insured homeowners and home equity conversion mortgage (HECM) borrowers facing financial hardship or unemployment and whose mortgage is either in default or at risk of default.
Property tax help is available which will in effect free up a homeowner’s income. Since home values have declined in most parts of the nation, you are more than likely paying too much in real estate and property taxes. Learn how to lower your property taxes by contesting your property assessment. There is no cost to do this, and anyone can challenge the assessed value on their home.