Mortgage Blog On Georgia Financing

Down payment Assistance programs or No Down payment loans

Many borrowers are having a tough time getting qualified for a home loan since Congress took the DPA away to purchase a home.Even if you do not have a lot of money to use as a down payment, you still may be able to purchase a home. More and more borrowers are taking advantage of low down payment mortgages and becoming homeowners with as little as 3.5 percent down. With these loans, however, you may be required to carry Private Mortgage Insurance (PMI) or MIP ( Mortgage Insurance premium) - Has eliminating these DPA programs stoped you from buying a home or do you think that borrowers should have some "skin in the game"