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No Money Down Mortgages

foreclosure attorney on long islandIn 2008, there was a financial crisis in the United States. The economy wasn’t doing well, banks went out of business. Hundreds of thousands of Americans couldn’t meet their mortgage payments and their homes went into foreclosure. In 2014, six years later, we are still dealing with the aftermath of the issues created by giving mortgages to individuals who couldn’t afford to make the payments.

The no money down mortgage, to a minor extent, still exists in the United States. The no money down mortgage, which to a considerable extent, was responsible for the housing bubble that existed in the United States in 2008, does still exist in 2014. Although this type of mortgage is still available in the marketplace, it is hard to find.

What is a no money down mortgage? This is a mortgage where 100% of the purchase price of a house is financed. A no money down mortgage can allow people with virtually no assets to buy a house. However, these types of mortgages usually come with higher fees, and high interest rates.

Veterans’ Administration Mortgages

The Veterans’ Administration still has mortgage programs which allow veterans to purchase homes without putting money down. These programs, however, have funding fees of two or three percent. The fee is required to be paid in advance. This payment in advance actually creates a down payment of sorts.

There is also a program by the United States Department of Agriculture which offers no money down mortgage in rural areas. It should be noted that some suburban areas around large cities are still considered to be rural areas by the United States Department of Agriculture.

Credit Unions

While banks are for profit institutions, credit unions are not for profit institutions. An example of a credit union which offers a no money down mortgage is the Navy Federal Credit Union. The no money down mortgage given by the Navy Credit Union has a 1.71% funding fee. This funding fee must be paid at the time the mortgage is given.

What Mortgage is Right for You?

If you are in the market to buy a home, you should meet with a mortgage consultant. You should discuss your financial circumstances and make inquiry as to what type of mortgage is best for you and your family. This discussion should take into consideration your long term ability to make the mortgage payments to avoid having your home going into foreclosure.

helping homeowners stay in their homesElliot S. Schlissel is a foreclosure attorney. He represents individuals and families throughout the Metropolitan New York area whose homes have gone into foreclosure. Elliot and his staff of lawyers take the appropriate legal action to keep families in their homes and avoid losing their homes in foreclosure proceedings.

Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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