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Margaret Said:

are there still government first time home buyer mortgage programs?

We Answered:

Yes. Talk to a mortgage broker in your area to find out which programs you may qualify for. Some of the programs will require you to take a home owner's class to get a reduction in interest rate.

Curtis Said:

Are there any long term mortgage assistance programs for disabled (quadriplegic) home buyers?

We Answered:

friend or not, it's pretty shady to ask for assistance in this case when it's likely that his medical bills, food, housing, basically his entire life are paid for by the government already

not that anyone wants to be quadriplegic, of course. but damn, that's just too much

Brandy Said:

For Mortgage brokers: Do the home possible programs offer escrow waiver?

We Answered:

I just went through my guidelines on the Home Possible program and did not find specific information regarding escrows. I want to say yes, you can waive escrows with this program, but my gut tells me no, you can't.

This is a loan program designed for folks who may not have enough money to close, so Freddie Mac allows flexible sources of funding closing costs and expenses. Because these loans are generally written for folks with little cash, the bank is most likely going to want to take care of the taxes. Banks do not want you to have a tax foreclosure.

I will find out on Monday the exact details of the escrow waiver on this program for you. I have the most knowledgeable processor in the business. I'll check back in then and give an update. (Or hopefully someone else comes up with the exact info sooner).

Good luck and best wishes!


Monday 11/26/07: You can't do an escrow waiver with Home Possible. Right now, you can't get an escrow waiver above 80% LTV on any conventional product. You'll need to look at other programs if you need an escrow waiver.

Minnie Said:

Know of any good home mortgage programs for people who work as office temps. I have 3 mos. w/same company.?

We Answered:

Nope, Nope, Nope.

Not going to happen.

Temp employees are considered self-employed and you have to have two years of experience temping before you can buy a house.

3 months isn't going to do it.

Glenda Said:

Is there a negative side affect from the affordable home mortgage modification program by Obama and how does?

We Answered:

No, the negative effect comes if you do nothing when you have a loan that you can lo longer afford. If you do nothing then you won't be able to solve your problem.

The only other negative is that so many people start working with scammers instead of using the real government relief program. Scammers have a way to take your home out from under you. Be very careful about who you work with.

The program is in place to help people who qualify to get into more affordable loans so that you don't lose your home down the road. I've attached an article that discusses how to figure out whether you qualify. If you have an adjustable rate mortgage that is going to adjust to a point where you can no longer afford it or a huge balloon payment that is going to be due, the program will work with you to obtain more reasonable financing so that you don't lose your home.

Alfred Said:

Help understand the new home mortgage assistance program?

We Answered:

Just curious but why do you think someone who is able to, and don't get me started on the newest reward for those irresponsibles, should rely on someone else to bail them out? My home has been paid for for years because I took out a 20 year loan and paid it off in 6 so who is going to come in and me and those like me money because our houses too have decreased in value. Okay I am stopping!