Question by Dorinda: What is The Home Affordable Refinance Program?
HARP stands for Home Affordable Refinance Program
Best answer:
Answer by rtfm
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
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Question by OpenMinded: Is it difficult to obtain financing for 5% down payment in cash, see 80% first mortgage and 15% second mortgage?
I’ve accepted an offer on my house. However, this web I’m concerned about the potential buyer’s ability to obtain a loan. He can only put down 5% in cash. As a result, sildenafil he’ll need two mortgages. The first one is 80% and the second one is 15% (probably with a higher interest rate).
I heard that although this type of loan was not difficult to get approved in those good years, it is not so easy these days. Is that true? Will it be more difficult than an FHA loan with 5% down in cash?
Best answer:
Answer by HEATHER
Doubtful that will happen. If he only has 5% he will have to go FHA.
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As far as I know the 80/15/5 is no longer being offered.
In addition, 5% loans are not available anymore if the area of the house is in a declining market, per fannie mae. If it is, then they require an additional 5% down.
FHA would be the way to go. 3.5% down.