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Blogs

Lenders Now Offering ZERO Downpayment Mortgages!

Zero and low down payment mortgages were blamed in large part for the housing crisis.  But the much bigger issue was that lenders were lending money to people who couldn't afford to pay, and to people who were very bad credit risks. There were many factors that landed us in the crisis, and the zero and low down payment mortgage products were just one of the contributing factors.

Things are a lot different today. Qualifying standards are much more stringent.  Most lenders have checks and balances in place to assure they are only lending money to people who can afford to make the monthly payments and who are good credit risks.

It makes a lot of sense to bring back zero and very low down payment mortgages in today's environment. Several major lenders are now offering loans with as little as 1% down, and one major lender has announced a zero down mortgage program.

Is a Renovation Loan Right For Your Home Purchase?

You found a house with great potential in the perfect location, but it needs a lot of work. You may want to consider a renovation loan.

What is a renovation loan?  With a renovation loan a homebuyer finances both the purchase price of the house and the cost for repairs. The loan is based on the after-improved appraised value of the property. The buyer makes only one loan and one monthly payment.

All renovation work must be completed after closing by a buyer-selected contractor, and funds are held and disbursed by the lender to the contractor as the work is completed. Repairs must start within 30 days and be completed within 6 months.

The renovations can be required repairs to bring the property up to minimum property standards, or they can be optional repairs to modernize a property. Repairs that fall within the guidelines include (but are not limited to) the following:

Rails to Trails - Walkway Over The Hudson And Other New York Treasures

Join PBS on a unique journey along the various railway corridors that have been re-purposed as recreational bike and pedestrian trails. The program traces the history of such rail trails as Manhattan’s High Line and Poughkeepsie’s Walkway Over the Hudson, and explores trails that are in the making, such as the proposed Queensway in New York City.