The Mortgage Loan Place Blog
May 16, 2007 – 7:11 amI stumbled upon a blog on home loans and mortgages that discuss current news, refinancing and other related information. This is the blog of Mortgage Loan Place, a very useful FHA Mortgage Information resource website.
In the blog, I am surprised to read that Down Payment Assistance May Go. If it goes, it will be more difficult for people to own a home since some people are unable to come up with a hefty down payment or closing costs. Granted, people who use Down Payment Assistance are said to be more likely to default on their home loan but I believe everyone should be given an equal chance to own a home. Just because some people defaulted on their home loans do not mean that everyone will and definitely, home loan defaulters are not exclusively from users of Down Payment Assistance. Therefore, I feel that this should stay.
I am alarmed to read in the blog post, Congress is puzzling over home loan reform, that the number of foreclosures across America has jumped 47% in March from last year. This is indeed worrisome, so much so that lawmakers are even contemplating new lending rules.
Well, if they can lower lending rates, surely less people will default on their home loans! For more information on FHA loans and other mortgage information, read the lending guide resource page.
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