CHAPTER 6
Loan Programs: Which Is Right for You?
RECENT CHANGES in the mortgage industry are many. Many loan programs are disappearing, which makes it even more critical to determine the right mortgage program at the outset. At one point in the mid-2000s, the subprime and alternative loans made up about 40 percent of all the mortgages made.
Suddenly, loan programs began popping up from seemingly out of nowhere, sometimes appearing to accommodate a potential market that was unable to qualify for a home loan. Someone with bad credit? No problem, here’s a new loan for you. No down payment? No problem.
| About 40 percent of all mortgage programs ... |
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