Helper loan through my credit union .. What do you think?

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Bank offers Butters’ unions Berlin, credit Volksbühne across the country on the Home Loan Payment Relief Loans (HLPR), focuses on a home loan program, which now specifically designed to help borrowers low income of their first home. The loan rates and conditions to reduce monthly payments so more members may be eligible for a mortgage., Other federal funding of $ 1000000000 for the production HLPR loan HLPR gebunden.Die loan is a mortgage loan of 5 years variable rate with a rate below the national average. At the end of the 5-year term will limit the loans of a traditional variable rate mortgage with rate adjustments of 2% per year and not more than 6% over the duration of the need to Darlehens.Mitglieder a very small down payment to make and are given to the deposit or not allowed. The loan is for borrowers whose household income is at or below the surface of the median. Contact our experienced specialists to see LTV, the loan is for you “dangerous? Help

5 Comments
  1. Reply
    acermill
    May 18, 2011 at 11:31 am

    STAY AWAY ! The first five years will be fine. After that, you are pretty much in the same mess that all these ARM folks are in right now, who are losing their houses to foreclosure.

    By the end of year eight, you COULD be paying 6% more interest on the loan (and probably WILL be) than the original rate was at.

  2. Reply
    jwademortgage
    May 18, 2011 at 11:42 am

    I agree with Acermill, stay away. There are great programs that offer small down payment and gifts (FHA, USDA, MyCommunity mortgages, etc) while still offering low Fixed rates.

  3. Reply
    Mommmyof2
    May 18, 2011 at 12:02 pm

    I would rather use rural housing assistance to buy my first home. You can’t buy a home in the “city” but they subsidize your mortgage payment so if your planning on staying for a while it’s a good investment!
    http://www.rurdev.usda.gov/

  4. Reply
    saeed q
    May 18, 2011 at 12:30 pm

    A lot people giving advice are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL, STAY SAFE.

    Remember Buddha’s advice:
    “Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.” You are the only “expert” you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is “selling” you something (its not advice, its advertising). Don’t buy “it.”

  5. Reply
    Bill H
    May 18, 2011 at 1:29 pm

    Most credit unions that offer HLPR loans also have a fixed rate option. This involves a fixed rate with a one percent discount for the first three years. Based on December rates, the current rate is 5.25%, rising to a fixed 6.25% in three years for the rest of the loan. Since interest rates have fallen so far in January, this rate is likely to drop a bit in the next few weeks. Check this out with your credit union.

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