The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


Housing Economic Crisis News Picks

  • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
  • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
  • Richest 1% own over half the world’s wealth – [2017-11-15]
  • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
  • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
  • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
  • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
  • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
  • The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty – [2017-11-13]
  • Debt swap problems pile up in China – [2017-11-12]

Latest Posts from the ML Forum!

Go to the forum!

Imploded* Lenders™

About The Implode-o-Meter

ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

Featured

Government mortgage assistance


Down Payment Assistance Programs, Government Down Payment Assistance, government mortgage assistance.#Government #mortgage #assistance


Down Payment Options

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  • If you have enough for a 20% down payment, you show that you can manage your finances and save money
  • With more of your own money invested in the house, you have a lot more to lose if you default on the loan
  • A bigger down payment means you borrow less money, so your monthly payments are smaller, and therefore, less of a burden on your budget

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Commercial Programs

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Private Mortgage Insurance (PMI)

You can pay an insurance company to insure the mortgage. If you default, they pay the lender what you still owe on your loan.

Many PMI policies have a large, up-front cost. This fee ranges from one month’s payment to a year’s worth of payments collected at closing by the lender and paid to the insurer, and two month’s worth of premiums held by the lender as a reserve.

Typically, you can drop PMI coverage when you have at least 20% equity in your home. Make sure to read your contract to see if this is allowed under your agreement since some lenders require the insurance for the life of the loan.

You should track your PMI policy over time. When you approach the 20% equity level, contact the lender to see what the requirements are for dropping coverage. Some lenders require an appraisal, paid for by the borrower, showing at least 20% equity, or similar proof. Try to get confirmation of termination policies in writing when negotiating the loan.

Piggy Back Loans: 80-10-10/75-15-10

Lenders are happy to lend you 80% of the purchase price when you can come up with the 20% down payment. If you can’t put that much down, they may lend you 90%, but they are taking a greater risk and therefore require you to pay a higher interest rate.

80-10-10

Rather than just giving you a loan for 90% of the purchase price at a slightly higher rate, you could get two loans. The first loan is for 80% at a standard rate, and the second, “piggy back” loan, is for 10%, but it has a much higher rate (often more than two points higher than the 80% loan). The second loan is usually a balloon loan, with the balloon payment due within the first 10 years of the loan.

75-15-10

If you’re borrowing less than $240,000 (a conforming loan) on the first loan, you might want to consider a 75-15-10. It offers a conforming rate rather than the jumbo rate you automatically get with an 80-10-10.

Government mortgage assistance


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Finding the Ideal Mortgage Loan for You : Excel Mortgage Corp. USA can help

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It can be a big task to buy a new home or refinance your mortgage. You can count on us to help you find the loan program that’s right for you. We have a team of mortgage experts to help you with this major financial decision. For guidance in selecting the ideal loan program for you, feel free to contact us at (610)647-5454.

While purchasing a new house might seem stressful, it will also bring a great feeling of achievement. You picked the home that was best for you — not for anyone else! Our trusted professionals can help you decide on the mortgage loan that best fits your situation, too. Getting the ideal mortgage loan can be as gratifying as receiving the keys to your new house! We can show you how to make it happen. Call us at (610) 647-5454.

About Refinancing

If you are worried that refinancing means becoming a high risk for multiple paper-cuts, you’ve got another “think” coming! Let us show you a headache-free process from application to closing with our “Less paperwork and more individual service” promise. If you are interested in reducing your interest rate and monthly payment, we will simplify the process for you and eliminate your worries. If you’d like to pay down your balance faster for a comparable monthly payment, we can help. Let our professionals guide you to the ideal refinance loan! We are ready to show you how: (610) 647-5454.

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Excel Mortgage Corp. USA ‘s service pledge

Our mortgage experts will give you the personal attention you deserve and treat you right. We know the big commitment you are making in purchasing a house, refinancing a mortgage, or cashing out your home equity. So we make a promise to you: we will help you qualify, apply and be approved for the perfect mortgage loan for you.

Getting started

Feel free to explore this website to learn about us, how we can help you, and how simple it will be to begin. Or, you can call one of our mortgage mortgage experts at (610) 647-5454. We are here to help you any way we can.

Government mortgage help


Lift Mortgage – Low-cost Initiative for First Time Buyers, government mortgage help.#Government #mortgage #help


Low-cost Initiative for First Time Buyers (LIFT)

A Scottish Government initiative to help households to get onto the housing ladder.

What does LIFT cover?

There are now several ways of getting help to buy properties under this initiative.

New Supply Shared Equity Scheme (NSSE).

This scheme allows first time buyers to purchase new build properties from either a builder or from a Housing Association or a Housing Cooperative. Effectively the government helps funding these organisations by supporting buyers. There are a number of projects currently available. See links below

New Supply Shared Equity Developers Trial and Developers Scheme

These two schemes are very similar but involve sales by private builders who have been approved by the government. It is important to note that where a private developer is involved in the sale the interest free loans provided to the buyer by the government and\or the developer are expected to be repaid by the buyers within ten years. Of course the loans can be repaid on a sale of the property or by remortgaging. In cases of hardship the ten year period may be extended.

For developments currently available to buyers using either of these schemes see links below

Open Market Shared Equity

This scheme allows purchases on the open market by any seller, not simply from housing associations or from builders. In theory therefore potentially many more properties could be bought. Now any credit worthy first time buyers can apply to this scheme. Previous limitations on who could apply have been removed. In addition the Scottish Government has provided significant extra funds to increase take up so rationing of funds is less likely now. More applicants can be accommodated

The scheme requires buyers to take a stake of between 60 and 90 per cent with the balance being a government loan provided through a social landlord. The social landlord assesses all applications on behalf of the government. Purchase price limits are set under this scheme so that starter homes can be bought. The low deposit buying LIFT scheme is intended to energise this section of the market by assisting first time buyers. The threshold price limits can be seen for the various areas of Scotland by clicking on the links below.

Shared Ownership

This is a separate scheme where buyers buy a part share of a property and pay a rental for the unpurchased portion. This scheme is being phased out and only a few remaining properties can be part purchased in this way. For the properties remaining see links below.

East Region (includes Edinburgh, Fife, Lothian, Borders, Angus, Perth Kinross, Stirling)

North Region (includes Highlands Islands, Grampian) .

Low deposit buying is designed for first time buyers and Lift applications must be coordinated with obtaining mortgages. It is therefore a process which needs to be completed with care. For a free consultation on any of the process with an experienced consultant please call the number below.

There are only a limited amount of lenders providing mortgages and generally they require a deposit of 5% of the clients share.

However. subject to status it may be possible to obtain a LIFT mortgage where no or a lesser deposit required. This is strictly subject to lender criteria and applicant status.

Call Today

This website is solely operated and run by Caesar Howie The Central Scotland Law Group. It is in no way linked to or endorsed by the Scottish Government


Welcome to, government mortgage help.#Government #mortgage #help


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Government help if you can’t pay your mortgage – Money Advice Service, government mortgage help.#Government


Government help if you can’t pay your mortgage

If you’re struggling to meet your mortgage repayments there’s a range of government schemes that offer help. These include the Mortgage Rescue scheme, Support for Mortgage Interest, and other government benefits that might boost your income.

Contact your lender first

To find out how much you can afford to borrow use our Mortgage affordability calculator.

If you are having trouble paying for your mortgage, your first step should always be to contact your lender.

They want to help you to meet repayments.

Your lender is able to discuss your options with you and can offer suggestions, including:

  • Temporary payment arrangements
  • lengthening the term of your mortgage, or
  • Switching temporarily to interest-only repayments.

Get free advice

If you’re anxious about being unable to meet repayments, there are plenty of advice services which provide guidance for free.

These include Shelter, National Debtline and StepChange Debt Charity.

Mortgage Rescue scheme

England

This scheme is no longer available.

Wales

The Welsh Government runs a Mortgage Rescue scheme operated through councils and housing associations with the aim of preventing owner-occupiers becoming homeless.

If you’re considered for the Mortgage Rescue scheme, the council will put you in touch with a housing association.

After assessing your property and your particular financial circumstances, they could either buy a stake in your home (making you a part owner) or buy the property completely and rent it to you.

Renting would make you a tenant of the housing association.

You will only be considered for the Mortgage Rescue scheme if you’ve approached your local authority for help to prevent you and your family becoming homeless.

Scotland

The Scottish Government provides some support to home owners struggling to pay their mortgage through its Home Owners’ Support Fund.

The fund operates two schemes which home owners could apply for:

  • The Mortgage to Rent scheme where a social landlord buys your home and rents it back to you.
  • The Mortgage to Shared Equity scheme where the Scottish Government buys up to a 30% stake in your home, which reduces how much you owe on your mortgage. You continue to live in your home but make lower mortgage repayments as a result.

Support for Mortgage Interest

If you’re on certain benefits such as:

  • Income Support
  • Income-based Jobseeker’s Allowance (JSA), or
  • Income-related Employment and Support Allowance

and are struggling to pay your mortgage, you might be able to get help towards mortgage interest payments called Support for Mortgage Interest (SMI).

If you qualify, you can get help towards interest payments on a mortgage of up to £200,000 following a 39-week waiting period after you’ve claimed your benefit.

If you are on Pension Credit you might be able to get help immediately, but only for a mortgage up to £100,000.

SMI is normally paid direct to your lender.

The money is only to cover interest and Support for Mortgage Interest is calculated using a standard interest rate.

There is no help available for capital payments.

If you’re claiming JSA, you can only get SMI for up to two years.

If you get Income Support, income-related Employment and Support Allowance or Pension credit, there’s no limit to how long you can claim SMI.

SMI stops when your other benefits stop, usually when you go back to work.

However, you could apply for the Mortgage Interest Run On (MIRO) to tide you over for up to four weeks until you can resume full repayments from your salary.

MIRO will pay out the same amount as SMI, but it’s paid to you instead of your lender.

Under government proposals, from April 2018 all existing and new SMI payments will be made as a loan and you’ll pay interest on it.

You will have to repay the loan either when you sell your house or voluntarily when you’re able to (for example when you return to work).

Help with mortgage payments under Universal Credit

If you’re getting Universal Credit and you’re struggling to pay your mortgage, you might be able to get help with your interest payments.

You will only qualify for this if you have no ‘earned income’, such as pay from part-time or full-time work, and you don’t get any benefits from your employer such as Statutory Sick Pay or Statutory Maternity Pay.

If you do qualify for help, the payments will usually be made direct to your mortgage lender and will be based on a set rate of interest applied to the amount you have outstanding on your mortgage (up to a maximum of £200,000).

You start to get this after a 3-month waiting period and the payments will stop as soon as you start work again, even if you’re only earning a small amount.

Benefits that might increase your income

It’s worth checking if you’re entitled to benefits to help boost your income to meet mortgage payments.

Budgeting and cost cutting tips

Check your income and outgoings with our Budget planner to help you.

Follow the links below to work out your monthly income and outgoings and to see if there are any cost cutting tips you could use to help free up cash at the end of each month. Every little will help.

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  • The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


    Housing Economic Crisis News Picks

    • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
    • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
    • Richest 1% own over half the world’s wealth – [2017-11-15]
    • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
    • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
    • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
    • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
    • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
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    Latest Posts from the ML Forum!

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    Imploded* Lenders™

    About The Implode-o-Meter

    ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

    Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

    Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

    We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

    Featured

    Government mortgage help


    The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


    Housing Economic Crisis News Picks

    • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
    • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
    • Richest 1% own over half the world’s wealth – [2017-11-15]
    • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
    • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
    • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
    • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
    • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
    • The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty – [2017-11-13]
    • Debt swap problems pile up in China – [2017-11-12]

    Latest Posts from the ML Forum!

    Go to the forum!

    Imploded* Lenders™

    About The Implode-o-Meter

    ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

    Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

    Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

    We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

    Featured

    Government mortgage help


    The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


    Housing Economic Crisis News Picks

    • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
    • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
    • Richest 1% own over half the world’s wealth – [2017-11-15]
    • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
    • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
    • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
    • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
    • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
    • The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty – [2017-11-13]
    • Debt swap problems pile up in China – [2017-11-12]

    Latest Posts from the ML Forum!

    Go to the forum!

    Imploded* Lenders™

    About The Implode-o-Meter

    ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

    Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

    Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

    We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

    Featured

    Government mortgage assistance


    New York State Mortgage Assistance Program – Home, New York State Mortgage Assistance Program, government


    At Risk of Foreclosure? We May Be Able To Help.

    If you’re at risk of losing your home because you’ve missed payments and have exhausted all other sources of help, the New York State Mortgage Assistance Program may be an option for you.

    NYS-MAP provides a 0% interest mortgage loan up to $40,000 to eligible New York homeowners at risk of foreclosure.

    To see if you might be eligible for the New York State Mortgage Assistance Program, please fill out the following form so that we can connect you with a government-vetted non-profit housing counselor or legal services provider in your region.

    Questions?

    Contact us at 855-NYSMAP-3.

    We care about your privacy.

    What You Need to Know:

    Who administers the program?

    The New York State Mortgage Assistance Program is administered by the Center for NYC Neighborhoods, a non-profit organization that promotes and protects affordable homeownership. Loans are made by Sustainable Neighborhoods LLC, a wholly-owned subsidiary of the Center.

    To learn more about the Center for NYC Neighborhoods, visit cnycn.org. You can also view our non-profit status here.

    Who is eligible?

    To be eligible, homeowners must have experienced a financial hardship and must demonstrate an ability to afford their housing payments after receiving assistance. There are other requirements a homeowner must also meet in order to be eligible, which the housing counselor or legal services provider we refer you to will explain in detail.

    What can loan funds be used for?

    Funds can be used to bring a mortgage current, help get a modification, pay off a mortgage or property tax arrears, or settle other debts that could lead to foreclosure.

    What are the loan terms?

    The loans made under NYS-MAP are mortgage loans that carry 0% interest. No monthly installment payments are required on the loan during its term but the full principal amount is due on the sale or refinance of the home or upon default.

    Who vets the housing counseling and legal services providers?

    All referrals are made to foreclosure professionals in your community who have been vetted by the New York State Attorney General’s Homeownership Protection Program.

    How do I know this isn’t a scam?

    The New York Attorney General’s Office helped develop the New York State Mortgage Assistance Program. You can read the press release here. Learn how to spot a scam on the AG’s scam prevention site.

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    • Government mortgage assistance