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If we were to go through the MHA program, does it normally call for a balloon payment later in the loan?

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lvaught2000 Joined: 24 Jul 2011 Posts: 1 1.27 Dollars($)	Posted: Sun Jul 24, 2011 9:14 pm    Post subject: If we were to go through the MHA program, does it normally c Like 0 Dislike 0 We are going through a MHA program with our lender. After reading the paperwork, it was talking about a balloon payment after the term? Is that correct?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Jul 24, 2011 11:28 pm    Post subject: Like 0 Dislike 0 Hi lvaught, It does not have to be a balloon payments always if you go through the MHA (Making Home Affordable) program. You should contact your lender and ask him to clarify the whole matter. If you don't want to go for a balloon payment, then you should let the lender know about it. Thanks
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jul 25, 2011 10:44 am    Post subject: Like 0 Dislike 0 I'd surmise that the balloon in this case is specific to the loan and not to the program, and I'm in agreement with James - let the lender know your feelings about such an arrangement. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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