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Mortgage Community Forums | Loan Talk for First Time Home Buyers | If we were to go through the MHA program, does it normally call for a balloon payment later in the loan?

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

Posted on: 24th Jul, 2011 09:14 pm
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?
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
jameshogg
Posted on: 24th Jul, 2011 11:28 pm
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.
gmakerley
Posted on: 25th Jul, 2011 10:44 am
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