Should You Go With a Government Loan?

Laws that regulate the home mortgage industry are much tighter than what they used to be, and for good reason.  Banks got too lax in vetting out qualified buyers, which ended up with many sub-prime mortgages that were offered to consumers with no money down and less than stellar credit.  Today there are less options for people without a huge down payment or perfect credit.  However, there are government loans such as the HARP program that help qualified homeowners who may be upside down on their mortgage to refinance at a much lower interest rate in order to take advantage of the historically low interest rates available right now.