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Innovative new program for poor people

doogiedoogie Member Posts: 15,072
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edited November 2017 in Tug Tavern
Finally! Somebody willing to help poor people.

ZERO Down mortgage financing from Flagstar! You remember them, don’t you? Well, they’re baaaaaaaaack.

They will even Gift you the down payment AND closing costs! That’s right. Flag star will Pay you to take out a mortgage! What a great idea!

https://www.housingwire.com/articles/41793-flagstar-rolls-out-zero-down-mortgage-with-closing-cost-aid-for-low-income-borrowers?eid=322983850&bid=1922834
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    2001400ex2001400ex Member Posts: 29,457
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    I prefer the 2000s where Banks didn't require documentation of income.
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    doogiedoogie Member Posts: 15,072
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    because you’re ignorant?
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    2001400ex2001400ex Member Posts: 29,457
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    edited November 2017
    doogie said:

    because you’re ignorant?

    Because yore a faggot.
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    AZDuckAZDuck Member Posts: 15,381
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    doogie said:

    Finally! Somebody willing to help poor people.

    ZERO Down mortgage financing from Flagstar! You remember them, don’t you? Well, they’re baaaaaaaaack.

    They will even Gift you the down payment AND closing costs! That’s right. Flag star will Pay you to take out a mortgage! What a great idea!

    https://www.housingwire.com/articles/41793-flagstar-rolls-out-zero-down-mortgage-with-closing-cost-aid-for-low-income-borrowers?eid=322983850&bid=1922834

    It's not that dissimilar from a VA loan. The borrower still has to meet basic creditworthiness requirements, have a demonstrated income and ability to pay the note, and is limited to ~$170,000, and geographically to Detroit and Flint where you can buy a home for less than $80,000. . I don't see too many people getting in over their heads with this one.
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    doogiedoogie Member Posts: 15,072
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    edited November 2017
    When you got no one else to sell to, start giving it away for free*

    I’m sure those with low income and zero assets will be fine when their 70 year old house blows a furnace, or plumbing goes, or the roof...

    Ever hear the term “ catch a falling knife”?
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    AZDuckAZDuck Member Posts: 15,381
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    doogie said:

    When you got no one else to sell to, start giving it away for free*

    I’m sure those with low income and zero assets will be fine when their 70 year old house blows a furnace, or plumbing goes, or the roof...

    Ever hear the term “ catch a falling knife”?

    Agree, these lenders (and buyers) are assuming a fair amount of risk. But much of eastern Michigan is really underpriced right now, and is starting to make a comeback. This could be a big money maker for a lot of people. Or not. Either way it will be interesting.
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    doogiedoogie Member Posts: 15,072
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    Underpriced compared with what, exactly. Cities with jobs and a perceived future? Cities with actual jobs that earn qualifying incomes?

    If these houses were such a great fucking deal of a lifetime, Hedge funds, Pensions, Private equity and foreign buyers would be snatching them up Without Government assistance. (FDIC, etc.)

    Instead, Flagstar’s program lets poor people buy at top of the market pricing FROM Hedge funds, Pension funds, Private eq, etc.

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    RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 102,079
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    Swaye's Wigwam
    doogie said:

    Underpriced compared with what, exactly. Cities with jobs and a perceived future? Cities with actual jobs that earn qualifying incomes?

    If these houses were such a great fucking deal of a lifetime, Hedge funds, Pensions, Private equity and foreign buyers would be snatching them up Without Government assistance. (FDIC, etc.)

    Instead, Flagstar’s program lets poor people buy at top of the market pricing FROM Hedge funds, Pension funds, Private eq, etc.


    This is true. There was a spirited battle for the repos in California. And still is
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    2001400ex2001400ex Member Posts: 29,457
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    Swaye said:

    This is just what I needed. I'll report back with details on my experience.

    #orkinqualified

    Maybe you can own the trailer you have been squatting in.
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    AZDuckAZDuck Member Posts: 15,381
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    doogie said:

    Underpriced compared with what, exactly. Cities with jobs and a perceived future? Cities with actual jobs that earn qualifying incomes?

    If these houses were such a great fucking deal of a lifetime, Hedge funds, Pensions, Private equity and foreign buyers would be snatching them up Without Government assistance. (FDIC, etc.)

    Instead, Flagstar’s program lets poor people buy at top of the market pricing FROM Hedge funds, Pension funds, Private eq, etc.

    I'm not really a real estate guy. But people have been talking about the Detroit Renaissance, and the city's supposed to be getting better and young people are buying property like crazy there. The city, based only on its development from 1880-1960 has great infrastructure, "bones" if you will, and if folks are willing to make it happen it will.

    I remember when I moved to Portland in the early 90's it was kind of the same way. You could buy an old house in NW Portland with a view of Mt. Hood for $120k. Wish I'd had a down payment then, I'd be fat and happy on equity today.
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    doogiedoogie Member Posts: 15,072
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    Hedge funds buying pools of mortgages and forclosed houses at discount volume pricing was a great investment a few years ago. But nobody went broke taking a profit to take a profit you have to have buyers

    Why didn't you use your VA benefits , 0 down zero closing cost purchase if you thought Portland was such a great deal
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    AZDuckAZDuck Member Posts: 15,381
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    doogie said:

    Hedge funds buying pools of mortgages and forclosed houses at discount volume pricing was a great investment a few years ago. But nobody went broke taking a profit to take a profit you have to have buyers

    Why didn't you use your VA benefits , 0 down zero closing cost purchase if you thought Portland was such a great deal

    wasn't eligible back then, unfortunately
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    BearsWiinBearsWiin Member Posts: 4,965
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    http://www.santacruzsentinel.com/business/20171116/new-mortgage-program-offers-down-payment-assistance-to-santa-cruz-county-school-faculty-and-staff
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    Pitchfork51Pitchfork51 Member Posts: 26,634
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    AZDuck said:

    doogie said:

    Underpriced compared with what, exactly. Cities with jobs and a perceived future? Cities with actual jobs that earn qualifying incomes?

    If these houses were such a great fucking deal of a lifetime, Hedge funds, Pensions, Private equity and foreign buyers would be snatching them up Without Government assistance. (FDIC, etc.)

    Instead, Flagstar’s program lets poor people buy at top of the market pricing FROM Hedge funds, Pension funds, Private eq, etc.

    I'm not really a real estate guy. But people have been talking about the Detroit Renaissance, and the city's supposed to be getting better and young people are buying property like crazy there. The city, based only on its development from 1880-1960 has great infrastructure, "bones" if you will, and if folks are willing to make it happen it will.

    I remember when I moved to Portland in the early 90's it was kind of the same way. You could buy an old house in NW Portland with a view of Mt. Hood for $120k. Wish I'd had a down payment then, I'd be fat and happy on equity today.
    Now just fat and miserable eh?
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    AZDuckAZDuck Member Posts: 15,381
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    Pitchfork51 said:

    AZDuck said:

    doogie said:

    Underpriced compared with what, exactly. Cities with jobs and a perceived future? Cities with actual jobs that earn qualifying incomes?

    If these houses were such a great fucking deal of a lifetime, Hedge funds, Pensions, Private equity and foreign buyers would be snatching them up Without Government assistance. (FDIC, etc.)

    Instead, Flagstar’s program lets poor people buy at top of the market pricing FROM Hedge funds, Pension funds, Private eq, etc.

    I'm not really a real estate guy. But people have been talking about the Detroit Renaissance, and the city's supposed to be getting better and young people are buying property like crazy there. The city, based only on its development from 1880-1960 has great infrastructure, "bones" if you will, and if folks are willing to make it happen it will.

    I remember when I moved to Portland in the early 90's it was kind of the same way. You could buy an old house in NW Portland with a view of Mt. Hood for $120k. Wish I'd had a down payment then, I'd be fat and happy on equity today.
    Now just fat and miserable eh?
    Bought a house in Hawaii after the 2008 crash. Did really well. Life is pretty good for me actually. But yeah, I drink too much.
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    KaepskneeKaepsknee Member Posts: 14,751
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    BearsWiin said:

    http://www.santacruzsentinel.com/business/20171116/new-mortgage-program-offers-down-payment-assistance-to-santa-cruz-county-school-faculty-and-staff

    Whew!!!! Talk about giving someone enough rope to hang themselves. How da fuq does Public school marm afford a house in Santa Cruz?
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    Pitchfork51Pitchfork51 Member Posts: 26,634
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    AZDuck said:

    Pitchfork51 said:

    AZDuck said:

    doogie said:

    Underpriced compared with what, exactly. Cities with jobs and a perceived future? Cities with actual jobs that earn qualifying incomes?

    If these houses were such a great fucking deal of a lifetime, Hedge funds, Pensions, Private equity and foreign buyers would be snatching them up Without Government assistance. (FDIC, etc.)

    Instead, Flagstar’s program lets poor people buy at top of the market pricing FROM Hedge funds, Pension funds, Private eq, etc.

    I'm not really a real estate guy. But people have been talking about the Detroit Renaissance, and the city's supposed to be getting better and young people are buying property like crazy there. The city, based only on its development from 1880-1960 has great infrastructure, "bones" if you will, and if folks are willing to make it happen it will.

    I remember when I moved to Portland in the early 90's it was kind of the same way. You could buy an old house in NW Portland with a view of Mt. Hood for $120k. Wish I'd had a down payment then, I'd be fat and happy on equity today.
    Now just fat and miserable eh?
    Bought a house in Hawaii after the 2008 crash. Did really well. Life is pretty good for me actually. But yeah, I drink too much.
    NCWY?
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    doogiedoogie Member Posts: 15,072
    First Anniversary 5 Awesomes First Comment 5 Up Votes
    AZDuck said:

    doogie said:

    Hedge funds buying pools of mortgages and forclosed houses at discount volume pricing was a great investment a few years ago. But nobody went broke taking a profit to take a profit you have to have buyers

    Why didn't you use your VA benefits , 0 down zero closing cost purchase if you thought Portland was such a great deal

    wasn't eligible back then, unfortunately
    AZDuck said:

    doogie said:

    Hedge funds buying pools of mortgages and forclosed houses at discount volume pricing was a great investment a few years ago. But nobody went broke taking a profit to take a profit you have to have buyers

    Why didn't you use your VA benefits , 0 down zero closing cost purchase if you thought Portland was such a great deal

    wasn't eligible back then, unfortunately
    $3,600 down for FHA back then with seller paid closing costs! You could have, you just didnt.
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