Innovative new program for 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
Comments
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I prefer the 2000s where Banks didn't require documentation of income.
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because you’re ignorant?
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Because yore a faggot.doogie said:because you’re ignorant?
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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.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 -
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.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”? -
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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This is just what I needed. I'll report back with details on my experience.
#orkinqualified -
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 -
Maybe you can own the trailer you have been squatting in.Swaye said:This is just what I needed. I'll report back with details on my experience.
#orkinqualified
