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Thousands line up for zero-down-payment, subprime mortgages
DerekJohnson
Administrator, Swaye's Wigwam Posts: 68,331 
in Tug Tavern
Comments
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Lending money to those w/o proven means to make the payment or credit worthiness is FS.
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I can't comment effectively until I'm informed by our local financial savants.
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"It's total upside," said AJ Barkley, senior vice president of consumer lending at BofA. "We have seen significant wins in this partnership. Just to be clear, when we get those loans with all the heavy lifting here, we're over a 90 percent approval, meaning 90 percent of the people who go through this program that we actually underwrite the loans."
Look everyone is getting approved!!!!! Its great!!!! -
Seems familiar
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Too bad we can't look back to see how this turned out when they did it before...
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It looks like “The Big Short” is going to have a sequel. Can’t wait...
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While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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Another example of how Stalin lets the retard keep scoring
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If you have to stand in line and take special classes to get a no down loan, you already can't afford it, especially when the job mkt turns2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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In this economy!?
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Buy My House, Duck
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I agree with that point. I'm not agreeing that these loans are a good idea. I'm just saying at least they aren't being reckless. And they are 15-30 year loans at below market rate.mobey said:
If you have to stand in line and take special classes to get a no down loan, you already can't afford it, especially when the job mkt turns2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
Montana has a similar program. I was over income when I bought my first house. But my buddy bought one in 06 and still has the house with over $100k of equity. It's been successful there. -
Fuck off. These buyers are fucking buried with NO way out other than Forclosure and/or bk
The only beneficiary here is the home seller -
Nice rational well thought out point.sarktastic said:Fuck off. These buyers are fucking buried with NO way out other than Forclosure and/or bk
The only beneficiary here is the home seller -
Direct, concise, accurate.
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Foreclosure auctions got to eat same as wormssarktastic said:Fuck off. These buyers are fucking buried with NO way out other than Forclosure and/or bk
The only beneficiary here is the home seller -
Everyone in such a rush to buy a house
For younger people I think mobility is like the biggest asset you have -
I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.greenblood said:
I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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False. You can buy a house and still be mobile. If you have to or want to move, you can have somebody else pay for your appreciating asset and have a couple hundred bucks left over when you rent it out.Pitchfork51 said:Everyone in such a rush to buy a house
For younger people I think mobility is like the biggest asset you have
I bought high 12 years ago. But even with the crash and the fact I bought high, the homes value has appreciated 50%. -
sarktastic said:
Fuck off. These buyers are fucking buried with NO way out other than Forclosure and/or bk
The only beneficiary here is the home seller
But But... The guy in the article cashing commission checks says that no one defaults on these loans!!!
The real troublesome part is that they don’t require mortgage insurance. -
0% in Oregon.2001400ex said:
Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.greenblood said:
I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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You don't pay real estate fees in Oregon now? Chinteresting.salemcoog said:
0% in Oregon.2001400ex said:
Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.greenblood said:
I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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Okay. So say I buy a house and rent it out, deal with repairs and upkeep, maybe a month every year or two with no rent payment...salemcoog said:
False. You can buy a house and still be mobile. If you have to or want to move, you can have somebody else pay for your appreciating asset and have a couple hundred bucks left over when you rent it out.Pitchfork51 said:Everyone in such a rush to buy a house
For younger people I think mobility is like the biggest asset you have
I bought high 12 years ago. But even with the crash and the fact I bought high, the homes value has appreciated 50%.
This vs putting money in the market you're talking like one bar night a month difference .
A couple hundred bucks at most.
Plus literally no worry.
I'm not saying it's not a good thing to do but people make it out like being a total moron not to.
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unless you're offering to pay for brokerage fees or title and escrow fees for the buyer, the only cost is the realtor commission, which usually runs around 6%. You can always go with the sell by owner and pay nothing I guess.2001400ex said:
You don't pay real estate fees in Oregon now? Chinteresting.salemcoog said:
0% in Oregon.2001400ex said:
Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.greenblood said:
I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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You said excise tax you fucking moron. Fuck it l!!!’ @DerekJohnson, PM me your number to ban this abortion aka Hondo for a month.2001400ex said:
You don't pay real estate fees in Oregon now? Chinteresting.salemcoog said:
0% in Oregon.2001400ex said:
Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.greenblood said:
I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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Pitchfork51 said:
Okay. So say I buy a house and rent it out, deal with repairs and upkeep, maybe a month every year or two with no rent payment...salemcoog said:
False. You can buy a house and still be mobile. If you have to or want to move, you can have somebody else pay for your appreciating asset and have a couple hundred bucks left over when you rent it out.Pitchfork51 said:Everyone in such a rush to buy a house
For younger people I think mobility is like the biggest asset you have
I bought high 12 years ago. But even with the crash and the fact I bought high, the homes value has appreciated 50%.
This vs putting money in the market you're talking like one bar night a month difference .
A couple hundred bucks at most.
Plus literally no worry.
I'm not saying it's not a good thing to do but people make it out like being a total moron not to.
Easy fix my friend. Buy the Home warranty and make sure your management company makes your tenants pay for a year of renters insurance upfront at the beginning of the lease and renewal. That way you’re covered for peanuts if they trash your house and also if the pipes leak, furnace, fridge,stove, etc goes out. I can rent my humble abode out for over double what my mortgage is. -
I can't help it if you can't read. I said "after excise tax it's 9%".salemcoog said:
You said excise tax you fucking moron. Fuck it l!!!’ @DerekJohnson, PM me your number to ban this abortion aka Hondo for a month.2001400ex said:
You don't pay real estate fees in Oregon now? Chinteresting.salemcoog said:
0% in Oregon.2001400ex said:
Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.greenblood said:
I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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didn't we do this once before? I forget.YellowSnow said:Lending money to those w/o proven means to make the payment or credit worthiness is FS.
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Yep. There is never a reason to sell a home you aren't at least 20% up on.salemcoog said:
False. You can buy a house and still be mobile. If you have to or want to move, you can have somebody else pay for your appreciating asset and have a couple hundred bucks left over when you rent it out.Pitchfork51 said:Everyone in such a rush to buy a house
For younger people I think mobility is like the biggest asset you have
I bought high 12 years ago. But even with the crash and the fact I bought high, the homes value has appreciated 50%.
