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Home › Forums › Housing › Problem Solved: The Return of the $1,000 Down Mortgage

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  • August 6, 2010 at 10:00 AM #17801
    SD Transplant
    Participant

    Nothing will surprise me anylonger 🙁

    http://washingtonindependent.com/93795/the-return-of-the-1000-down-mortgage?source=patrick.net

    ““Buy new with $1,000 down,” the advertisement says, the words resting atop a trim green clapboard house offset by a bright blue sky. “The time has come. Stop wasting rent check after rent check and start building equity in your own home. And with only $1,000 down, affordable monthly payments and no private mortgage insurance required, the dream is closer than you think.”

    ShareIt sounds too good to be true. But it is true. This offer does not come from a subprime lender, looking to reel in thousands of unqualified and ill-advised homebuyers, only to slap them with add-ons, fees and variable rates. It is not a teaser or a trick. The advertisement references a program initiated by the National Council of State Housing Agencies and Fannie Mae, the taxpayer-backed, government-sponsored enterprise that buys up mortgages from lending banks.

    The pilot program is called “Affordable Advantage,” and it has now been adopted by three states — Massachusetts, Wisconsin and Idaho. (Other states, such as Pennsylvania, California and Colorado, have similar state programs.) The initiative is small, reaching just a few hundred people so far. But it is looking to expand. Given the dangers of these types of mortgages and the specter of the housing bubble, where unconventional loans wreaked disaster, it is also raising questions from wary housing experts and legislators.”

    August 6, 2010 at 10:17 AM #587397
    jpinpb
    Participant

    Makes sense. Tax credits expired, which made the 3.5% down seemed like nothing down. Pretty much they want to stick w/no skin in the game.

    But I think the bigger problem is the no-income qualifiers. If you have to prove you can make the payments, at least that’s something. Not much. No skin in the game makes it easier to walk, whether you can afford the payments or not. But at least they’re making an effort to “try” to make sure you can afford it. Even though the only downside to walking is a temporary hit on your credit report.

    I guess in a way, even having to qualify for a house is almost meaningless b/c of the ease in not paying and not receiving a NOD, etc.

    But still, you have to have a job to buy a house. So at least that eliminates the U6 group from buying.

    Just when you think the train ride might be over, everyone sticks a foot out and starts pushing.

    August 6, 2010 at 10:17 AM #588023
    jpinpb
    Participant

    Makes sense. Tax credits expired, which made the 3.5% down seemed like nothing down. Pretty much they want to stick w/no skin in the game.

    But I think the bigger problem is the no-income qualifiers. If you have to prove you can make the payments, at least that’s something. Not much. No skin in the game makes it easier to walk, whether you can afford the payments or not. But at least they’re making an effort to “try” to make sure you can afford it. Even though the only downside to walking is a temporary hit on your credit report.

    I guess in a way, even having to qualify for a house is almost meaningless b/c of the ease in not paying and not receiving a NOD, etc.

    But still, you have to have a job to buy a house. So at least that eliminates the U6 group from buying.

    Just when you think the train ride might be over, everyone sticks a foot out and starts pushing.

    August 6, 2010 at 10:17 AM #588131
    jpinpb
    Participant

    Makes sense. Tax credits expired, which made the 3.5% down seemed like nothing down. Pretty much they want to stick w/no skin in the game.

    But I think the bigger problem is the no-income qualifiers. If you have to prove you can make the payments, at least that’s something. Not much. No skin in the game makes it easier to walk, whether you can afford the payments or not. But at least they’re making an effort to “try” to make sure you can afford it. Even though the only downside to walking is a temporary hit on your credit report.

    I guess in a way, even having to qualify for a house is almost meaningless b/c of the ease in not paying and not receiving a NOD, etc.

    But still, you have to have a job to buy a house. So at least that eliminates the U6 group from buying.

    Just when you think the train ride might be over, everyone sticks a foot out and starts pushing.

    August 6, 2010 at 10:17 AM #588440
    jpinpb
    Participant

    Makes sense. Tax credits expired, which made the 3.5% down seemed like nothing down. Pretty much they want to stick w/no skin in the game.

    But I think the bigger problem is the no-income qualifiers. If you have to prove you can make the payments, at least that’s something. Not much. No skin in the game makes it easier to walk, whether you can afford the payments or not. But at least they’re making an effort to “try” to make sure you can afford it. Even though the only downside to walking is a temporary hit on your credit report.

    I guess in a way, even having to qualify for a house is almost meaningless b/c of the ease in not paying and not receiving a NOD, etc.

    But still, you have to have a job to buy a house. So at least that eliminates the U6 group from buying.

    Just when you think the train ride might be over, everyone sticks a foot out and starts pushing.

    August 6, 2010 at 10:17 AM #587489
    jpinpb
    Participant

    Makes sense. Tax credits expired, which made the 3.5% down seemed like nothing down. Pretty much they want to stick w/no skin in the game.

    But I think the bigger problem is the no-income qualifiers. If you have to prove you can make the payments, at least that’s something. Not much. No skin in the game makes it easier to walk, whether you can afford the payments or not. But at least they’re making an effort to “try” to make sure you can afford it. Even though the only downside to walking is a temporary hit on your credit report.

    I guess in a way, even having to qualify for a house is almost meaningless b/c of the ease in not paying and not receiving a NOD, etc.

    But still, you have to have a job to buy a house. So at least that eliminates the U6 group from buying.

    Just when you think the train ride might be over, everyone sticks a foot out and starts pushing.

    August 6, 2010 at 10:54 AM #587539
    jficquette
    Participant

    Time to bring back no doc loans.

    August 6, 2010 at 10:54 AM #587447
    jficquette
    Participant

    Time to bring back no doc loans.

    August 6, 2010 at 10:54 AM #588183
    jficquette
    Participant

    Time to bring back no doc loans.

    August 6, 2010 at 10:54 AM #588074
    jficquette
    Participant

    Time to bring back no doc loans.

    August 6, 2010 at 10:54 AM #588490
    jficquette
    Participant

    Time to bring back no doc loans.

    August 6, 2010 at 12:06 PM #588119
    SD Transplant
    Participant

    time to bring back the mirror loans: one fogs it, he/she gets the loan…..yeppiiiiiii

    August 6, 2010 at 12:06 PM #588228
    SD Transplant
    Participant

    time to bring back the mirror loans: one fogs it, he/she gets the loan…..yeppiiiiiii

    August 6, 2010 at 12:06 PM #587492
    SD Transplant
    Participant

    time to bring back the mirror loans: one fogs it, he/she gets the loan…..yeppiiiiiii

    August 6, 2010 at 12:06 PM #588535
    SD Transplant
    Participant

    time to bring back the mirror loans: one fogs it, he/she gets the loan…..yeppiiiiiii

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