This MIGHT Be A GAME CHANGER: BOA Offering Coli Brehs Mortgages With ZERO DOWN!!!

[concise]

What's the catch?

They probably snatch the house back if you're even a day late with a payment.

 

[Dafunkdoc_Unlimited]

I know WAY too many people BoA screwed-over. Unless you are a lawyer trained in this type of business and can comprehend all the legalities in that loan.......

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[RoCKetSity256]

Did he have to refinance the first one to a conventional loan?

I'm using State employees credit Union. The reason they do that program is because they give you an arm. That is an adjustable rate mortgage. In 5 years my mortgage will go up about $100 or something like that. Unless I refinance it into a conventional loan. I don't have to have another loan in order to do that or to buy other properties. State employees will finance me up to six properties like this.

The challenge with the place like Bank of America is it they are a bank and not a credit union. I can almost guarantee you their interest rates will be higher than any credit union because they charge fees. As an example, they charge $35 for a late fee. State employees charges $0.25

That’s his response to your question

 

[Brolic]

Won’t the interest rate be crazy?

 

[DJ Paul's Arm]

The program’s creator.

But who’s her boss

 

[ThaBronxBully]

What's the catch?

Exactly What I Thought, Cause Aren’t They The Biggest Crooks Of Them All?

 

[Wildhundreds]

If y’all doing any sort of business with BOA or Wells Fargo you deserve what happens to you

A big lawsuit is coming about how they handled the PPP disbursements. They made a lot of money and screwed a lot of people over.

 

[Amerikan Melanin]

What’s the interest rate?

 

[Bubba T]

No down payment, no PMI, and not based on your credit? That’s a hell of a risky loan and I wouldn’t be surprised if rates are at least 1% higher than normal and have loan limits.

 

[ItsPeople]

Zero down is ALWAYS a bad idea.

 

[LadyJ2]

I mean, I’m not hating because in theory this is great for young black families who need extra help getting over the line to get a mortgage.

But, those payments are going to adjust like a MF so I wouldn’t do it unless I had a very secure job and a clear path for promotion and no kids.

If you have no kids and are under 40 you can take certain risks but if you have kids I’d stay away from something like this and just rent until you can get a traditional mortgage. If you are over 40 you should know if your career is stagnate or not. If you have peaked in income, don’t do this.

 

[Silver Surfer]

This is what I envision reparations to be....

 

[Silver Surfer]

Zero down is ALWAYS a bad idea.

Explain?

 

[ItsPeople]

Explain?

With zero down you’re more likely to be underwater faster with interest rate increases.

Not to mention the amount of interest you’ll be paying over the term.

 

[BeeCityRoller]

Zero Down just means you're going to fall behind on payments and go into foreclosure faster because your mortgage and PMI is several hundred dollars higher every month.

Nobody wants to hear that though