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

[Suzie]

I honestly don’t know the details or if this is the exact program breh. But I don’t think he has any location restrictions on his so it may not be the same 1. I think he finds renters for the property and that allows him to reapply for whatever the program is and makes him a 1st time buyer again. I’ll ask him and see because we only talked about it briefly. He is in the Raleigh Durham area though I know the 2nd property is about 235k and it’s in a nice area

Please share more info about the program?

 

[RoCKetSity256]

Please share more info about the program?

It’s a 1st time buyer program he’s using with state employees credit union. He got his 1st home found tenants then he started renting it out. I’m not exactly sure if the specifics on it but I think he said him renting it out allowed him to qualify for the 1st time buyer again so found another house that he is currently staying in but also looking for tenants to rent it to. SECU will finance him up to 6 properties. He’s not really planning on using all 6 he just said that’s what he can do. I think it’s similar to the Bank of America offer but he says a credit union will always be better than a bank dealing with things like this as far as interest and fees go.

 

[Cobalt Sire]

How many people that don't own yet like this news? I kinda like the news, I have to admit.

 

[Son Goku]

I'll stick to my VA loans which are also zero down.

 

[Rawtid]

I dont understand how people get so financially savvy and strategic when it comes to buying a house, but not when it comes to paying rent.

Mfs be renting the same spot for 10+ years, but won’t buy a house because of “resale value”. Lol you’re not moving anywhere.

Owning gives more options when you can’t pay and I can only speak from experience. If you can afford to own, go that route.

 

[HabitualChiller]

I'll stick to my VA loans which are also zero down.

Yep. Wish that shyt was 0% interest, but I can't complain.

 

[MoveForward]

The mortgage is going to be high as fukk on these expensive ass houses. Next they’ll start offering 40 year terms…

 

[Htrb-nvr-blk-&-ug-as-evr]

You don’t HAVE to. PMI can be bought out, if you can afford it. You can get seller credits as well and have the seller buy it out for you. The only program that you HAVE to have mortgage insurance on is FHA. And even that goes away if you put 10% down or more. It will last 11 years.

FHA loans have permanent PMI. Only way out is to refinance into conventional.

Yeah… If I am reading it correctly it’s only for homes within certain areas within the city.

It screams: “Own your own piece of the hood because we ain’t letting yo ass own anything else.”

Makes sense. No down payment, no credit check, no PMI? Just pay your cell phone bill on time and you can get a house? You can bet there will be a loan limit of like $120k…which means hood.

 

[Formerly Black Trash]

How many people that don't own yet like this news? I kinda like the news, I have to admit.

So what if I'm in Detroit and want to buy a house in Los Angeles?

 

[dh86]

Sounds like an unload of overvalued bullshyt to people that can least afford it

 

[WaveGang]

What's the catch?

Some maddd interest rate and 50yr mortgages creating generational poverty

 

[humminbird]

This sounds like a trap
Sorry peeps but it does

 

[Gloxina]

The program’s creator.

I have more faith

Wonderful.

 

[ColdSlither]

One of the major factors was people jumping on ARM loans back then. And when that rate jumped up, that's what broke a lot of peoples backs.

I was making sure to read though the comments before saying this. Those adjustable rates are what screwed people over. I have to look this over, like I would anything, but as long as there's adjustable rate it should be good. The other problem was that the banks were giving any old body a home loan. Everyone got screwed because even my landlord's daughter and son in law, who pulled in a decent six figures, got hit. But those who especially couldn't pay a mortgage really got hit. This also appears to be more targeted to a different demographic of people. My rental company reports all my payments to TransUnion, and I've never been late. So if this is on the up and up, this could help out people who have been good tenants for years.

It's also BOA. Look over everything for every single fine detail.

It also says clearly that this is not just for Blacks and Hispanics. So if this is on the up and up, folks better jump on it before whites do.

 

[ColdSlither]

How many people that don't own yet like this news? I kinda like the news, I have to admit.

I like the news but I still have to look into it. I have family that does real estate. So I'll be hitting them up to see what they think.