this is whats really going on, selling the overvalued bullshyt and getting some money before the real estate market really crashes in these areas. then when they default, come back and scoop them up on the low.
This MIGHT Be A GAME CHANGER: BOA Offering Coli Brehs Mortgages With ZERO DOWN!!!
- Thread starter Wig Twistin Season
- Start date
Jokers about to get burned like in 2008/2009/2010. Folks don't ever learn.
No way should anyone be trying to buy a house with zero down and zero PMI. Anyone who has bought a house knows that normally you pay a higher interest rate if you ask for no PMI (unless you putting down 20%) and the same is you pay a higher interest rate when you put nothing down.
So these folks about to get raped by BOA with this zero down and no PMI. PMI is always to protect the banks and investors because the less you put down the higher the risk. So zero down and no PMI means they about to throw 1 or 2 percentage points on interest rates that is already anywhere from 5.99% to 6.08% with the bond plus the fed raising rates.
And please don't let BOA pushing adjustable rates on fools.
All I can say is get ready for them foreclosures in 2 to 5 years.
If you put 10% down or more, MIP falls off after 11 years. Other than that, yes, the only way to eliminate it is to refi into a conventional loan and have 80% LTV or buy the PMI out.FHA loans have permanent PMI. Only way out is to refinance into conventional.
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.
I read that there isn’t a loan limit, other than a jumbo loan. I mean sure, there’s an income limit, so you’re not getting a $647,200 loan amount, but as long as it fits within the guidelines, you’re good. There is a credit check, but doesn’t appear that there a credit score limit.
Let’s be real, people with terrible credit are going to be a risk and not get approved. This is a great opportunity for gentrification though.
USDA and VA loans are 100% financing and don’t have Mortgage Insurance. Their rates are also competitive with Conventional loans. These loans are insured by the federal government.Jokers about to get burned like in 2008/2009/2010. Folks don't ever learn.
No way should anyone be trying to buy a house with zero down and zero PMI. Anyone who has bought a house knows that normally you pay a higher interest rate if you ask for no PMI (unless you putting down 20%) and the same is you pay a higher interest rate when you put nothing down.
So these folks about to get raped by BOA with this zero down and no PMI. PMI is always to protect the banks and investors because the less you put down the higher the risk. So zero down and no PMI means they about to throw 1 or 2 percentage points on interest rates that is already anywhere from 5.99% to 6.08% with the bond plus the fed raising rates.
And please don't let BOA pushing adjustable rates on fools.
BOA is a portfolio loan and not insured by the federal government and will likely have a higher interest rate because of that. These won’t be sold off in the secondary market because they aren’t conforming loans.
Typically on an arm loan, you’re approving them at the highest rate. So there won’t be payment shock.
Normally on VA loans the option is to put nothing down and pay the funding fee (which is a percentage of the loan) or put something down to reduce the funding fee. The 5.99% what I referred to was the current VA loan rate. The 6.08% is the current conventional rate. But we all know that is going up later this month after the Fed pushes the rates another 75 or 50 base points.
BaldingSoHard
Veteran
I just checked in the code for this, brehs. It goes live on 11/21.
Get in here and discuss Coli brehs and brehettes…
What are your thoughts about this and the possibility of a nation wide program offering no down payment mortgages to brehs and brehettes?
Will this change the game or is this a Yacubian 4D chess move that will turn into a rug pull?
Bank of America: Zero-down-payment mortgage for first-time buyers
Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.www.nbcnews.com
BaldingSoHard
Veteran
Nah. It's just that properties in certain zip codes that are identified as low to moderate income and / or multi-cultural will be eligible for down-payment assistance programs, America's Home Grant, plus special product and pricing rules.
Rates will be the same.
This sounds like what led to the 2008 crash. 
I'm good. You already got racist like Mike Bloomberg who blame us for the derivative mess of the banks back then. We don't need to consciously partake in what appears to be a similar thing.
I'm good. You already got racist like Mike Bloomberg who blame us for the derivative mess of the banks back then. We don't need to consciously partake in what appears to be a similar thing.So it’ll be a no down payment, no PMI, no credit check, and zero closing cost loan with market rates? That sounds incredibly risky. There would have to be some sort of major incentive BOA is getting to offset that type of loan.
