2,684,109
I asked about this last night.
It's a potential disaster for the taxpayers, who will be forced to "bail out" the banks after a large number of these buyer/borrowers default.
On the bright side, there are people with low credit scores, no money down, etc. who will be able to purchase a house; they will make the payments and become proud homeowners.
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
-
Olga Simoncelli
New Fairfield, CT
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Pete Xavier
Pacific Palisades, CA
4,572,283
Time will tell.
-
Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Richard Weeks
Dallas, TX
-
Carol Williams
Wenatchee, WA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Raj Taj
Lake Bluff, IL
5,230,113
I have ambivalent feelings about this - it's not a disaster waiting to happen but, NACA is a bear to work with sometimes...depending upon the loan officer your client is assigned.
That said, housing prices have risen so much over the past 5 years, first-time buyers are being pushed out of the market. NACA and BOA are filling a need for them.
I have a BOA wealth management lender who helps my clients and is one of the best lenders in the state. If anyone can get the job done with NACA, he can!
-
Kathleen Daniels, Prob...
San Jose, CA
-
Richard Weeks
Dallas, TX
-
Lyn Sims
Schaumburg, IL
-
Carol Williams
Wenatchee, WA
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
5,583,278
since you mentioned Bank of America, my first response would be stay away......
-
Lyn Sims
Schaumburg, IL
-
Carol Williams
Wenatchee, WA
-
Michael Jacobs
Pasadena, CA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Bob "RealMan" Timm
Minot, ND
-
Roy Kelley
Gaithersburg, MD
2,781,173
smart move....people need shelter and they also need help getting it
-
Nina Hollander, Broker
Charlotte, NC
-
Carol Williams
Wenatchee, WA
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
7,836,169
Take advantage of the opportunities for your clients.
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
1,844,301
This has always been available. Maybe just new to you.
-
Raj Taj
Lake Bluff, IL
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
2,220,654
Time will tell us...
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
2,178,603
I suppose it will depend on whether they lend to every breathing creature (as in the past) or actually use a reasonable qualification process.
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
5,772,575
House,
Not a fan.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
2,390,620
I have to (want to) agree with Barbara Todaro .
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Raj Taj
Lake Bluff, IL
4,882,355
I wish we knew.
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
1,622,432
It will open a Pandora box....again. But what is the limit of such loans? I could not find the information.
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
6,393,609
These cycles seem to repeat, does not seem to take long for the collective to forget the lessons from last time.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
1,231,853
I would rather be conservative with credit rather than speculate with this type of financing. Just another disaster in the making.
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
187,002
Stay away from B of A AND Houseo LLC...he is an UNLICENSED punk.
-
Lyn Sims
Schaumburg, IL
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
3,345,091
Whenever a big bad bank is involved ... likely a disaster.
-
The Villages Realty
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
3,416,038
It depends what the criteria for getting a mortgage is. What is the credit score? Is it conforming or not conforming? If they are strng buyers i like it, if it is no doc, not so much
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
900,128
Bad move.
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
4,160,899
It depends Fred Griffin asked the same question.
-
Fred Griffin Florida R...
Tallahassee, FL
699,874
Should be OK as long as they verify income, and there is no occupancy fraud.
-
Gary Frimann, CRS, GRI...
Gilroy, CA
4,800,082
5,216,409
Underwriting is key. When in doubt, deny!
-
Debe Maxwell, CRS
Charlotte, NC
5,104,931
I don't think this is ever such a black and white situation... VA does no money down loans. All depends on how they underwrite borrowers.
-
Bob "RealMan" Timm
Minot, ND
2,182,552
921,504
Bank of America was solely responsible for corrupting the Moody's investment rating system that assured lenders could off-load junk onto the tax payer. AND no one at Bank of America went to PRISON.
These crooks are still CROOKS.
Let me be clear, the ability for banks to make fake money (selling worthless investment) is over. But their evil nature has not been eradicated. They will, once more, rob the citizen with impunity.
IMPORTANT:
There is no collaboration between 'low/no downpayment' and the likelihood of a non-performing mortgage. NONE!
And, when moneyed investors and unlicensed folks start eying real estate, bad stuff always happens. We know what B or A did, but Home LLC is still a card to be revealed.
-
Bob "RealMan" Timm
Minot, ND
5,868,554
4,936,705
20,445
1,598,452
Many young family don't want to pay rent. I know a few of them who got the house under this program.
2,071,025
3,986,258
Any time you put people into a home with no money from their pocket is a disaster waiting to happen
182,915
There are so many other programs offered by other lenders, when you read its seems very easy to get the loan but its not. The lenders learn their lesson no easy money for anyone. If you will read the guidelines you will see the difference.
1,502,998
Yes, I see this as another nail in the coffin. These are the same type of loans that lead to the 2008 collapse.
1,712,676