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Houseo LLC, Real Estate Investment company in illinois (houseo)

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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      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.

Oct 14, 2018 04:19 PM
Rainmaker
4,572,283
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Time will tell. 

Oct 14, 2018 04:49 PM
Ambassador
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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

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!

Oct 14, 2018 04:48 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

since you mentioned Bank of America, my first response would be stay away......

Oct 14, 2018 03:16 PM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

smart move....people need shelter and they also need help getting it

Oct 14, 2018 04:57 PM
Rainmaker
7,836,169
Roy Kelley
Retired - Gaithersburg, MD

Take advantage of the opportunities for your clients.

Oct 14, 2018 03:22 PM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

This has always been available. Maybe just new to you.

Oct 15, 2018 05:17 AM
Rainmaker
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Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Time will tell us...

Oct 14, 2018 08:47 PM
Ambassador
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

I suppose it will depend on whether they lend to every breathing creature (as in the past) or actually use a reasonable qualification process. 

Oct 14, 2018 07:31 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

House,

Not a fan.

Oct 14, 2018 04:38 PM
Rainmaker
2,390,620
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I have to (want to) agree with Barbara Todaro .

Oct 14, 2018 04:10 PM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

I wish we knew.

Oct 15, 2018 05:21 AM
Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It will open a Pandora box....again. But what is the limit of such loans? I could not find the information. 

Oct 14, 2018 11:43 PM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

These cycles seem to repeat, does not seem to take long for the collective to forget the lessons from last time.

Oct 14, 2018 06:27 PM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

I would rather be conservative with credit rather than speculate with this type of financing. Just another disaster in the making.

Oct 14, 2018 06:21 PM
Rainer
187,002
Raj Taj
RE/MAX - Lake Bluff, IL
Drive By Blessings!

Stay away from B of A AND Houseo LLC...he is an UNLICENSED punk.

Oct 14, 2018 03:37 PM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Whenever a big bad bank is involved ... likely a disaster. 

Oct 15, 2018 09:07 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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

Oct 15, 2018 06:23 AM
Rainmaker
900,128
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Bad move.

Oct 14, 2018 06:37 PM
Rainmaker
4,160,899
John Pusa
Glendale, CA

It depends Fred Griffin  asked the same question.

Oct 15, 2018 09:42 PM
Rainmaker
699,874
The Villages Realty
The Villages Realty - San Jose, CA
"Our Performance Will Move You!"

Should be OK as long as they verify income, and there is no occupancy fraud.

Oct 15, 2018 09:36 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I don't have a clue.

Oct 15, 2018 06:55 AM
Rainmaker
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Underwriting is key. When in doubt, deny!

Oct 15, 2018 06:55 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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.

Oct 15, 2018 06:33 AM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Not a fan of BOA

Oct 15, 2018 05:54 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

Oct 15, 2018 04:58 AM
Rainmaker
5,868,554
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We don't see B of A loans much.

Oct 17, 2018 12:05 PM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

This could be a another problem down the road.

 

Oct 17, 2018 11:39 AM
Rainer
20,445
Romylio "Romeo" Cordoba - NSB Realtor
Adams Cameron and Co. Realtors - New Smyrna Beach, FL
Daytona Beach Real Estate Agent

We will see.

Oct 16, 2018 12:33 AM
Rainmaker
1,598,452
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Many young family don't want to pay rent. I know a few of them who got the house under this program.

Oct 15, 2018 09:56 PM
Rainmaker
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Great answers to your question here. 

Oct 15, 2018 09:46 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Any time you put people into a home with no money from their pocket is a disaster waiting to happen

Oct 15, 2018 08:11 PM
Rainer
182,915
Harjeet Bhatti
FITH THIRD BANK - Chicago, IL
Home Mortgage Consultant 25 States

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. 

Oct 15, 2018 02:37 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes, I see this as another nail in the coffin.  These are the same type of loans that lead to the 2008 collapse.

Oct 15, 2018 10:57 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I refuse to do business with BOA.

Oct 15, 2018 06:52 AM