Can we agree that people do need to educate themselves and build up their financial acumen?
Freddie Mac Launches "3% Down" Mortgage With No Income Restrictions
- Thread starter EGO-TRIP
- Start date
I don't agree with people saying it's hard for young people to get a home today. Maybe in places like New York and California.
Most younger people I know are paying more for truck notes than a house would cost them. This generation wants everything given to them without no sacrifice.
If you keep your credit and DTI halfway decent and stay on a halfway decent paying job for two years you should be able to purchase a home.
Most younger people I know are paying more for truck notes than a house would cost them. This generation wants everything given to them without no sacrifice.
If you keep your credit and DTI halfway decent and stay on a halfway decent paying job for two years you should be able to purchase a home.
Let say you get a house and get foreclosed on with negative or no equity from the sale, than you really lived in an expensive apartment all those years. Mortgages, student loans, and other debt financing are Weapons of Mass Destruction to the black community.
Look at all the people that were steered into subprime loans when they qualified for prime loans with their credit score. Now with President Trump in office, expect these practices to slowly creep back knowing there is no enforcement from the top. If you got a family than you have no choice, but I would try to get a high ratio of cash to your mortgage balance. If you got $200,000 loan, and put 3% down, than I am having $50,000 or more banked up. Do not live paycheck to paycheck gettting a mortgage, any default will mean you just rented a house rather than bought a home. If you try to get another mortgage in seven years, you will be stuck with a subprime loan paying a whole lot of interest, making you even more likely to have negative equity.
Many people move up in a company and get an inflated salary through seniority that if they lost their job, will mean you start at the bottom somewhere else. Your mortgage will be based on this good salary you have no chance of getting again.
Look at all the people that were steered into subprime loans when they qualified for prime loans with their credit score. Now with President Trump in office, expect these practices to slowly creep back knowing there is no enforcement from the top. If you got a family than you have no choice, but I would try to get a high ratio of cash to your mortgage balance. If you got $200,000 loan, and put 3% down, than I am having $50,000 or more banked up. Do not live paycheck to paycheck gettting a mortgage, any default will mean you just rented a house rather than bought a home. If you try to get another mortgage in seven years, you will be stuck with a subprime loan paying a whole lot of interest, making you even more likely to have negative equity.
Many people move up in a company and get an inflated salary through seniority that if they lost their job, will mean you start at the bottom somewhere else. Your mortgage will be based on this good salary you have no chance of getting again.
I have VA. With this Freddie Mac are the loans adjustable or fixed?. I Colin Powelle'd the article
That’s retarded as fuck. Smart people don’t tie up all their funds into shit. They get loans and used the money saved financing for other shit
Correct.
Why pay for something cash when you can get a loan at 5% interest and invest your cash in something giving you 20% return.
BBL
Two yrs huh
Whats giving 20% guaranteed return yearly?
You would think that would be simple common sense.
But when you have grown adults who are clueless on how to balance a checkbook or develop a simple household budget.
Self education is far from anything they gonna think about or make a effort to do.
They used to teach basic living financial courses in high school back in the dsy, those courses were taken out of school along with Civics courses (How Govt and Unions work) during the Reagan administration.
I’m a title insurance underwriter and defense attorney. It’s not a scam but the likelihood of you ever using it is very low. If you ever need it, it’s the cheapest insurance ever.
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Man don’t even entertain this bs. You are where you need to be
Tax deeds in Georgia
2 years ago me and my dad bought 2009 mobile home from a guy at work who needed money for 20k. We put it on dads land. We are renting it out for $700 a month. That's over 40 percent less upkeep
Underwriter on most conveniently and Federal loans require you be working at the same job or feild for at least two years.
that's exactly what I'm waiting on. Those $200,000 overpriced houses are going to be pennies 
Let say you get a house and get foreclosed on with negative or no equity from the sale, than you really lived in an expensive apartment all those years. Mortgages, student loans, and other debt financing are Weapons of Mass Destruction to the black community.
Look at all the people that were steered into subprime loans when they qualified for prime loans with their credit score. Now with President Trump in office, expect these practices to slowly creep back knowing there is no enforcement from the top. If you got a family than you have no choice, but I would try to get a high ratio of cash to your mortgage balance. If you got $200,000 loan, and put 3% down, than I am having $50,000 or more banked up. Do not live paycheck to paycheck gettting a mortgage, any default will mean you just rented a house rather than bought a home. If you try to get another mortgage in seven years, you will be stuck with a subprime loan paying a whole lot of interest, making you even more likely to have negative equity.
Many people move up in a company and get an inflated salary through seniority that if they lost their job, will mean you start at the bottom somewhere else. Your mortgage will be based on this good salary you have no chance of getting again.
It's worse than that.
Trump and his minions have made it illegal to launch class action suits against banks. If you can't afford your mortgage AND find out that your loan was discriminatory then you have no way to sue and save your house even if your neighbors all have the same problem.
Banks are already doing this with cars. Wells Fargo illegally padded the bill of over 100,000 customers that financed their vehicles through them. 27,000 of them got their cars repossessed.The bank was fined over a billion dollars, but not one of those people got their cars back.
It takes most people years to get to that point if they ever get there at all. In the meantime my oldest is already getting offers for high interest credit cards. Other family members are telling her that racking these cards off and paying back the minimum is a good way to show responsibility and build credit.
thats what happened in atlanta. u had $250k (3500sq.ft) homes selling for about a 3rd of that.
MAN I scooped up a real estate guide while I was at EATZ and was looking at the current housing prices I literally went
The fall is coming! I recently saw condos going for 700k in ALPHARETTA!!
For who?
There are a ton of opportunities when the economy crashes
Everything including large capital purchases are on sale
For all the people who are going to buy a home with no income verification. Over what they can really afford versus what they can qualify for.
How many real estate people are going to:
- steer people toward the $200K house they can really afford
- with a lower commission for the agent
The real estate agent seeing an opportunity for greater commission by getting you into the highest priced home that:
- you can be talked in to getting
- the highest 3% down you can come up with
- With a $4500 - $6000 down
- Trying to stay within budget
Real Estate Agent:
- Mr. Customer if you have $60K why not look at more house with a greater resale value potentially.
- I have a nice $1 million dollar fixer located near Beverly Hills, with great schools, low crime, on the rise with potential great re-sale value.
- Is just $30K down and you still have $30K for improvements
- One problem I work at Home Depot and my wife is a receptionist in the ER.
- Can we afford this?
- There is no income verification!
- If you have the down payment I have the house for you!
- Okay let's take a look then.
MAN I scooped up a real estate guide while I was at EATZ and was looking at the current housing prices I literally went
The fall is coming! I recently saw condos going for 700k in ALPHARETTA!!
I live on a decommissioned military base in San Francisco. The city just broke ground on new condos in my neighborhood that none of the residents will be able to afford.
Despite this my roommate just showed me a flyer from the property management company offering workshops for residents who wants to see how they can buy one of these condos. Workshops so the brokest people in America's most expensive city can buy waterside condos with million dollar views? WTF!
This crash is coming and these bastard know it. On the plus side, I feel a lot better about my house not being bulldozed
Bro
At this point in my life I don't have the patience to tolerate stupidity
Live within your means
No one can steer me into shit
We are responsible for studying and beating this racist system
If you don't do your homework expect to be fucked
I don't understand how black people can live their lives as if racism is not real and not study the "how"
Some of us are literally "walking prey"
White peopel will feel the burn but with the coming crash they are the last to get laid off, black people are the first laidoff and last hired
Live your life accordingly to win (if you want to win)
Then you have no one else to blame but the customer who signed up for an unaffordable payment.
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Bro, not a scam in the literal aspect. I know the importance of it. Was more speaking to the tons of little fees that gets thrown into closing. Just thought about title insurance as one of the things.
If you look at them daily, then you know what I mean. I'd have to dig up my closing statement to see all the charges going to X then Y and Z.
Yeah, I know what you mean. I own title companies and I shake my head at many of the loan charges.
Unfortunately what he wrote is pretty typical. And not a black or white thing. Some mortgage brokers don't give a flying fook. Some have morals and some don't. They care about making the most commissions possible, period.
Don't know where you live but I was in NYC and saw this as common practice to put people in houses at as much as they could.
Brokers convincing people, don't you get raises yearly, so by 4-5 years you should be making this and the mortgage won't seem as much by then, right? Right! So let me get a pen...
Didn't this shit just crash the economy?
I agree but the average buyer of just about anything is uninformed and easily swayed.
Most people if they can only afford a basic hyundai. But tif the dealer tells them they can roll of the lot in a brand new Porsche for Hyundai down payment. What do you think they are going to do?
Kats, ain't worried about payments monthly, finance charges or length of the contract.
I plan to stay as liquid as possible and grab a piece of property or two.
for who?
what is "the economy"
please explain what crashed?
To me it was the largest wealth transfer in history outside of slavery
The income of the 1% actually went up by 27%
I actually doubled my wealth in the last few years by being deliberate about the choices I make e.g. no car pymts, mostly prepare my own meals vs eating out (not healthy on the low end), host parties vs going out, buying stocks like Amazon, facebook, netflix which are all no brainers
income inequality is growing for sure
but for us it can't be worse than when we had no income as a group ie slavery
so we can make it
i just moved and am gonna sit back for a year and wait out the results of this housing market crisis we're about to hit. Keep my credit above 800 and have cash for a downpayment on deck. Come up on a property or two to flip, rent and bank. Let's not miss this opportunity this time around. I got caught up in the shock value of it all and missed great deals.
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