LoL - great plan - I think youre about a year too late
Its already been done
and now look at the mess we're in
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Mortgages
- Thread starter mgabriel01
- Start date
LoL - great plan - I think youre about a year too late
Its already been done
and now look at the mess we're in
Quote from mgabriel01:
Interestingly enough - BOA has introduced some kind of product called 'American Dream' -- or something goofy like that --- and its requirements put the subprime lenders to shame
Bankruptcy - OK
No stated income - OK
no assets -- OK
95LTV
when the BOA guy showed it to me --- my first thought was......
The big banks are taking this opportunity to move into the sub-prime space---- and just put a marketing spin on it so that the loan is not called sub-prime
now its called 'American Dream'
who was it who said 'greed is good'?
Only the big lenders can sell this crap. Fannie and Freddie aren't going to touch this and the PMI's won't insure it. Also the 95LTV knocks out a bunch of people cause they don't even have 5% to put down -- unless they're willing to give them a second on it.
Countrywide and Citimortgage did lots of 2nds on the subprime crap and they are losing their asses. Bigtime. :eek:
Quote from mgabriel01:
Yes - I am serious
I'll look it up on Tuesday and tell you the actual name of the product - I saved the flyer
I was talking to some folks in the office - and we all agreed you'd have to be the scummiest scumbag in town to hook somebody up with that product
my thought was the big lenders are trying to pick up the market share abdicated by all the mom-pop subprime lenders who have crashed and burned in the last 6 months
Wow man that's crazy! I'd definitely like to hear the rest of the info when you get a chance. Wow. Just wow.
Quote from Reaver:
With that kind of LTV you should be able to get a very good rate. Any reason in particular you want and ARM?
well. i have plans of moving out of my current state - not NC. i'm trying to consider all my options including renting it out. i figure i can have a low payment that can be covered by the rent i collect, and 3-5 yrs later home values will have rebounded a little bit.
Quote from niteflite:
well. i have plans of moving out of my current state - not NC. i'm trying to consider all my options including renting it out. i figure i can have a low payment that can be covered by the rent i collect, and 3-5 yrs later home values will have rebounded a little bit.
I see what you mean in that case as far as the I/O part, but why not go for a fixed rate, just in case shit happens, you know you'll be locked at a pretty low rate? Totally up to you, as you know more about your situation than me, just throwing that out there.
I/O fixed seems like the least risky proposition at this point while still giving you a degree of flexibility.
Then again though there's more than one way to skin a cat.
Ok Reaver
Here it is ---- its called the 'Community Accomodation Combo'
http://localism.com/article/158146/Another-1-Financing-Program-Available-The
Note the key features
60% DTI
620 Mid Score
BK or foreclosure OK (yeap thats right OK!)
No reserve requirement
watcha think
a rose by any other name?
Here it is ---- its called the 'Community Accomodation Combo'
http://localism.com/article/158146/Another-1-Financing-Program-Available-The
Note the key features
60% DTI
620 Mid Score
BK or foreclosure OK (yeap thats right OK!)
No reserve requirement
watcha think
a rose by any other name?