Posted on: 18th May, 2009 09:38 pm
with no down payment ,down payment can be add to home lan
Hi
It's true there are no downpayment loans where the lender can pay the downpayment on your behalf. They roll the costs of the downpayment into the loan which you will have to pay over the life of the loan. But you'll be charged high rate of interest for that.
It's true there are no downpayment loans where the lender can pay the downpayment on your behalf. They roll the costs of the downpayment into the loan which you will have to pay over the life of the loan. But you'll be charged high rate of interest for that.
where do we find these loans, savior? we certainly don't offer such a thing in my environment. can you please elaborate as to where you heard about this?
a "lender can pay the downpayment on your behalf" lender is pretty foolish, in my opinion.
if they exist, why would anyone put money down?
a "lender can pay the downpayment on your behalf" lender is pretty foolish, in my opinion.
if they exist, why would anyone put money down?
I think Nikki is referring to Sean Donovans' statement last week which has already been withdrawn. That was false hope for a lot of people and I don't know why it was even released. The statement read borrowers would be able to use their 2009 Tax Credit at the table sort of like a bridge loan as their down payment. If you're looking for your first home, keep saving for that down payment. I hope this helps...
Exactly George, Savior has wrong perception
so in other words, this "bridge loan" for down payment assistance for an FHA loan is not at all true? I'm asking because my husband and I were hoping to be able to use this money as the bulk of our down payment.
The statement was made, but do not count on this to actually happen. This has brought a lot of false hope to prospective First Time Home Buyers. The statement was almost immediately removed from the web after being released which further confirms my opinion about this. I hope this helps...
THIS JUST IN:
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All this can do is make the situation worse.
The housing market is in this situation due to zero down loans. If the buyer cannot afford to make down payment, then they do not have vested interest in the property and they can alwasy default.
All they have to lose is the monthly payments they made till then.
I am not sure when will the goverment learn this.
The housing market is in this situation due to zero down loans. If the buyer cannot afford to make down payment, then they do not have vested interest in the property and they can alwasy default.
All they have to lose is the monthly payments they made till then.
I am not sure when will the goverment learn this.
Hi
George, I heard about these loans quite a few years back, where the lender rolls in the down payment and closing costs into the loan and charges the borrower a high rate of interest. I do not remember the source of this information though. But you're right. I shouldn't have mentioned about it since they are extinct these days. I haven't heard about it in recent times. Even the seller-funded downpayment assistance programs through Nehemiah, AmeriDream Inc. have disappeared into non-existence. So, the very concept of zero-down payment loans is now dead as the dodo.
George, I heard about these loans quite a few years back, where the lender rolls in the down payment and closing costs into the loan and charges the borrower a high rate of interest. I do not remember the source of this information though. But you're right. I shouldn't have mentioned about it since they are extinct these days. I haven't heard about it in recent times. Even the seller-funded downpayment assistance programs through Nehemiah, AmeriDream Inc. have disappeared into non-existence. So, the very concept of zero-down payment loans is now dead as the dodo.
I wish those loans never come back.