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Posted: 6/23/2017 11:34:00 AM EST
New Low Down Payment Option
Looking for your next home, but don’t have a 20% down payment?
Great news – Quicken Loans has a 1% down** loan option that may be perfect for you. Put as little as 1% down while gaining 3% equity for a single-family residence (including condos). Plus $500 cash back* after closing and a $750 closing cost credit* from Quicken Loans.

Call (855) 544-8042 to talk with a VIP Home Loan Expert today to see if you qualify.
Link Posted: 6/23/2017 11:35:49 AM EST
Link Posted: 6/23/2017 11:37:06 AM EST
Link Posted: 6/23/2017 11:37:57 AM EST
So what's the caveat behind the "*"?? Therein lies the answer!!
Link Posted: 6/23/2017 12:59:25 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Feline-assassin:
So what's the caveat behind the "*"?? Therein lies the answer!!
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*Valid on new applications received by 6/30/2017. Clients will receive a check 2-4 weeks after closing in the amount of $500, plus the client will receive a closing cost credit on their Closing Disclosure in the amount of $750. This offer is only available to clients who call the dedicated benefit phone number or go through the dedicated benefit website. This is not a commitment to lend. Additional restrictions/conditions may apply. Not valid with any other discount or promotion.

**For example, the payment on a $200,000, 30-year fixed-rate loan at 4.625% (4.918% APR) with an LTV of 97% is $1028.28, which includes a mortgage insurance payment of $65.00. Taxes and homeowners insurance are not included. Restrictions may apply. Rates shown valid on publication date of 5/30/2017.
Link Posted: 6/23/2017 1:00:38 PM EST
Do you want a repeat of 2008?

Because this is how you get a repeat of 2008.
Link Posted: 6/23/2017 1:04:28 PM EST
Originally Posted By CPT_CAVEMAN:
New Low Down Payment Option
Looking for your next home, but don’t have a 20% down payment?
Great news – Quicken Loans has a 1% down** loan option that may be perfect for you. Put as little as 1% down while gaining 3% equity for a single-family residence (including condos). Plus $500 cash back* after closing and a $750 closing cost credit* from Quicken Loans.

Call (855) 544-8042 to talk with a VIP Home Loan Expert today to see if you qualify.
View Quote




Yes, I know people who had re-fi's on 7 figure mortgages with 0% down
Link Posted: 6/23/2017 1:07:15 PM EST
The $750 in closing cost credits doesn't really cost Quicken anything since it's part of their junk fees.  The 4.625% rate probably yields 2%-3% in premium to Quicken ($4-$6k on $200k) so giving away $500 to make $3,500 - $5,500 seems to be a good deal ... for Quicken. 
Link Posted: 6/23/2017 1:09:00 PM EST
laughs in upper-middle class
Link Posted: 6/23/2017 1:10:17 PM EST
0% down has been available since always.
Link Posted: 6/23/2017 1:22:07 PM EST
VA has been doing 0% for a few decades at least.
Link Posted: 6/23/2017 1:25:26 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By GaryM:
VA has been doing 0% for a few decades at least.
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Oh yeah, same thing. Lol
Link Posted: 6/23/2017 1:30:53 PM EST
Yes, this is possible. I'm a mortgage broker and have a similar deal closing this afternoon. The buyer puts one percent down, they get two percent from the lender to meet the three percent down conforming guidelines. The catch is, the rate ends up an eighth or a quarter point higher to basically fund that two percent down "gift" from the lender. The deal I'm closing today is at 4.625% with no PMI.
Link Posted: 6/23/2017 1:32:01 PM EST
Yes it's possible. I heard some lenders brought back the zero down programs again, ARM programs are back again, etc.




We're doomed to repeat this shit all over again.
Link Posted: 6/23/2017 1:39:02 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By TacticalHeater:
Yes it's possible. I heard some lenders brought back the zero down programs again, ARM programs are back again, etc.




We're doomed to repeat this shit all over again.
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No, no, no. They fined banks and they're using far more sound methods when they roll up their mortgage investments. You'll see, we'll be fine!
Link Posted: 6/23/2017 1:45:06 PM EST
This can't be legal. Getting "cash back" under these circumstances is not permitted under damn near all FNMA loans ????????
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