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Posted: 6/23/2017 12:35:49 PM EDT
[#1]
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Posted: 6/23/2017 12:37:06 PM EDT
[#2]
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Posted: 6/23/2017 12:37:57 PM EDT
[#3]
So what's the caveat behind the "*"?? Therein lies the answer!!
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Posted: 6/23/2017 1:59:25 PM EDT
[#4]
Quote HistoryQuoted:
So what's the caveat behind the "*"?? Therein lies the answer!! *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. |
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Posted: 6/23/2017 2:00:38 PM EDT
[#5]
Do you want a repeat of 2008?
Because this is how you get a repeat of 2008. |
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Posted: 6/23/2017 2:04:28 PM EDT
[#6]
Quoted:
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. Yes, I know people who had re-fi's on 7 figure mortgages with 0% down |
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Posted: 6/23/2017 2:07:15 PM EDT
[#7]
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.
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Posted: 6/23/2017 2:09:00 PM EDT
[#8]
laughs in upper-middle class
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Posted: 6/23/2017 2:10:17 PM EDT
[#9]
0% down has been available since always.
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Posted: 6/23/2017 2:22:07 PM EDT
[#10]
VA has been doing 0% for a few decades at least.
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Posted: 6/23/2017 2:25:26 PM EDT
[#11]
Quote HistoryQuoted:
VA has been doing 0% for a few decades at least. |
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Posted: 6/23/2017 2:30:53 PM EDT
[#12]
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.
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Posted: 6/23/2017 2:32:01 PM EDT
[#13]
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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Posted: 6/23/2017 2:39:02 PM EDT
[#14]
Quote HistoryQuoted:
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. 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! |
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Posted: 6/23/2017 2:45:06 PM EDT
[#15]
This can't be legal. Getting "cash back" under these circumstances is not permitted under damn near all FNMA loans ????????
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