More than 10,000 potential borrowers line up for zero-down-payment, subprime mortgages.

Fine with me if as long as the taxpayer isn't on the hook when these buyers default which as far as I can tell from a quick search we are not.

Here's a quick look at NACA (Neighborhood Assistance Corporation of America) a registered non profit corporation:

[link to clark.com (secure)]

This is the real news and the annoying game they play.

4.5 is kind of around the norm.
As for the "counseling", that's called understanding a debt to income ratio, and you have no business buying a car, let alone a home if you don't know what that is by the time you are ready to purchase.

I bet over half those home will be in foreclosure in less than 2 years.

Back in the early 2000's lenders allowed anyone to get a mortgage, and most people jumped in way over their heads, which led to the housing crash in 2007.

I know two different people who had their homes go into foreclosure and neither one cared. They were able to turn around a buy a bigger better home with a similar payment that they didn't want to pay in the first place....

Low credit scores are usually a sign that someone didn't pay certain bills. It's usually a safety net, but like everything else...nobody seems to care about rules these days.

I think it's risky.

Not good.

Exactly.
They were giving mortgages out like they were obama phones.

Actually what these loans are doing is building up areas that no one wants to live in & is income driven. Meaning my friends went & their income was too high so they did not qualify & their credit score could not be below 580 if I can remember correctly. My friends called me afterward & said they'd have not been interested even if their income was low enough because again this program they felt was to build up areas that were not too desirable at least from their perspective. This website is not giving people the full truth on exactly what this program is doing....in my opinion "Steering" which is against the law & Wells Fargo is the backer go figure.

Bad news.

Oh boy another bubble! Say goodbye to the remainder of the middle class.

Well, it's a fixed rate loan and they have to prove that they are capable of making the payments. I don't see how that's going to blow up.

Why hasn't anybody just said "So illegals can buy run down nieghbor hoods and start gangs"?
- the purpose IS to resell as many times as possible. They don't want to let it go.
- when those hodidos have paid 28 of 35 thousand, they will call the note and if they can't come up with the 7,000 pay off lump, out they go and sell a-gain!
(The only way to win on those is backup financing and the sellers having no idea you could pull a rabbit out of a hat)
- they will also use every other possible excuse to call the note at any time. You didn't pay the light bill, callin the note! Police report at your house, callin the note!
You think we were "debt slaves", they will be "debt bots" with sellers getting away with demands because the hodidos don't know any better. Sure you have to mow the grass or they kick you out ese!
But the ones that luck or cleverness gets them a deed, they will be more proud of it.

Big fat scam I am very familiar with. Some few may end up beating the devil and owning it after all, but it isn't set up or intended that way.

Last Edited by Timur2020 on 10/12/2018 11:07 PM

I had good credit and just got a house, had to come up with $8,000 down and got a 5% interest rate.

These people have bad credit and have a lower interest rate with no down payment.

Figures...

If u don't have at least 1/3 to put down on a house no one should lend u the rest to buy. This is Ludacris!!!!

I would not want to bet against you. Same shit. Different decade.

Then they will loan to illegals, no docs, no proof of income.

Then 125% loans.

Then boom.

It will just happen quicker and will be worse than a decade ago.

There really is no other way to get low income people into homeownership than programs like this.

With houses at the prices they are today. A traditional mortgage requiring 3%-5% down is simply not gonna happen for millions of people.


As others have said, as long as taxpayers are not on the hook, I think it's a good thing.


People who own homes always treat them better than people who rent homes. It's a win/win for the neighborhood and economy.

I would expect that under Obama they were somehow subsidized from the federal government. But now?

It's a win to be given something for less than its market price. But who pays the difference?

so what your saying is that i can go get a job at wendys or mcdonalds and get a fresher brand new house with 0 interest and 0 down.?.. compared to that fact that my dad had been working a fulltime 6-5 job for 20+ years paying a mortgage for 20+ years and is going to leave us a shitty disgusting house ina relatively decent part of the county. i could get a fresh brand new house and still get to keep my job at wendys?

When I bought my acreage in 1985 it was 25% down and 11.5% interest, and they would only give us a 30 year note. We paid it off in about 15 years and saved a shitload of interest charges.

The trick is to buy wooded acreage. You clear the land sell the timber and perk the site or sites using the timber and proceeds to build houses .

This is not a bad thing, nothing like the lenders in the early 2000's who were signing up people making 80 grand a year for adjustable rate mortgages on 250,000 dollar houses....knowing that as the rate increased, the owners would be stuxk and then they would simply evict them, repossess and then clean it up and sell it again. What happened to many, many people was criminal...yes they should have known better, but for many people, they were trying to get their families into nice homes with some security and they overbought due to false promises in many cases.

NACA is basing these loans off of income, so these people cant buy a 350,000 house with a 1200 house payment that goes to 2200 in three years. Fixed rate, payment locked, no money down. A decent house is at least 150,000 these days, and working class people are paying the same renting an apartment or house, unable to save $10,000 up to put on a house. This would enable alot of people to buy a decent home, rebuild their credit and start owning. Its a win win for everyone.

This will help the middle class, not hurt....used to be middle class was well off, these days most of the "middle class" are working overtime to stay afloat.

If these ever go adjustable rate, then Id be against it. That is what will cause another massive bubble, the NACA plan would actually help deflate the current bubble.

There are new houses being built near my place....I looked at them, figuring they would be 160's to low 200's. Nice, new, but not mansions. They are asking 300,000 for nearly all of them, it was a jaw dropper. House prices are ridiculous for normal people, it makes zero sense. I live in a more rural area, an outskirt town, and I was like, who in the hell is making the kind of income in this area to warrant building an entire new neighborhood with these kind of prices? For houses that are not even that extravagant?

All for this plan.

I would line up too.

All of you supporting this program seem to have completely missed the fact the CEO for NACA made clear they are targeting MINORITIES.

So Sha-NayNay Carter and Lamar Jackson who both work at Popeye’s Chicken in da hood, now get to move in to that nice house right next door to YOU in your respectable, White middle class neighborhood.

Open your eyes, people.

.

So can illegals apply.

so is this good?

Someone said Wells Fargo is behind this "fabulous" deal. If the housing crisis taught you one thing...it's Wells Fargo are a bunch of lying fraudulent rats that will pull any stunt to fool you into paying their fee's.

Do all your banking with a trusted Credit Union. The one I belong to returns all profits back to it's members. It's a joy doing business with them.

I wonder if your house is a hundred year old falling down ghetto boat eh? Bet thiers is



This is giving people who can't win a hand to play so.politicians and bankers can win....and dump reselling sharks.
The hodidos are going to move in and be on a gerbil wheel until they can't any more. Its kinda heinous?



If you want a termite pile in ferguson sure? We always pay for the nieghborhood, not the house



That too, but that one is so insurance companies can pay for all the fires and new more expensive houses can go in.

Don't understand how, if you sell the timber how you can use that timber to build houses. And you better buy wooded acreage with the right kind of trees on it.

That's nice because My damn rate is almost 7 percent with a 730 credit rating. I could get a lower rate but I don't feel like shelling out another 8k for closing costs.