100% Loan-To-Value FHA Home Loans - Put That In Your $3.5 Trillion Bill!
Intelligent Party <[email protected]>
| Newsgroups | alt.politics.congress,alt.politics.usa.constitution,alt.politics.obama,talk.politics.libertarian,alt.politics.libertarian,alt.activism.d |
|---|---|
| Organization | - |
| Message-ID | <[email protected]> |
And no two years income doc., just present income doc as for renting. On primary conforming loans Let's make it so everyone can buy, and lets get rid of all renting, except for vacation properties! https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx https://www.fha.com/fha_loan_requirements Renters are getting reamed, dude. In place of temporary interest only, a 250 year fixed, at least at bottom, so people can still buy at bottom. Here the house doubles in value in thirty years, but the loan isn't paid off. 70% of the loan is paid off in years 220-250. You just pay interest plus a few pennies. It allows you to buy more house, so possibly should only be for the bottom. No adjustable payments should be allowed at all - only fixed teaser to fixed rate. Payment calculated on blended rate, of two - more equity paid during lower (teaser) rate period. There were no adjustable payments, until 2004, and it caused the mortgage meltdown 5 years later when the rates adjusted in 2009. Quote:"While adjustable rate mortgages first became legal in 1982, they were not popular with banks until 2004 'to make monthly payments lower, when rates started rising.' The mortgage meltdown will no doubt repeat itself if this fallacious type of home lending and speculation at taxpayer expense is not corrected. Historically, property values don't go up forever." https://en.wikipedia.org/wiki/Garn%E2%80%93St._Germain_Depository_Institutions_Act https://www.thebalance.com/what-is-an-adjustable-rate-mortgage-3305811