No-money-down home loans … Say it ain’t so – Dan Mangru WorldNetDaily (WND) Commentary August 12, 2010Posted by Admin in Uncategorized.
No-money-down home loans … Say it ain’t so
By Dan Mangru
President Obama, say it ain’t so. Please, oh pretty please, tell me that this isn’t true. Tell Gibbsy to come out in his daily press briefing and say that this is just one giant joke that you guys have had out there for a couple of months just waiting for the media to find out about it.
I mean in that case, we could all sit down, have a “Beer Summit” and look back at this as a “teachable moment.” I’ve got a good sense of humor and I can certainly take a joke from Bam and the boys.
But, sadly, this is no joke.
Apparently, while we weren’t looking, Bam and the boys thought it would be a good idea to start giving away homes again, and when I say giving them away I mean giving them away, as in no money out of your pocket.
Fannie Mae has established a new program called “Affordable Advantage.” It already has been implemented in Massachusetts, Wisconsin and Idaho with several more to come.
After doing some digging, I found out some choice bits of information about the program from the Wisconsin Housing and Economic Development Authority.
- 100-percent financing for borrowers with excellent credit. A low-cost, 30-year fixed interest rate
- As little as $1,000 cash out-of-pocket, reducing the amount of money borrowers need to close
- Reduced mortgage fees, including no private mortgage insurance requirement
- Job-loss payment protection, which covers up to six months of mortgage payments in the event of an involuntary job loss
- The development authority’s Fannie Mae Advantage can be paired with the home-buyer’s tax credit
- The development authority’s income and purchase-price limits are substantially higher than previous years – as much as 10-13 percent – allowing more families and more homes to qualify for this loan.
Shocking. All of it.