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I thought you needed AT LEAST 3.5% down these days!
invite response
2011 May 10, 9:57am 1,204 views 3 comments
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1
sfvrealestate
2011 May 10, 10:29am
Sometimes a developer makes a deal with the financing bank like this. It's only 0% down or, say, FHA, if the buyer uses that particular lender, who is then really on the hook. As is the developer.
2
wuaname
2011 May 24, 1:21am
That's crazy... I recently saw an ad like that from a developer. I didn't read the fine print though..
3
klarek
2011 May 24, 1:27am
klarek
2011 May 24, 1:27am
They're entitled to do that so long as it's not a govt-backed loan (not that those are very safe). Someone wants to take that kind of lending or borrowing risk, then go for it. Good luck with your bankruptcy, and don't expect one cent from taxpayers to bail your dumb ass out.
I obviously thought wrong! I just got finished looking throug a real estate magazine for my exurb to check the current status of the carnage - it's obviously bad, but get this: there were literally pages and pages and more pages full of ads all trumpeting "ZERO DOWN AVAILABLE" or "ALL OF THE HOMES IN THIS DEVELOPMENT QUALIFY FOR ZERO DOWN." I looked at the fine print - it really IS zero down (and 30 yr fixed rates).
How is this still being done? OMG...we are STILL selling 400K houses to janitors and fast-food workers, aren't we?
#housing