No money down mortgages coming back in the US

[jbeas176]

no money down mortgages are back in the US.the way it works is your would be down payment becomes a second mortgage. it has to be paid if you vacate the property do to lack of payments or the property changes hands. they say the qualifications are of a higher standard. hello 2006. give it 2 years and buy the property on the couthouse steps but remember the second morgage must be included in your offer.

its really no different than 2006 when lowballing the banks. you had to look for second or third mortgages on the property

who canceled the dobbs act. trump or biden?

 

[AussieSurfer]

If I put down a 20 % deposit can I get a USA mortgage with no citizenship or proof of job in the USA

 

[ArgentinaVet]

The current mortgage market in the USA is absolutely nothing at all like the pre 2008 financial crisis mortgage market; today you need to have a good or excellent FICO score, proof of income that is verified by the lender via bank records and tax returns.

With interest rates hovering around 7%+ on a fixed 30 year the bar is even higher and you must prove to the lender you can cover the monthly payments with verified sources of income. In addition, ARMs (adjustable rate mortgages) are almost non existent today on homes under $1 million USD and even in that niche ARMs only represent middle single digit % of outstanding mortgages.

Pre 2008 ARMs with low teaser rates were ubiquitous, terrible FICO scores were acceptable and 'stated income only" was commonplace.

 

[jbeas176]

assiesurfer. i believe you just need a tourist visa. it will have no bering on residencey or citizenship. its how i live here. argentina wanted a financial statement showing were the money came from. i have read that 70 percent of trump properties are purchased through shell companies.

 

[jbeas176]

as far as getting a mortgage i don’t know. you can always find a lender if there is enough money down and the interest rate is favorable to the lender

hard money goes for between 12 and 18 percent

 

[Ries]

Where I live, in the PNW, the vast majority of sales are in cash. People who require mortgages are usually at the back of the line. The average price in my rural area is $635,000, and we see expats from china, california, and urban areas like Seattle and Portland swooping in and paying cash. Its a crazy time to be buying in the USA right now.

 

[Aztangogirl]

no money down mortgages are back in the US.the way it works is your would be down payment becomes a second mortgage. it has to be paid if you vacate the property do to lack of payments or the property changes hands. they say the qualifications are of a higher standard. hello 2006. give it 2 years and buy the property on the couthouse steps but remember the second morgage must be included in your offer.

its really no different than 2006 when lowballing the banks. you had to look for second or third mortgages on the property

who canceled the dobbs act. trump or biden?

 

[Aztangogirl]

no money down mortgages are back in the US.the way it works is your would be down payment becomes a second mortgage. it has to be paid if you vacate the property do to lack of payments or the property changes hands. they say the qualifications are of a higher standard. hello 2006. give it 2 years and buy the property on the couthouse steps but remember the second morgage must be included in your offer.

its really no different than 2006 when lowballing the banks. you had to look for second or third mortgages on the property

who canceled the dobbs act. trump or biden?

 

[Aztangogirl]

The United States Supreme Court. The court stacked by the GOP. It had nothing to do with President Biden. Lay the blame on Mitch McConnell.

 

[jbeas176]

assiesurfer. i am sorry i did not answer your question directly. no you would not get a bank loan or an account with out a social security number. you would also need a credit score and that takes time to build. argentinevet no disrespect but the us banking system is a bunch a greedy a####holes. i disagree on the beginning. it was 2006 or george bush would not have put the us 10 trillion in debt if it was 2008. obama added another 10 trillion. the congress pasted a law to prevent that from happening again. it was called the dodd/franks act that stated you had to have a down payment, about 20%, to get a mortgage. azgirl said mich Mcconnel was responsible for removing that. it had to be congressional. higher standards, whats that a score of 650???they advertise how to improve that to 700 if you sign up for the program. 3 percent up to 15,000 is what united wholesale mortage is offering as the underwriter. so lender or additional bank fees will apply. you are already underwater. if you lose your job, have an accidet or the market changes, guess what they will forclose. people made alot of money on subprime mortgages. it was said only 20 failed and they could live with that. its the young guy that takes the chance and gets his head handed to him. they are talking about restricting reit’s or institutional investers that make rents so high you can’t save money. no money down mortages are a bad idea