Interesting 0 down 100% LTV loan.....
Hi,
I just browse the zillow.com and check the current mortgage rate, so it seems that people is still able to get a 0 down, 100% LTV loan at relative good rate (~5.8%) even with high risk credit rating:
http://www.zillow.com/mortgage/LoanRequ ... hrt2_1vfag
The interesting part is, the annual income is $55000 but the best quote require a monthly payment of $2579, isn't that exceed 50% of that person monthly income before tax already? How is it possible for that person to make the payment, I guess people still need to pay tax, gas, food, etc.... right :?:
Aeris
I just browse the zillow.com and check the current mortgage rate, so it seems that people is still able to get a 0 down, 100% LTV loan at relative good rate (~5.8%) even with high risk credit rating:
http://www.zillow.com/mortgage/LoanRequ ... hrt2_1vfag
The interesting part is, the annual income is $55000 but the best quote require a monthly payment of $2579, isn't that exceed 50% of that person monthly income before tax already? How is it possible for that person to make the payment, I guess people still need to pay tax, gas, food, etc.... right :?:
Aeris
Comments
No way that dude gets 6%... or even 0-down.
I agree.
Although, I have a feeling that with the FED taking sacks of dung as collateral for Treasuries we're going to see another wave of desperate financial institutions throwing Hail Marys. Not to the same degree that we saw in late 2006, but a few will pop up.
And PMI loans, as well as the good old downpayment "Gift" programs.
That quote on the website is a great bait and switch. Once you get into the actual lenders underwriters there will be a call to the matter of "The underwriting standards for these loans changed today, we need to restate the interest rate, money down, bla bla blah".