Here We Go Again

[red states rule]

Once again the government is inviting another housing meltdown by helping unqualified people get a mortgage. Of cousre, if this files and it blows up, some will blame the banks and Wall St

The 3% down payment mortgage makes a comeback

In an effort to open up lending to more low-income and first time home buyers, Fannie Mae and Freddie Mac announced Monday that they will start backing mortgages with down payments of as little as 3% of the home's price.

But borrowers will still need to meet strict criteria first, the two government-backed mortgage giants said.


The new loans will only be doled out to those who buy private mortgage insurance, have a credit score of at least 620 and offer complete documentation of their income, assets and job status. And, to further mitigate risk, the agencies will require borrowers to receive home ownership counseling.
Both programs are for fixed-rate loans given to first time homebuyers and those seeking to refinance. Fannie will start backing the loans as soon as December 13, while Freddie will start offering them March 23.

http://money.cnn.com/2014/12/08/real...ment-mortgage/

[aboutime]

This is why the Wannabe Senator from Mass. Lizzy Warren is making so much trouble. She's in the Senate Finance committee that BRIBES, LURES, and CHEATS Americans into being convinced THE WORLD IS ROSY.

[red states rule]

This is why the Wannabe Senator from Mass. Lizzy Warren is making so much trouble. She's in the Senate Finance committee that BRIBES, LURES, and CHEATS Americans into being convinced THE WORLD IS ROSY.

She has not uttered one word of this AT

Oh well in year or so the OT will be huge for me as I work in the default department