Home Loan

[fazm]

im locked in at 5% for the next 29.5 years (6 months down so far lol)

[wickedcobra]

Im locked at 6.75% for the next 27 years, only if I want upside down by about 200k I'd refinance.....

[ttocs]

I bought my house with 0 down in 2001. I can't remember the name of the program but you have to get the sellers to agree to it. When the house is sold they give 3.5% of the sale to a non-for-profit company. The company kept the .5%, and then the remainding 3% was given to pay the FHA down payment. Because it was a non-for-profit donation it was tax detuctable for the seller so they could declair it on their taxes and get it back.

now sure if they still do that now, but it is worth checking into.

[wickedcobra]

I bought my house with 0 down in 2001. I can't remember the name of the program but you have to get the sellers to agree to it. When the house is sold they give 3.5% of the sale to a non-for-profit company. The company kept the .5%, and then the remainding 3% was given to pay the FHA down payment. Because it was a non-for-profit donation it was tax detuctable for the seller so they could declair it on their taxes and get it back.

now sure if they still do that now, but it is worth checking into.

Its not like it used to be back inthe day. They are more strict now. I think FHA still does the 3% down.

[HIKER]

I bought my house with 0 down in 2001. I can't remember the name of the program but you have to get the sellers to agree to it. When the house is sold they give 3.5% of the sale to a non-for-profit company. The company kept the .5%, and then the remainding 3% was given to pay the FHA down payment. Because it was a non-for-profit donation it was tax detuctable for the seller so they could declair it on their taxes and get it back.

now sure if they still do that now, but it is worth checking into.

That's just one of the dozens of wild programs back then. Those are all in the history books today. FHA will not accept any of those these days.

[ttocs]

I had figured it was too good of a deal to last too long and that it had somehow helped to get the market the way it was....