"n other words, whereas many Americans could not qualify for the original 3% down program because, well, they lacked virtually any income, that will no longer be a hindrance and the government will effectively backstop the lack of income as a new wave of 'income-challenged' Americans rushes in to buy houses."
Well at least anybody can take advantage of it even the less-risky better-earners. I'd love not having my money tied up on the principal down payment. Stupid to bring it back but don't hate the player, hate the game ;)
SImple.. It's time to get some money from the low rent drug dealer types with the $1,000 smartphones and fancy rims. Cash is cash, and the banks get the money on the front end of the loan not caring about future. Money laundering for dummies - buy a house. Just need to be a first time buyer. Just a theory is all.
Guys. This means something entirely different than the author of the article is interpreting. So funny. He thinks it’s a no income loan when in fact all they are doing is saying “we won’t limit this program to the low income households” they will offer 3% down across the board. They still have heavy income qualification restrictions. This is fake news.
Right on time!