“Buy new with $1,000 down,” the advertisement says, the words resting atop a trim green clapboard house offset by a bright blue sky. “The time has come. Stop wasting rent check after rent check and start building equity in your own home. And with only $1,000 down, affordable monthly payments and no private mortgage insurance required, the dream is closer than you think.”
It sounds too good to be true. But it is true. This offer does not come from a subprime lender, looking to reel in thousands of unqualified and ill-advised homebuyers, only to slap them with add-ons, fees and variable rates. It is not a teaser or a trick. The advertisement references a program initiated by the National Council of State Housing Agencies and Fannie Mae, the taxpayer-backed, government-sponsored enterprise that buys up mortgages from lending banks.
The pilot program is called “Affordable Advantage,” and it has now been adopted by three states — Massachusetts, Wisconsin and Idaho. (Other states, such as Pennsylvania, California and Colorado, have similar state programs.) The initiative is small, reaching just a few hundred people so far. But it is looking to expand. Given the dangers of these types of mortgages and the specter of the housing bubble, where unconventional loans wreaked disaster, it is also raising questions from wary housing experts and legislators.
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Genetically Modified Crop on the Loose and Evolving in U.S. Midwest
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I don't have a thousand dollars but I am willing to fill out any forms they request so that me and my latest baby daddy can give a nice place to live for me and my five babies. I want a nice place for them to play and close to schools. It must be convenient to a grocery store and a mall. I want a car to go places and a card for gas and extras.
ReplyDeleteThe floors will need to be reinforced because I am disabled with morbid obesity. I can't work but my baby daddy spends eight hours a day on the internet looking for jobs. Really. I will fill out any papers necessary to prove it. Just tell me what to say.
Don't express your outrage at me. Someone has to take the tax money, why not me?
me too, lets take the money and then not pay it back, the banks loot the people, turnabout is fair play.
ReplyDeleteI too am a victim of fructose poisoning and potato chip addiction. Why have TPTB made me fat? I need a house where I can live with my disease hide from the depredations of the Illuminati and learn to feel good about myself. How many chip sacks and soda cups add up to one thousand dollars?
ReplyDeletethis whole country is a victim of a diseases system brought about by the military industrial complex, big pharma, big media, big banks and our own congress. They shit on us daily, so who cares what they think, stiff them and live for self and for today, fuck, this govt was ruined long ago, and its not coming back.
ReplyDeleteI don't know about all this big this and big that stuff. That just seems to be an excuse for surrender. People have been getting stomped on since Cain slew Abel. Giving up and abandoning hope in the future is a straight shot to failure.
ReplyDeleteThe only hope for any future is total destruction now...
ReplyDelete