Effective today, April 1, 2012, and good for a limited time only, FHA has announced a new pilot Zero Down Payment Financing program available to self-employed individuals with credit mid-scores of at least 450.

Based on the huge success of the former NINA (No Income, No Assets) loans and other ‘Alt A’ “No Documentation” loan programs which led the housing boom of 2005-2007, the loans will be available for homes which appraise for at least 80% of list price, regardless of condition.

HUD spokesman Noe Jose said, “The program is a trial effort to find a replacement for the hugely successful Tax Credits for Home Buyers which expired in 2010.  Those Tax Credits are widely acknowledged as boosting home sales during a period of economic uncertainty.”  Of course, increased home sales lead to increased employment in the construction sector, one of the largest job creation industries.

On another note, of course today is April 1, widely known as April Fools Day.  See http://en.wikipedia.org/wiki/April_Fools'_Day for a thorough discussion of the history of this great day of mischief.  Our all time favorite is the BBC’s Great Spaghetti Harvest. 

Of course, there will be no “Zero-Down” financing, or any other loans for that matter, for people with credit scores under 600.  But for those who are eligible and can qualify for a loan, There are plenty of bargains, interest rates are still near record lows, and even some zero down programs that are available, including USDA Financing for properties outside the city limits, Bond Program loans for First-time Buyers, VA Loans for Active Duty Military or Veterans.

San Antonio is booming.  See our recent video:  San Antonio Rocks!.  If you are thinking about Buying or Selling, or know someone who is, please call us.  Waiting could be expensive!

Best regards (and Happy April Fools’ Day),

Doc and Ellen Stephens, REALTORS®

Keller Williams Realty

10999 IH-10 West, Suite 175

San Antonio, TX  78230

            (210) 764-9403      

www.ElegantTexasHomes.com

 

42 Comments on FHA Brings Back Zero Down Financing for Self-Employed!

20 Most Recent Comments Displayed Show All

APR
01
2012

I started questioning it when I saw the "regardless of condition" - you got me.
9:54am • #23
155,932 Points 3 Featured Posts Hit Router

Doc, I saw michief in your smile--thanks for the humor.  Unfortunately, the real joke is on us all when politicians lay blame at the feet of bankers and mortgage professionals for their misdeeds, then follow up by punishing honest, hard-working citizens with dreams of home ownership.  We get the dirty job of telling them they don't qualify.  Credit scores are no more a true reflection of a man than is his social security number.  Those scores tell nothing of job lay-offs, medical problems, nor of one's determination.

Thank goodness for a day of levity, and of those who can laugh in difficult times--those are the things that will see us through to brighter days.

Thanks again.
9:55am • #24
105,704 Points Called Shot Master

They also will take a Matricular Consular card issued in mexico as a form of id...stated income is back too.
10:16am • #25
250,117 Points 3 Featured Posts Outside Blog Called Shot Master

Clever!!
11:07am • #26
858,990 Points 174 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I'm with Bryant.  Very funny and the headline probably will get attention from a few buyers.
11:12am • #27
849,930 Points 183 Featured Posts Attended Rain Camp Called Shot Master

I had a moment when I thought maybe FHA was going to do something to help the housing industry, but the 450 FICO was the step too far. :)
12:31pm • #28
103,388 Points 1 Featured Post Outside Blog

Yes I think I'll try this on several buyers who have been on the fence lately.
1:04pm • #29
476,466 Points 11 Featured Posts Outside Blog Called Shot Master

You were the first one to get me. . . it's almost 9PM and I am heading to bed thinking "ha!"  No tricksters.  Congrats!
5:50pm • #30
1,113,901 Points 115 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

HAHAHAHA!  You didn't fool me on this one.....too funny!
6:11pm • #31
4 Featured Posts Called Shot Master

Witty post, got to give you credit for a fun post that made me smile!
6:24pm • #32
864,566 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Too funny -- from the very first words I said to myself APRIL FOOLS!
7:53pm • #33
874,773 Points 48 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

BAHhahahahahahaHAHA! Great April Fool's joke. I was going... You have GOT to be kidding me. I forgot that today was April Fool's day!! :)
8:25pm • #34
1,348,414 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ellen and Doc - I was wondering how zero down for self employed made sense.  Then, I got to credit scores and knew it had to be April Fools.
9:10pm • #35
226,261 Points 4 Featured Posts Outside Blog Called Shot Master

Ellen and Doc - When I saw the score of 450...I thought, here we go again...haven't we learned anything from the last mess? Happy April fools day!!
10:37pm • #36
APR
02
2012
1,388,795 Points 27 Featured Posts Hit Router Called Shot Master

Good try, but unfortunately, too good to be true.  Now the new government no interest loan is another story!
2:59am • #38
6 Featured Posts Outside Blog

That was funny!  Nice share.
3:50am • #39
Attended Rain Camp

Terrific Post!

At 1st I grinned like a Cheshire Cat.

Then I frowned.

Then I laughed.

Mr. BS Realty
7:19am • #40
169,165 Points Outside Blog Attended Rain Camp Called Shot Master

Ellen and Doc... Pretty good trick!!!  I totally agree with you on SA.  I love living here and it's a wondeful place to raise a family.
7:26am • #41

Great April fool's joke!

I thought, why haven't I heard about this?

Almost got me, good one!
2:14pm • #42

Wait, I just got the memo from our head underwriter that this is for real..........huh, yeah OK, honey.  I'll stop dreaming and drooling down my chin.  Have a great April and rest of the year.  Good joke, life's too short to take totally serious.
6:59pm • #43

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Ellen & Doc Stephens

San Antonio, TX

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Keller Williams Realty

Address: 10999 IH-10 West, Suite 175, San Antonio, TX, 78230

Office Phone: (210) 696-9996 x 409

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