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NO DOWN PAYMENT / NO CASH RESERVES / NO PMI / NO KIDDING!

By Kay Davis

Real Estate Broker/Owner with UNITED COUNTRY Lake Norman Real Estate

January 30, 2008 11:22 AM

NEW LOAN PROGRAM AVAILABLE - No Down Payment / No Cash Reserves / No Mortgage Insurance / No Prepayment penalties / No Limit to Seller Contributions + no maximu loan amount (it's actually based on repayment ability! What a concept!) No 1st Time Home Buyer Requirements / Fully amortized 30-year fixed rate. Closing Cost can be financed and the loan amount can include closing costs and repairs up to appraised value.

All this and rates dropped another 1/2 of a percent today! Call me and let me get you prequalifed to buy the house of your dreams, then we can start looking!

Now go make some memories to share,

Kay

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Kurt Vierheller

Flagstar Bank - Wilmington, NC

Hi Kay. Just curious what type of loan this is? It can't be FHA, USDA, Fannie Mae, Freddie Mac, Alt A, Subprime or anything I know of. These all have seller concession caps and most have other factors that you mentioned. Is this a legitamate program that you are refering to or something that a Broker told you about? Or do you hold a loan officer license yourself? I have 65 clients that would love this program right now. Let me know and maybe we can do these together.

Jan 30, 2008 02:15 PM

Kay Davis

UNITED COUNTRY Lake Norman Real Estate - Denver, NC

Kurt,

As a lender, you know I can't be giving you the details. That would be betraying MY LENDER! But, I am told it is a legitimate, guaranteed loan program.

Hope you can find it too.

Now go make some memories to share.

Jan 31, 2008 01:55 AM

Kurt Vierheller

Flagstar Bank - Wilmington, NC

Hi Kay. Just wanted to let you know that the program that you have posted above is a Bait & Switch Program and is being posted around sites such as Broker Outpost. This is a scam and I would advise your source to watch what they advertise.

As soon as a deal comes in on this program, the client is given a different price & program and they are told they do not qualify for that program. There is an Agency acting on this currently to take measures. I am only looking after you since you posted it. These are the programs that put the market in the mess it is today and gave Brokers a bad name for taking advantage of clients and promising Utopia.

There are NO programs out there that can offer what is posted. My Bank is one of the Top 3 Lenders with FHA, Fannie Mae & Freddie Mac. If they offer it, I have it. Not even Subprime loan programs offered as much as you are advertising. There is always a cap on seller concessions. On my 1st comment, I was only reaching to see what kind of program this was. I would never put a client on a program like this and do not operate outside my company so there was no harm or intention to take your Broker's program or client. Working together to build a stronger market is what today is all about.

Good luck to you this year and if I can be of any assistance, let me know.

Feb 01, 2008 03:09 PM