LoL - great plan - I think youre about a year too late Its already been done and now look at the mess we're in
Only the big lenders can sell this crap. Fannie and Freddie aren't going to touch this and the PMI's won't insure it. Also the 95LTV knocks out a bunch of people cause they don't even have 5% to put down -- unless they're willing to give them a second on it. Countrywide and Citimortgage did lots of 2nds on the subprime crap and they are losing their asses. Bigtime. :eek:
Wow man that's crazy! I'd definitely like to hear the rest of the info when you get a chance. Wow. Just wow.
well. i have plans of moving out of my current state - not NC. i'm trying to consider all my options including renting it out. i figure i can have a low payment that can be covered by the rent i collect, and 3-5 yrs later home values will have rebounded a little bit.
I see what you mean in that case as far as the I/O part, but why not go for a fixed rate, just in case shit happens, you know you'll be locked at a pretty low rate? Totally up to you, as you know more about your situation than me, just throwing that out there. I/O fixed seems like the least risky proposition at this point while still giving you a degree of flexibility. Then again though there's more than one way to skin a cat.
Ok Reaver Here it is ---- its called the 'Community Accomodation Combo' http://localism.com/article/158146/Another-1-Financing-Program-Available-The Note the key features 60% DTI 620 Mid Score BK or foreclosure OK (yeap thats right OK!) No reserve requirement watcha think a rose by any other name?