Middle Tennessee Real Estate

Zero Down Ends

Countrywide has ended its no-money down option for home loans, according to CNN.com. This policy change results from an increase in delinquent loan payments. Read the article here. This means that buyers will need to start saving money again to pay for a down payment on home loans through Countrywide. Other lenders may still be offering 100% loans, but they may not last long.

In other news, the FBI is warning lenders to look out - they're watching them for mortgage fraud. If found guilty of mortgage fraud, lenders can face severe fine and prison. Remember the good ol' advice: If it seems too good to be true, it probably is. If it makes you uneasy, there's probably a reason.

In other news, a mortgage lender I know said his company is now offering $5,000 towards closing costs between March 15th and April 15th (or when the money runs out). If you're interested in learning more, contact me at (615) 491-2161 or ktyson(at)realtracs(dot)com.

Labels: Loans

posted by Kathy T. @ 6:49 AM