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CGK

Do You Wonder How Obama Plans to Integrate Neighborhoods?

17 posts in this topic

King Putt has put his plan into action. He will have every neighborhood in America "Integrated" thanks to Fannie Mae!  Its a brilliant plan. One legal "immigrant" with a job and a couple thousand dollars can round up all the illegal folks they can find, combine their incomes and buy a house in your neighborhood. Even if you don't have credit but you have a gym membership and pay for daycare, you can have a piece of the American dream too! Get ready for the next housing collapse.

God Help Us All!!!!!!

 

HomeReady™ is a mortgage program created in December 2015. It's backed by the U.S. government via Fannie Mae and available via most U.S. lenders.

Via HomeReady™, households in lower-income neighborhoods and in minority-heavy areas can get easier access to low-downpayment mortgages at today's current rates.

HomeReady™ allows a downpayment of just 3% on a home and permits the "income pooling" for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan.

For many families, this can mean the difference between getting approved for a loan and getting turned down.

HomeReady™ can also be used for a refinance, allowing up to 95% loan-to-value (LTV) in some cases.

In order to be eligible for the HomeReady™ program:

  1. You must not be an owner of another residential property in the United States
  2. You must agree to complete a 4-6  online homeowner counseling course

If you can meet these two criteria, you may be HomeReady™-eligible.

<snip>

Do I need to have good credit to use the HomeReady™ program?

No, you do not need to have good credit to use HomeReady™. You don't even have to have average credit. The HomeReady™ mortgage program is available to homeowners whose mortgage credit score is at least 620.

I don't have a credit score. Can I still use the HomeReady™ program?

Yes, you can still use the HomeReady™ if your credit score is non-existent. The program allows the use of non-traditional tradelines to establish credit history, including utility bills, gym membership, and most other accounts which require monthly payment.

<snip>

My parents live with me. Can I use their income to help qualify for a mortgage?

Yes, this is the purpose of the HomeReady™ mortgage program. You are allowed to use the income of a person living in your home to help you qualify for your home loan.

My children live with me. Can I use their income to help qualify for a mortgage?

Yes, this is why the HomeReady™ mortgage program was created. The income of a person living in your home can be used to help you qualify.

Can I use income from someone whom is not my parent or child with the HomeReady™ program?

Yes, via the HomeReady™ mortgage program, you can use the income of anybody living in your home to help get mortgage-qualified. This can be your aunt, your uncle, a brother or sister, a friend, or anyone else.

If I use the income of somebody living in my house to help qualify for the HomeReady™ loan, does that person need to be on the mortgage application?

No, you do not need to include other people on your HomeReady™ mortgage application -- even if their income is used to help you qualify.

In order to use another person's income on your application, you will only need to show that person's proof of income and a signed statement indicating their intent to live with you for a period of at least 12 months.

<snip>

Is there a maximum allowable number of co-habitants with the HomeReady™?

No, the HomeReady™ program does not limit the number of relatives living in one home, nor the number of relatives whose income is used to help qualify for the program.

For the HomeReady™ mortgage program, do my co-habitants have to be legal residents of the United States?

No, via the HomeReady™ home loan program, non-borrowing relatives do not need to be legal residents of the United States of America.

 

More: http://themortgagereports.com/18653/homeready-mortgage-guidelines-interest-rates

For all the guidelines: https://www.fanniemae.com/singlefamily/homeready

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1 hour ago, CGK said:

King Putt has put his plan into action. He will have every neighborhood in America "Integrated" thanks to Fannie Mae!  Its a brilliant plan. One legal "immigrant" with a job and a couple thousand dollars can round up all the illegal folks they can find, combine their incomes and buy a house in your neighborhood. Even if you don't have credit but you have a gym membership and pay for daycare, you can have a piece of the American dream too! Get ready for the next housing collapse.

God Help Us All!!!!!!

 

HomeReady™ is a mortgage program created in December 2015. It's backed by the U.S. government via Fannie Mae and available via most U.S. lenders.

Via HomeReady™, households in lower-income neighborhoods and in minority-heavy areas can get easier access to low-downpayment mortgages at today's current rates.

HomeReady™ allows a downpayment of just 3% on a home and permits the "income pooling" for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan.

For many families, this can mean the difference between getting approved for a loan and getting turned down.

HomeReady™ can also be used for a refinance, allowing up to 95% loan-to-value (LTV) in some cases.

In order to be eligible for the HomeReady™ program:

  1. You must not be an owner of another residential property in the United States
  2. You must agree to complete a 4-6  online homeowner counseling course

If you can meet these two criteria, you may be HomeReady™-eligible.

<snip>

Do I need to have good credit to use the HomeReady™ program?

No, you do not need to have good credit to use HomeReady™. You don't even have to have average credit. The HomeReady™ mortgage program is available to homeowners whose mortgage credit score is at least 620.

I don't have a credit score. Can I still use the HomeReady™ program?

Yes, you can still use the HomeReady™ if your credit score is non-existent. The program allows the use of non-traditional tradelines to establish credit history, including utility bills, gym membership, and most other accounts which require monthly payment.

<snip>

My parents live with me. Can I use their income to help qualify for a mortgage?

Yes, this is the purpose of the HomeReady™ mortgage program. You are allowed to use the income of a person living in your home to help you qualify for your home loan.

My children live with me. Can I use their income to help qualify for a mortgage?

Yes, this is why the HomeReady™ mortgage program was created. The income of a person living in your home can be used to help you qualify.

Can I use income from someone whom is not my parent or child with the HomeReady™ program?

Yes, via the HomeReady™ mortgage program, you can use the income of anybody living in your home to help get mortgage-qualified. This can be your aunt, your uncle, a brother or sister, a friend, or anyone else.

If I use the income of somebody living in my house to help qualify for the HomeReady™ loan, does that person need to be on the mortgage application?

No, you do not need to include other people on your HomeReady™ mortgage application -- even if their income is used to help you qualify.

In order to use another person's income on your application, you will only need to show that person's proof of income and a signed statement indicating their intent to live with you for a period of at least 12 months.

<snip>

Is there a maximum allowable number of co-habitants with the HomeReady™?

No, the HomeReady™ program does not limit the number of relatives living in one home, nor the number of relatives whose income is used to help qualify for the program.

For the HomeReady™ mortgage program, do my co-habitants have to be legal residents of the United States?

No, via the HomeReady™ home loan program, non-borrowing relatives do not need to be legal residents of the United States of America.

 

More: http://themortgagereports.com/18653/homeready-mortgage-guidelines-interest-rates

For all the guidelines: https://www.fanniemae.com/singlefamily/homeready

This reads like satire. But it's not. This whole thing of buying a house and paying 3 or 4x the original price due to the compounding of interest is the WHOLE FREAKING PROBLEM. f***ing banks!  

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But wait...It gets better and better. After you buy a house with all of your friends, they move out and you are stuck with a mortgage you cant pay so you let them foreclose on your house. Bank of America will come to the rescue. They will forgive your outstanding mortgage and let you rent your house from them for 3 years. You can't buy your house back, but they will be happy to be your landlord. Then you go to the government and get housing assistance money (section 8) and you live in your house for free.

In summary this is how it works:

You buy a house with a sub prime Fannie Mae government loan that you can not afford. They sell your loan to Bank of America. You live there until BOA forecloses. Then you go for the "rental program" that you pay for with government housing bucks. Gee, what could possibly go wrong with this plan? LOL

 

Beginning this week in targeted hard-hit markets, Bank of America will offer a limited number of mortgage customers who are facing foreclosure an opportunity to remain in their homes, but transition to tenant status, through a pilot program called “Mortgage to Lease.”

<snip>

Pilot participants will transfer title to their properties to the bank and have their outstanding mortgage debt forgiven. In exchange, they may lease their home for up to three years at or below the current market rental rate. The rental payment will be less than the existing mortgage payment, and the customer will be relieved from certain other homeowner financial obligations, including property taxes and hazard insurance.

Initially, Bank of America will retain ownership of the properties, working with property management companies to oversee the rental properties. Properties in the pilot program will be transitioned to investor ownership. If the Mortgage to Lease program proves viable, it may lead to a broader program, potentially involving selected real estate investors who would purchase properties that meet their predetermined specifications and keep the previous homeowners in place as tenants.

More: http://newsroom.bankofamerica.com/press-release/corporate-and-financial/bank-america-outlines-limited-pilot-test-mortgage-leasetm-prog

 

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5 minutes ago, Cinnamon said:

This reads like satire. But it's not. This whole thing of buying a house and paying 3 or 4x the original price due to the compounding of interest is the WHOLE FREAKING PROBLEM. f***ing banks!  

Can you say the housing crisis of 2008 was a warm up act?

They will integrate  every neighborhood in America by selling homes to people who could never have afforded to live in that neighborhood if they had to qualify under traditional lending rules.

This is just crazy.

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34 minutes ago, CGK said:

Can you say the housing crisis of 2008 was a warm up act?

They will integrate  every neighborhood in America by selling homes to people who could never have afforded to live in that neighborhood if they had to qualify under traditional lending rules.

This is just crazy.

No it's complete and total bullshit!!! You know I was wondering how they were gonna diversify nice neighborhoods. This plan makes total sense if you wanted to ruin nice areas with people who can't afford to buy a house. This is absolute madness. I mean they're really hell bent on complete destruction and I think with this scam they'll finally achieve it! I guess that's how those poor refugees will infiltrate suburbia. Bastards!  :onfire:

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16 minutes ago, Quick1966 said:

No it's complete and total bullshit!!! You know I was wondering how they were gonna diversify nice neighborhoods. This plan makes total sense if you wanted to ruin nice areas with people who can't afford to buy a house. This is absolute madness. I mean they're really hell bent on complete destruction and I think with this scam they'll finally achieve it! I guess that's how those poor refugees will infiltrate suburbia. Bastards!  :onfire:

You got this right Quick..I was also wondering how they were going to do it. I guess we know now. For a 200,000 home they only have to come up with 6,000 down. If 6 people bring 1000 dollars to the table and they use their combined income to qualify you could easily see a group of 6 refugees moving into a neighborhood full of 200,000 dollar homes.

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2 minutes ago, CGK said:

You got this right Quick..I was also wondering how they were going to do it. I guess we know now. For a 200,000 home they only have to come up with 6,000 down. If 6 people bring 1000 dollars to the table and they use their combined income to qualify you could easily see a group of 6 refugees moving into a neighborhood full of 200,000 dollar homes.

I hope Lucy comes on later, she knows some other ways they are "diversifying" neighborhoods, too, that she's pointed out, this is just another HUGE nail in that coffin. 

The government will probably just gift the money to the refugees, no work necessary. 

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This is insane, Unbefreakinlievable! Then they'll wrap the mortgages into a CDO and sell it to investors, look, this applicant has a 6 figure income so Moodys rates it triple A and Joe Sixpack's retirement is gone.

 

 

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2 minutes ago, Brio said:

This is insane, Unbefreakinlievable! Then they'll wrap the mortgages into a CDO and sell it to investors, look, this applicant has a 6 figure income so Moodys rates it triple A and Joe Sixpack's retirement is gone.

 

 

Exactly!! F**kers are really going for broke with this plan. Worst thing is that like you said they'll roll it together on the stock market and merge it with retirement some how and a hell of a lot more people will lose their retirements!

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tranche that baby to infinity and beyond

yee-haw!

destroy neighborhoods and 401k's,
leaving only the elites in their enclaves and private armies ,
and us in the sewage pits of despair and death begging for crumbs from their golden plates

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Obama really needs to go back to Kenya and have his head shrunken so that his brain fits better.

Fortunately, Americans are a frisky bunch and prone to resolve issues with foreign policy the American way.

Obozo just doesn't get Americans.

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They are going to turn the few good neighborhoods into shit holes. I've personally seen what happens when low income people who don't care about what their house looks like move into a nice area. They bring it all down with their trash. Example from my town; in the 80s the areas were still pretty split, that side of town and the other side. The other side of town always looked nice and clean, lawns cut, very few cars in yards that didn't work, ect ect. Now on that side of town it was always a mess junk and trash in people's yards uncut grass ect ect. Some where in the early 90's I remember hearing that a few people from that side moved to the other side of town. Soon after all areas were being integrated which as a kid I thought was pretty cool as I had some friends on that side. But so after all that the town was trashed up, non working cars, houses falling apart and real estate market that was going down. Now today my little town is all mixed up and seems like there's only one maybe two really nice areas instead of the 80% nice area that used to be here. On Avenue B in my town there's a lot of old "mill houses" basically old houses that were built when the paper mill was first built late 1800's early 1900's for the workers to live. Now on this street there's prolly 50 houses of which 95% are literally falling apart and a few that hurricane Katrina took out that are still there, just rubble in its place and no one has ever cleared it off.  My town went from a nice beautiful shit hole to a pile of stinky mess in 20 years.  "Stinky" due to the sulfur smell from the paper mill. Lol. Now with all this I'm all for integration but it also goes to the migrant crisis. If the people do not assimilate that area will soon turn to a big pile. This means taking pride in your belongings, keeping things clean and taken care of. It seems today that so many people are just handed things that they simply don't care. No matter if it's a $150k home or renting a cheap $250 apartment take care of your stuff and it will take care of you. I honestly hate going to some of my customers house for this reason. The houses are disgusting and the people seem like they don't care, both black and whites alike. Now some of those people are the most humble people I know but they just don't want to take care, they hoard and destroy. 

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