XPost: ca.general, ca.politics, alt.california
XPost: alt.abortion, alt.drugs.abuse
On 1/6/2020 3:17 PM, Regulation Of Commerce wrote:
250 Year Fixed, No Doc, 100% Loan-To-Value, Conforming Loans are needed.
A 250 year fixed payment is equal to an Interest-Only payment.
We can still have teaser rates for the first 5-10 years, to build equity and then
refinance.
The 5/1's are still a time bomb waiting to happen, as soon as the housing market
falls again.
Mortgages with adjustable payments are a time bomb waiting to happen, as soon as
the housing market falls again.
The payment must stay the same for the life of the loan, though the rate can change.
The 250 Year Fixed, 100% Loan-To-Value, Conforming Loans are needed, No Doc for
primary loan, doesn't have to be a residence, one could rent as a vacation property.
No two years of employment proven. Buy at will, to live in or rent as vacation
property.
With a normal 30 year fixed, you pay double the price of the home over 30 years to
interest, but the house doubles in value, and you get your interest back.
Here, after 30 years, half the home would be paid off. For instance, what started
as a $500,000 loan on a $500,000 house, is now a $500,000 loan (technically $499,946.60) on a $1,000,000 house. In another 30 years, or 60 years total, another half the home would be paid off again, so 75% total, now a $500,000 loan
(technically $499,769.65) on a $2,000,000 house.
(Lending requirements on manufactured homes, which only have a life expectancy of
30-55 years are different.)
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