And it’s GONE! Flagstar Bank Just Brought Back The Zero-Down Mortgage

And it’s GONE! Flagstar Just Brought Back The Zero-Down Mortgage

Flagstar Bank, has come up with a genius, innovative new mortgage product that they believe is going to be great for their investors and low-income housing buyers: the “zero-down mortgage.”  What’s better, Flagstar is even offering to pay the closing costs of their low-income future mortgage debtors.  Here’s more from HousingWire:

Under the program, Flagstar will gift the required 3% down payment to the borrower, plus up to $3,500 to be used for closing costs.

According to the bank, there is no obligation for borrowers who qualify to repay the down payment gift.

The program is available to only certain low- to moderate-income borrowers and borrowers in low- to moderate-income areas throughout Michigan.

Borrowers would not have to repay the down payment or closing costs. But a 1099 form to report the income would be issued to the Internal Revenue Service by the bank. So the gifts could be taxable, depending on the borrower’s financial picture.

Flagstar said borrowers who might qualify for its new program typically would have an annual income in the range of $35,000 to $62,000. The sales price of the home — which must be in qualifying areas — would tend to be in the range of $80,000 to $175,000.


7 Responses to “And it’s GONE! Flagstar Bank Just Brought Back The Zero-Down Mortgage”
  1. nadianasrawi says:

    Too good to be true is not true!

  2. coltonm001 says:

    Oh Hip Hip horay now that millions of Americans credit is shot due to illegally executed foreclosures occuring in the millions we are now supposed to feel grateful for anything coming from the banking sector criminals is another crock of you know what. Buyers beware because these solicitors do not keep their agreements and have hidden underlying between the lines agendas not in your best interest and when you take your dispute and grievance before our courts of law they will also dog you and make you out to be the criminal regardless of the excess fraud, fabrication, forgery and undisclosed hidden plans to make you the fall guy for a system of banking sector theft to remove all homes and property from all of the American people. Don’t waste your time and fall for the “charming” offer steeped in deception, lies and criminality that we all know where it leads. Zero plus zero always equals zero no matter where, when or how you add it up.

    • Teresa Smith says:

      Yep criminal fraud has no statue of limitations but nothing gets done. And we sit here whining on a forum. The ‘financial sector’ has convinced everyone those foreclosures are justified pushed on the by equality laws. What a, provable in black and white, crock of bull manure.

      Quote from White House (yes the one on Pennsylvania Ave) Staff Member. “Yeah that’s been a Huge problem with the Obama Administration, in the interest of restoring the ‘credibility’ in the American financial sector, we have been forced to look the other way.”

      Go head they keep getting us to blme on ‘side’ or the other. Look into Mark Warner’s largest donors! Yep,Financial sector. Oh amd he was head of the powerful senate banking committee at the time. Now he is ONLY reserve chairman.

      I wonder if the ‘financial sector’ pays him less as reserve chairman? Hummmmm…. inquiring minds want to know. When he was chairman it is reported the ‘financial sector’ paid him over 18 million in campaign contributions. Who bought your congress person???

      Yet it is the individuals problem. Forged checks. Fraudulent discovery presented through courts, manufactured statements, 69k in lender placed insurance in 18 months when the bank in question stated clearly in communications with borrower ‘nope we are not adding insurance, letter was a mistake you don’t need it’. Lies to Senator investigations, lies to federal reserve bank, FBI white collar crimes unit NOT ALLOWED TO INVESTIGATE. Then Fed bank when told their decision was based on forgeries and manufactured evidence, states in WRITING. ‘Tough we really don’t care once we make a decision we never reopen a case, we dont care the bank manufactured the evidence we used to make the decision! We are not reopening an investigation.’

      Fed bank flatly refused to investigate this bank. Oh Yeah, the ceo and president of bank holding company that owned this bank was on the board of governors. The board of governors where the fed bank investigator got his paycheck! Go figure! To say nothing the SON of this sitting Governor, was the president of the bank that performed the criminal fraud……..

      Go head do nothing but whine here.

  3. bollivar4 says:

    I don’t live in Michigan.

    • Bobbi Swann says:

      You don’t live in Michigan? Flagstar is nationwide; their home base is in Michigan. Form their bio: Our mortgage division operates nationally through 95 retail locations and a wholesale network of 1,000 brokers in all 50 states.

  4. Teresa Smith says:

    Not one person in the USA should be surprised or even upset about this!

    We together could do something, instead whine post about it here??

    These banks and the federal reserve have BOUGHT our legal and political systems. Don’t say B***S**T, I have proof in black and white. If this is your country also and you think we should NOT have thrown away control of OUR country to the 1%, you have an obligation to protect OUR country from the 1% who have stolen it. If you don’t approve DO something. Don’t sit back and say OH Look Yet Again we are screwed. Stand up together, reach out, say OH HELL NO, not to my country you don’t. If you individually are not willing to fight for your country, you are part of the problem. Fighting to defend the USA is not just about going to war and murdering people. Stop complaining and help do something. The 1% is depending on us continuing to be SHEEP, easily distracted by race, sex etc. For crying our loud, just think about it!

  5. Bobbi Swann says:

    The cartoon fits perfectly ~ the only one that gets screwed is the borrower.

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