Thousands line up for zero-down-payment, subprime mortgages
So far more than 10,000 potential borrowers have shown up to get these mortgages at various events in cities like Charlotte, North Carolina, and Atlanta,and more are planned.
- Borrowers can have low credit scores, but have to go through an education session about the program and submit all necessary documents, from income statements to phone bills.
- They must go through counseling to understand their monthly budget and ensure they can afford the mortgage payment.
- The loans are 15- or 30-year fixed with interest rates below market, about 4.5 percent.
- READ MORE: https://www.cnbc.com/2018/10/12/thousands-line-up-for-zero-down-payment-subprime-mortgages.html