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Bay Area sees deals on homes for under $100000 San Francisco Chronicle, USA - "Then you go into these houses, and you can understand why they're that low because of some of the work that is needed. They've had partial remodels, ...
'Hoop houses' extend season Traverse City Record Eagle, MI - Two hoop houses extend the growing season for the owners of Meadowlark Farm, a community-supported agriculture (CSA) operation in Lake Leelanau. ...
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[CITATION] The Souls ofBlack Folk WEB Du Bois - Three Negro Classics, 1903
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"I offered $289K for a house but was not able to make a down payment. The seller’s realtor told me that so long as I could pay all the closing costs, they would find a way to contribute 5% toward a down payment. When we sat down to sign the contract, the realtor had increased the price of the house to $304K, and had a second mortgage contract from the seller for $15K. I was told that the seller was lending me the $15K for the down payment, and would "forgive" the loan after the closing. So I end up with a house worth $289K and one mortgage for $289K, and all I bring to the table is the closing costs. Is this kosher?"
No. The lender is being scammed, and if you go along with it you will be a participant in the scam.
The lender is being led to believe that he is getting a loan with a 5% down payment. The paperwork shows a price of $304K for the house, and a first mortgage loan of $289K, with $15K of equity provided by the buyer. But in truth there is no equity because the house is only worth $289K.
For this scam to work, the appraisal of the property must come in at $304K. This means that the appraiser is either hoodwinked by the fictitious sale price, or is a party to the scam.
And you will be a party to it as well. For the loan to close, you will be obliged to lie about the source of the funds used for the down payment.
Assuming the deception is not caught and the loan goes through, it might be caught in a post-closing audit, in which event the lender could elect to call the loan. All mortgage loans contain an "acceleration clause" which allows the lender to demand immediate repayment if any information provided by the borrower turns out to be false.
If your deception is not caught in a post-closing audit but sometime down the road you have difficulty making your mortgage payments, the same thing could happen. If they find you lied, you will get summary justice.
If your credit is good, you don’t need to cheat in order to get 100% financing. It is available in the form of combination loans – 80% first mortgage and 20% second mortgage. It is also available as 100% first mortgage. You need a mortgage broker who is familiar with these options.
Is a Payment Increase Better Than a Biweekly?
"I’m considering converting my mortgage to a biweekly payment plan. This will pay off the balance about 80 months earlier. Would I do as well if I simply increased the amount of my monthly payment?"
You’d do better.
For example, the monthly payment on a $100,000 8% loan for 30 years is $733.77. On a biweekly payment plan, you'd pay half this amount every
two weeks, or 26 payments over a year. This is the equivalent of one extra monthly payment -- 13 instead of 12. You'd pay off your loan in 277 months, rather than 360 and save $44,160 in interest payments.
Alternatively, divide your monthly payment by 12, and add that amount ($61.15) to your payment every month. The new payment would be $794.92. Over the year, you would pay an extra $733.77, the same as with the biweekly. But the loan would pay off in 275 months and you would save $45,906 in interest.
Why the difference? With a biweekly, it takes a year before additional payments are made to your principal. Only then do you begin saving on interest. It takes a year for biweekly payments to add up to an extra payment. During that year, your money accumulates in an account on which you receive no interest. If, however, you increase the monthly payment, principal is reduced by an extra $61.15 starting in the first month, and interest savings begin in the second month.
You can test this with the Loan Amortization and Early Payoff calculator on my web site. To test the biweekly, add an extra payment equal to the regular monthly payment, annually beginning in month 12. To test an equivalent increase in monthly payment, add an extra payment equal to 1/12 of the regular monthly payment, monthly beginning in month 1.
