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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: Riskmgmt who wrote (2516)12/21/2015 4:50:13 PM
From: John Vosilla  Read Replies (1) of 2722
 
$2 million mortgage: No down payment, no joke!

If San Franciscans can afford the city's skyrocketing rents, then they can afford the monthly payment on a $2 million mortgage. That is the logic behind a new offering from the San Francisco Federal Credit Union: Its new "POPPYLOAN" (Proud Ownership Purchase Program for You).

In an atmosphere of continued cautious lending, the product has raised some eyebrows, but it is nothing like the no down payment, no-doc, risky products that were behind the housing crash. Borrowers are fully vetted, income and assets verified, and while there is no minimum credit score, the vast majority of the credit union's borrowers have above-average credit scores.


http://www.cnbc.com/2015/12/10/2-million-mortgage-no-down-payment-no-joke.html










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