$0 DOWN MORTGAGES ARE BACK! Did we not learn anything in 2008?

Recently, one of America's major lenders, United Wholesale Mortgage (UWM), unveiled a groundbreaking 100% financing option. This innovative mortgage program allows homebuyers to secure a loan without any upfront payment, making homeownership more accessible, particularly for first-time homebuyers and those entering the real estate market. While this might seem like an incredible opportunity, especially for those struggling to save for a down payment, let me explain why this new $0 down mortgage sends chills down my spine.
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[@matthatfield4615]

Krista - You are DA'BOMB!! Thanks for all the great information - fantastic!!

[@Cruel_Shoes]

This was advertised in the subdivision that I moved into in 2001. The people that took the extremely low or zero down payment were gone within one to two years.

[@SmartMoneyConsulting]

Thank you for all your hard work. Please keep going. I am sharing this information with the realtors I know in Orlando.

[@Cruel_Shoes]

Two things. First people do have something invested in a house with zero down. Their credit rating. And if they are evicted, it will be next to impossible to get anything for several years. Second. The bottom line is this. Can they maintain the payments and either do the maintenance themselves or hire somebody to do it for them. Both conditions must be met to stay in the house.

[@mullins809]

Wow thank you for your videos very informative! You explain things so well

[@l.c.8798]

Thank you so much for the useful insight. I am thinking of relocating to Central Florida. 😊

[@danielsnook5029]

Enjoy visiting the many natural springs in the area.

[@l.c.8798]

@danielsnook5029 That's the plan!!😄🙌

[@alyross2850]

I think this program is riskiest in markets like FL that tend to boom and bust. But additionally, all of the tax and insurance issues can force someone who is already not in the best financial position to have to sell.
I’m not sure this is good for any first time home buyer. Having to save up a good down payment is a practice in financial discipline that you will most certainly need when things start to break.