Silver as an investment

Here We Go Again: No Down Payment, No Problem!

themaven.net / by  / Nov 17, 2017

Flagstar bank in Michigan will “gift” down payments to low-income borrowers to buy a house. What can possibly go wrong?

Flagstar Bank is targeting low- to moderate-income borrowers with a mortgage offer that’s seemingly too good to be true.

The program, which Flagstar introduced earlier this week, requires no down payment from the borrower and also provides the borrower with closing cost assistance.

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.

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