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Zero down mortgages don't seem like a bad thing as long as the asessments of the borrowers and their mortgages are genuine.
This article keeps equivocating the subprime mortgage crisis with this zero down mortgage tool, but the subprime mortgage crisis was caused by literal fraud, not the existence of a particular mortgage process.
Zero down mortgages can be structured as schemes to fool people, but that's not what caused the mortgage crisis, the mortgage crisis was caused by creditors falsely assessing variable mortgage values and knowingly selling them to people who couldn't afford them for a short-term profit.
Zero down no interest mortgages on the other hand, can be a great tool for people looking for a home.
Read what the contract says, do your due diligence before you buy and make sure you have enough to keep up with your mortgage, like with any mortgage.
The risks the article talks about are the same risks you're going to get with any type of mortgage, not just zero down mortgages.
I disagree. If borrowers are unable to afford a down payment, that almost certainly means they have very little financial flexibility, which is necessary when owning a home. Now, I'm not trying to blame borrowers for this scenario. They are living through an affordability crisis and are almost certainly affected by the housing crisis if they are renting (as opposed to living rent-free/light with family). By allowing zero down mortgages, it's treating a symptom, but letting the underlying causes fester.
Zero down may be the only way a family can afford to buy a home. In a time where older starter homes are north of 300k, we’re asking families to save 60k cash to get to 20% down. That’s about the median household income.
If you’re able to save 10% of your paycheck (after taxes), you’re going to spend about 10 years saving for today’s price. Which will likely be much lower than next years price.
Is 20% the rule where you live? The article says the down payment is 3%.
Family making 60k, has no business buying 300k house esp with zero down.... How do you even budget these numbers lol
Get real