Here are some of the noteworthy finds:
- Under 'What are the risks?' " Your monthly mortgage payment may be larger than your rent." may? It should read 'most likely will' ! Hello.
- "Property values can depreciate" thanks for the information.
- "To get a quick idea of what you can afford to spend, multiply your annual gross income (before taxes) by 2.5. For example, if your annual household income is $50,000, you might be able to qualify for a $125,000 home. This is just a rough estimate - the actual number will vary based on factors such as your debt and credit history." Hmm. Then how come you are bundling up loans where people are purchasing homes worth 5 times their income.
- "Don't forget that you also have to save for the down payment, closing costs, inspections costs, moving, and other related expenses. " Ever heard of negative amortization loans?
Theis website directly contradicts the lending practices of Freddie Mac. Freddie no wonder you are in trouble.