Money Mailbox Friday - Countrywide Home Loans
I received a postcard from Countrywide Home Loans yesterday advertising the benefits of their home loan program. Features include:
Down payment and closing cost assistance
100% financing
No minimum credit score required
Flexible qualifying guidelines
30, 35 and 40-year loan terms available
Fixed rate and fixed period Adjustable Rate Mortgages (ARM) options
During the housing boom, many of these loan agencies advertised to potential home owners, telling them to buy homes. Convincing statements like “Why rent when you can own” were resonating throughout all of America.
In fact, my wife and I almost took the plunge in March of 2007. We were looking at a property in a newly developed community and even went to their phase release. I remember waking up at 3:00am, driving to the house and dreaming about what we can do to the front / backyards. Luckily, the enthusiasm of buying our first home didn’t cloud our judgment in […]
Original post by MoneyNing