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Zero-down mortgages are making a comeback
  + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com   time to read: +8 min
That massive roadblock is being removed by a new zero-percent down mortgage program launched two weeks ago by one of the nation’s largest mortgage lenders. ‘Demand has been huge’These mortgages are only open to first-time homebuyers and those making no more than 80% of the area’s median income. That’s because in order to refinance at a lower rate, the homeowner would need to fully pay off that second mortgage. For instance, Bank of America launched a zero-down payment mortgage program in 2022 for first-time homebuyers in certain Black and Hispanic neighborhoods. “These mortgages are going to be ticking time bombs – just like subprime mortgages –unless home prices continue to increase very substantially,” Kelleher said.
Persons: Mat Ishbia, homebuyers, Christian Petersen, refinances, UWM, ” Alex Elezaj, they’d, , Patricia McCoy, McCoy, won’t, Bankrate, , Anneliese Lederer, ” Lederer, ” Dennis Kelleher, ” Kelleher, Jonathan Adams, ” UWM, Elezaj, , ” Elezaj, ” It’s, “ We’re, Greg McBride, Adams, ” Adams Organizations: CNN, United Wholesale Mortgage, Phoenix Suns NBA, Phoenix Suns, NBA, Oklahoma City, Footprint Center, Boston College Law School, Consumer Financial Protection Bureau, Federal Reserve, Bank of America, US Department of Agriculture, US Department of Veterans Affairs, Center for Responsible, Better, Saint Joseph’s University, Bankrate, , Wall Street Locations: Phoenix , Arizona
Wearing a period-appropriate porkpie hat, an oddly buttoned coat and a look of profound admiration, Welsh architect Jonathan Adams makes a well-suited tour guide for “ Frank Lloyd Wright : The Man Who Built America,” and not just because he’s an architect himself. He’s also a critic. Wright, perhaps the most famous and prolific designer of buildings that America has ever known, led a life marked by scandal, adultery and even murder, but Mr. Adams’s stated intention is to get beyond the sensational and focus on the work—the whats, the hows and, just as important, the whys. This he does, explaining just how Wright’s aim of creating “organic architecture” (“Architecture that belongs where you see it standing,” as Wright says in a clip) led to some of the most famous buildings in the Wright catalog—and, as Mr. Adams doesn’t really have to argue, the most celebrated in architecture, American or otherwise. Fallingwater, for instance, the Pennsylvania “country home” built over a waterfall, which Mr. Adams presents in rather breathtaking fashion, or Taliesin, which Wright built for himself and Mamah Borthwick , for whom he had left his wife and children in 1909—and where she died in 1914 when a servant set fire to the house and killed seven people with an ax.
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