Here it is folks: The Beazer Teaser.
They call it the “Big Red” sale because you will be big in the red within a year after buying. Check out the teaser rates on these loans.
Beazer does not even have the decency to hold that rate for three years. Heck they did not even hold it for two years.
Anyone that needs 1.875 to qualify for a loan is a sucker who is probably going to regret buying in one short year. For that matter anyone that can not afford 6% probably has no business buying.
These kinds of programs are one of the reasons why foreclosure rates and bankruptcies are sky rocketing.
Mike Shedlock / Mish/