– American Insanity: How to Buy a Home in Martha’s Vineyard with Zero Money Down (Liberty Blitzkrieg, June 5, 2013):
The absurd new housing bubble created by Banana Ben Bernanke’s cheap money, private equity slumlords and crony foreign oligarchs looking to launder their ill-gotten funds, continues to provide what would be hilarious headlines if only they weren’t so sad. In the following story, we find that courtesy of the Department of Agriculture (USDA), the struggling folks on Martha’s Vineyard have access to zero money down home loans. The USDA you ask? Well, it turns out that the “entire island is designated as a rural area eligible for a USDA loan.” Why do we even have a government at this point?
The zero down mortgage is back—in Martha’s Vineyard.
Ira Stoll at the Future of Capitalism bloghas come across an article on “Home Buying 101″ in the spring of 2013 “Real Estate & Homes” supplement to the Vineyard Gazette. A local mortgage broker by the name of Polly K. Bassett is quoted as touting how.
Bassett, the “co-owner and a broker of Martha’s Vineyard Mortgage Company, L.L.C., said: “We have access to a wide range of programs such as USDA, which is a program where you can put no money down, 100 percent financing, and we also do a 97 percent financing with three percent down….There are a lot of programs out there for people buying their first home.”
I put in a call to the Martha’s Vineyard Mortgage Company, where the phone was answered by Carol Borselle, Bassett’s business partner.
Borselle told me that the USDA mentioned in the article is, in fact, the Department of Agriculture. It turns out that the entire island is designated as a rural area eligible for a USDA loan.
According to Zillow, the cheapest home in Martha’s Vineyard is a two-bedroom condo listed at $260,000.
Full article here.