LOL, they’re not only selling them a mortgage loan, but also a down payment loan on top of the mortgage loan.
That’ll work out well.
And that’s exactly why the housing market crashed in 2008- sub prime loans- remember?? Get your prime mortgage for 80% of the sale price then the sub-prime for the other 20%, 25% or 30%.
How many people who would not generally qualify for a $5000 credit card got 100%, 105%, 110% mortgages on $500K homes.