In The Ghetto

Halburn Buys A House

Guess who's now a homeowner? That's right. Mark Halburn.

He just bought a 2 bedroom, 1 bath, 1100 sq ft house in Lancaster, SC. on 9/19/2018 for $48,500.
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Halburn fled West Virginia in January with an outstanding warrant. After shacking up briefly with his sugar mama and her parents, she quickly dumped him and he lived for a while in Charlotte before decamping to South Carolina.

Halburn's House

So, here's a guy with a sub 440 credit score and at least one bankruptcy. I can't imagine this motherfucker is going to walk in with his 200-item deep job history and his current $10-an-hour part time job and say "I'd like a mortgage please" and they'll be like "alright, buddy!"
He probably has a shit ton of open lines of credit too.

Most reputable lenders won't even write a mortgage loan for less than $50k. 

So how does he even get approved for a mortgage? Easy. He got the loan from a lender named PennyMac.
We're betting that they're one of those subprime kind of places. Or at least one that does some business in that. No minimum income requirement. No minimum loan amount. No down payment required.
That's the only type of lender that would loan money to someone like Halburn.
It's taken 10 years after the crash of 2008 for it to happen, but  lenders are starting to make lots of high risk  loans again. This has to be one of them.

Probably an FHA loan. so he's got at least a 5% APR. On a 30 year mortgage, that works out to probably a $400 a month payment.

You want to see why this house was only $48,500?

Halburn's neighborhood

That's right, he's livin' in the ghetto. He'll fit right in there. I'm sure the inside of his house is already filthy.

If you're in the area, drive by and blow your horn. He'll love that.