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Message
re: just heard from a realtor friend that soon BR will qualify for 100% financing...
Posted on 10/13/14 at 2:27 pm to LT
Posted on 10/13/14 at 2:27 pm to LT
quote:
The mortgage crisis was deeply impacted by "no income verification" loans. All the successful business owners that claimed to make more than they actually did buying $500K homes.
No. The no income verification loans were pushed by mortgage lenders working on commission to people that they knew would never qualify otherwise.
Like the stories you heard of people buying $400K houses but only made $8 per hour. That mortgage processor wasn't about to let the commission on a $400K loan at 12% interest walk and neither was their realtor friends that sent them the business.
They got a lot of "points" for loans like that which = fat arse commission.
0
Posted on 10/13/14 at 8:17 pm to stout
quote:
Because just like the last sub prime crises you will be able to push the appraisal price up and roll closing cost and everything into one loan.
On a refinance, not a purchase. Always had closing costs on a purchase.
Over equity loans were damn near impossible to write. It took an astronaut to qualify and that type of borrower wouldn't make that loan.
Posted on 10/13/14 at 8:57 pm to BT
quote:
Meh,, having to come out of pocket 10-20-30k is what keeps lots of people from buying a house.
If a person can't save 20-30K, they are not disciplined enough, or don't make enough money to be buying a house.
Posted on 10/13/14 at 8:59 pm to LT
quote:
Always had closing costs on a purchase.
LOLNO
I have sold houses both as a realtor and spec houses I built where the closing cost was paid for out of the sell price. Lots of them actually.
quote:
Over equity loans were damn near impossible to write
I wasn't talking about over equity loans though. No one was.
This post was edited on 10/13/14 at 9:09 pm
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