Trooper_IHB
New member
If a morgage shows up on the credit report and they claim they are renting it, have them bring you a copy of the lease with the tenants name on it. Also ask for bank statements, showing the rental deposits.
Feds tighten mortgage rules
- Thread starter xsocal land merchant_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
awgee_IHB
New member
<p>Hi NIR.</p>
<p>I am fine, thank you. And you?</p>
<p>How full or empty the glass is, is not a subjective determination. It has a certain amount of fluid, no matter how one sees it. And more importantly, saying the glass is half full of wine when it is actually half full of horse piss doesn't change the horse piss into wine. A whole lot of folks incurred mortgages they can not afford on the advice of someone telling them that easy credit, (horse piss), was their chance to own their dream, (wine).</p>
<p>I truly wish the NAR would instruct it's members to warn prospective clients of the pitfalls of easy credit. But, that would engender integrity, wouldn't it?</p>
<p>I am fine, thank you. And you?</p>
<p>How full or empty the glass is, is not a subjective determination. It has a certain amount of fluid, no matter how one sees it. And more importantly, saying the glass is half full of wine when it is actually half full of horse piss doesn't change the horse piss into wine. A whole lot of folks incurred mortgages they can not afford on the advice of someone telling them that easy credit, (horse piss), was their chance to own their dream, (wine).</p>
<p>I truly wish the NAR would instruct it's members to warn prospective clients of the pitfalls of easy credit. But, that would engender integrity, wouldn't it?</p>
lendingmaestro_IHB
New member
Most commercially owned apartment properties, like those owned by IAC and Shea Properties, pull a rental credit report. These are completely different fro tri-merge credit reports that mortgage companies pull. They are also different from consumer credit reports as well. Income verification is number one. It won't be difficult for FB's to get a rental as long as they have a job.
nirvinerealtor_IHB
New member
<p>awgee,</p>
<p>I am very well, thank you.</p>
<p>I am very familiar with many folks who are in financial distress due to the easy credit. The ironic thing is many of these folks are mortgage brokers and real estate agents.</p>
<p>I am one of those hands-on agents who monitor the loan process for fairness. I can say I had never believed in subprime loans as the interest rates and terms for these loan were ridiculous and unaffordable by anyone after 2 years.</p>
<p>I also know many folks who obtained good loan, good properties during the easy credit period, are happy and counting their lucky stars. </p>
<p>I am very well, thank you.</p>
<p>I am very familiar with many folks who are in financial distress due to the easy credit. The ironic thing is many of these folks are mortgage brokers and real estate agents.</p>
<p>I am one of those hands-on agents who monitor the loan process for fairness. I can say I had never believed in subprime loans as the interest rates and terms for these loan were ridiculous and unaffordable by anyone after 2 years.</p>
<p>I also know many folks who obtained good loan, good properties during the easy credit period, are happy and counting their lucky stars. </p>
awgee_IHB
New member
<i>"I am one of those hands-on agents who monitor the loan process for fairness. I can say I had never believed in subprime loans as the interest rates and terms for these loan were ridiculous and unaffordable by anyone after 2 years."</i><p>
I am so glad to hear that there is a realtor out there who would not recommend a down payment of less than 10%, or a teaser rate loan, or a pay option ARM, or a stated income loan, or anything less than 28% DTI.
I am so glad to hear that there is a realtor out there who would not recommend a down payment of less than 10%, or a teaser rate loan, or a pay option ARM, or a stated income loan, or anything less than 28% DTI.