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Was looking at loans… so a person with really good credit probably also has more income and with todays housing market is probably looking at houses that require jumbo loans. Those have higher rates, so that might be one reason.
WTF!? Wow....just wow.Ok.. for $&@k sakes
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Jesus.Ok.. for $&@k sakes
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Not going to get any help from me. That is a house of cards. I can see the rental income being accepted, but the zero down is tough to justify. I haven’t heard of FAnnie or Freddie buying these mortgages. Maybe some non-agency lenders repacking them at a higher rate? Will need to look into it.
I haven't heard of this either. Effectively someone is buying investment property at 100% LTV without verified/verifiable income? That seems awfully stupid on behalf of the lenders.
@ajricketts I can't remember but your a mortgage broker or underwriter yah?
Underwriter, although exclusively commercial/investment property, no primary residences.
I sold my 1970 built home in 1976 in Adams County just below Thornton, CO for $29,000. Current owner has added a couple of small rooms and so out of curiosity I checked it's estimated value a few weeks ago....$465,000! Absolutely insane.
on the residential side of things or commercial for that matter. Do lenders see any elevated risk with everyone buying at the absolute top of there budget? I mean the bank has pre approved me for way more than I know I can afford which seems ridiculous. Just seems like being strapped every month to make that payment is like starting off with one foot in the grave and one on a banana peel? Payment like that and the slightest bump in the road could put those people under?
When I moved to SC in 2007 I was looking for a room to rent and met someone running an operation like this. His only question to me was “Do you smoke weed? I do.” He was also miffed about his TV no longer working after letting it get rained on. Perhaps he would have struggled with holding down a conventional job anyhow…
I sold my home to a VA loan buyer in 2016. They take longer to close, there is more paperwork, and a more stringent home inspection. I was required to fix numerous things the inspection found prior to close, and I had to use professional contractors rather than do the work myself. I was fine with making it work, and more than happy to help a veteran. However, in a seller’s market the VA loan is pretty toxic.
The idea that you would fix something identified seems absolutely absurd to me... welcome to buying houses as a millennial.
Good man. I get why they do it, but yeah, they should revamp the process.
In my case there was not a single thing broken. It was about a half dozen little things that were not to code. Mind you, not IA building code where the property was located, but the VA’s own standards. They did not like how certain things were constructed, and insisted they be rebuilt according to their specifications.
Gotcha... yeah would appear to make a VA loan a poison pill today.
