Posts Tagged "ability"

Q&A: Why did banks and Mortgage companies give loans to people without checking thir ability to pay them back?

on Nov 10, 2012 in Stated Income Loans | 4 comments

Question by ds: Why did banks and Mortgage companies give loans to people without checking thir ability to pay them back? No doc loans? Home loans that do not include taxes or Insurance given to people who have NEVER held a job in their life? Why did they do it? Best answer: Answer by Michael MGreed. Add your own answer in the comments! Q&A: Why did banks and Mortgage companies give loans to people without checking thir ability to pay them...

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Did financial institutions fail to verify income and the ability to pay before they approved Mortgages?

on Nov 9, 2012 in Stated Income Loans | 3 comments

by Editor B Question by GustavoZ: Did financial institutions fail to verify income and the ability to pay before they approved Mortgages? Until recently, information pills borrowers could simply state their income. Mortgage brokers would often “fix” the necessary documents to obtain a no income loan. This led to an alarming number of homeowners in houses that never should have qualified for. Best answer: Answer by golferwhoworksso what is your point. Bill Clinton signed the bill into law and now we are all paying the price. It was all greed in the investment sector and since the loans were there many people bought more than they could afford and now are foreclosures. There are 3 C’s to lending and they need to be followed Add your own answer in the comments! Did financial institutions fail to verify income and the ability to pay before they approved...

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Will changing jobs affect my ability to attain a mortgage, under FHA?

on Aug 30, 2012 in FHA Information | 2 comments

Question by Steve K: Will changing jobs affect my ability to attain a mortgage, cure under FHA? I’m looking at attaining a mortgage on a house. But, cheap I plan on changing jobs before I attain this mortgage. The job will be in the exact same line of work, viagra but just with a different company. It will involve a substantial improvement in income. The mortgage I will be attaining, after this job move, will be under FHA loan rules. THANKS!!! Best answer: Answer by WreckFHA will want to see 2 years worth of solid employment. But.. here’s the trick. You are planning on just “moving” from one job to another. You might not even be out of work for one week. And.. you might even get more money at this new job. Lenders will see what you did. This will not be a problem Know better? Leave your own answer in the comments! Will changing jobs affect my ability to attain a mortgage, under...

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