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5 Day Rectal Exam for Mortgage
MBK
Member Posts: 2,918 ✭✭✭
Jeesh,
I have been digging up all sort of documents to enable us to co-sign with our daughter for a starter 2 BR condo. There is 20% down.
FNMA used to be happy to toss 100% to any illegal with a power mower.
Due to Homeland Scrutiny I have to prove that we don't own All of the BP Prudhoe Bay pipeline LLP, just 0.0009%. And not all of Ferrellgas Partners, just 0.00008%. ( In modern day Homeland, the less you own the better...because it is less likely money laundering. )
And that I carry insurance on certain property I own free and clear. And how come I can actually live without a pension or wages? ( been retired 26 years ).
Also weird. I can't actually have a 950 credit rating even though we have 20 years of perfect credit behavior. There are un-encumbered assets form the sale of my software company in 1989. Those don't count, but what counts against me is that I have no W2. Jeesh, I am almost 73!
Lastly, with all that guarantee power, the whole F'n loan gets a crummy score because while our Daughter got a "free Credit Score" number in mid January of 770, then collected $42,000 in a divorce split, used about $4k to pay down a CC for her furniture, the stupid CC Score company (one of the three) knocked her down to 700. AH loan company owner says, " Of Course, when we underwrite, we rate off the lowest combo score"!!!
I have been digging up all sort of documents to enable us to co-sign with our daughter for a starter 2 BR condo. There is 20% down.
FNMA used to be happy to toss 100% to any illegal with a power mower.
Due to Homeland Scrutiny I have to prove that we don't own All of the BP Prudhoe Bay pipeline LLP, just 0.0009%. And not all of Ferrellgas Partners, just 0.00008%. ( In modern day Homeland, the less you own the better...because it is less likely money laundering. )
And that I carry insurance on certain property I own free and clear. And how come I can actually live without a pension or wages? ( been retired 26 years ).
Also weird. I can't actually have a 950 credit rating even though we have 20 years of perfect credit behavior. There are un-encumbered assets form the sale of my software company in 1989. Those don't count, but what counts against me is that I have no W2. Jeesh, I am almost 73!
Lastly, with all that guarantee power, the whole F'n loan gets a crummy score because while our Daughter got a "free Credit Score" number in mid January of 770, then collected $42,000 in a divorce split, used about $4k to pay down a CC for her furniture, the stupid CC Score company (one of the three) knocked her down to 700. AH loan company owner says, " Of Course, when we underwrite, we rate off the lowest combo score"!!!
Comments
Went for 10% of home value of a house with no mortgage. After three days of new info requests, decided the 1.5% rate wasn't worth the headache, and we paid cash.
Brad Steele
Tons of paper later, months go by, on-site inspections passed perfectly.
Suddenly they say they do not make loans on such properties.
Well thanks for burning up six months of my time!!!!!!!!
But, some folks get "extra credit" for good behavior.
Neal
Haven't carried debt for over 20 years, and really don't care.
Do not see myself borrowing money ever again.
Brad Steele
The best FICO score is 800.
But, some folks get "extra credit" for good behavior.
Neal
Actually, 850 is the top FICO score.
Sadly now humans can't make decisions so if the rules say use the lowest score that is it, they don't really have managers anymore that can make decisions using common sense.
As for credit scores a great mystery, many people strive for the perfect score and have no blemishes, excellent history, Etc. but can't achieve the mysterious perfect score. From what I have read it doesn't matter from about 770 up it is the same interest rate.
as for the 700 score of your daughter I'm surprised they would deny a loan on that, if I'm not mistaken that is above average.
But it is weird, I have enough cash in money markets to buy four of these condos with no loan. I have kept this cash reserve ever since 2007.
I am also pretty sure that if you indeed attempt to buy a property without a mortgage, Homeland Insecurity will examine you fully to see how you managed to save and invest, just like we were taught.
They didn't deny, they just said "due to risk, the rate will be higher".
But it is weird, I have enough cash in money markets to buy four of these condos with no loan. I have kept this cash reserve ever since 2007.
I am also pretty sure that if you indeed attempt to buy a property without a mortgage, Homeland Insecurity will examine you fully to see how you managed to save and invest, just like we were taught.
Just asking, but why don't you pay cash for the condo and hold the mortgage for your daughter??? Just put a stipulation in your will that upon your deaths, if you have other children, that her end of the inheritance counts towards the remaining mortgage. If she owes more then what she would inherit, she has to pay that remaining amount to her siblings. Just a thought. I know I will be in the same boat as you when Chris goes to buy his first home. I will either cosign or loan him the money and hold the mortgage. Only difference is that he is an only child and will end up with everything when we die anyway. Hope it all works out for you guys either way. Oakie
Between Dodd-Frank, Fair Lending Regulations, and the new Consumer Protection Bureau, it is almost impossible to give someone a mortgage these days. Been doing mortgages for 30 years with loans that stay in my portfolio and have never foreclosed on a home.
Was wondering how long it was going to take for someone to blame the mortgage company. I have to explain this every day and it is about to get worse..
Loan Shark
It was when we were seeking financing for our house that I found out about my OTHER wife in Florida!
While that may sound funny, I am not kidding.
My real wife always wondered why her social security number began with a "2" instead of the "5" that everyone from this region has. Turned out that she shared a name and birthdate with someone in Florida. Both applied for their number about the same time when they turned 16 and were entering the job market. So the SS office gave them both the same number.
It took us TWO WHOLE DAYS in the Social Security Office to get it all straightened out. I swear those people have been surgically altered so they are unable to smile. . .
I hope your situation give you fewer hassles than ours did.
We agreed to co-sign on her loan at the bank where we do business and have for 40+ years each. Had our home loan there and had enough money to buy the house there too. Couldn't get the loan for her after it was all pre-approved. She had to be out of her rental and the bank was still jacking us around, with the similar stuff, like where did you get that last deposit?
Got so pizzed we bought it and sold it to her on a land contract.
Before that bank was bought out, I went in one afternoon, not quite 30 years ago, walked up to the VP and introduced myself, told him I wanted to by a house, he asked me which house and said he'd looked at it, nice property. We talked about my dad, wife's dad and grandfather, where I worked and how much I made that I was selling a house somewhere else and the company would buy it if it didn't sell in some time frame and he said OK.
Now I'm worked up again! [:(!] razzle frats!
Seems life used to be a lot easier, when every one worked hard, and paid their bills and tried to do a good job so you'd get to keep one. And the govt, was happy that you had been in the military and paid your taxes.
What happened while I was busy working and raising kids?
Rant over!
quote:Originally posted by Spider7115
quote:Originally posted by nmyers
The best FICO score is 800.
But, some folks get "extra credit" for good behavior.
Neal
Actually, 850 is the top FICO score.
Cash rules!
[^]barto[^]
Have no idea what my score is.
Haven't carried debt for over 20 years, and really don't care.
Do not see myself borrowing money ever again.
Same here. I have one credit card that I use for ordering on Amazon with a low limit so that if it's stolen they're not going to get much. I'd rather be tied to a tree and beaten on a regular bases as to ever owe anybody or any company a penny.