[quote=HLS]
Onky when you understand that someone with a net worth of $2m-$3m, 800 credit score, 6 figure liquid assets/cash in the bank, 5 figure monthly cash flow and very little monthly debt cannot qualify for a $200,000 loan on a $600,000+ house
YET
a salaried employee with 3% down payment (that was a gift)
negative net worth, a 680 credit score, and no other assets can qualify for a 97% purchase loan can you grasp what a humbling experience is.[/quote]
I don’t know if I would call it a humbling experience .. more like a Dr Seuss moment. Not quite Dorothy, but kind of like Alice in Wonderland.
Some of the distortion is caused by politicians who think that the inability of certain people to own houses is based solely on not being able to get a mortgage.
