Most people will not qualify to buy another home with their current albatross on their credit report.
They can hardly deal with the debt that they already have.
If you have a current primary home, you need 25%-30% down to get a decent loan on your new “rental” property.
Underwriters aren’t stupid and are looking for people who are committing loan fraud. Once they catch a few of these “smart” people and prosecute them, fewer people will be considering it.
The 5 year aberration of lending standards is gone. It’s back to qualifying, which most people cannot do, but don’t seem to understand that.
