Not necessarily out of league, just not realizing:
1. A high credit score doesn’t make it any easier to get a loan, it only determines the pricing.
2. Lots of equity doesn’t make it any easier to get a loan, it only means the payment will be lower. (The lower payment will help you qualify, having lots of equity wont)
3. Having a million dollars in the bank (or assets) doesn’t make it any easier to get a loan, in most cases you only need to document the cash needed to close the loan, and excess cash doesn’t matter EXCEPT for rental properties reserves.
Loan approvals are based on valid/usable income VS. certain expenses.PERIOD.
Just a myth of people thinking they will have no problem getting a loan, but not having a clue what the guidelines are.
Absolutely ridiculous that 5% down can be an easier loan than 70% down BUT that’s the system.
Sad, pathetic, unreasonable & stupid, BUT the way that it is.
