Mortgage Loan approval hell

[sdrealtor]

Who said anything about a deserved dream home? Even a modest home they would not qualify under your program. BTW, most of their debt is not Sallie Mae but rather much higher rate debt.

Who said anything about newly minted physicians? The debt they are servicing takes a good 10 years to repay if not longer and can be pretty high rates. Under your model, most would be 10 years into their careers before they could qualify to buy a home.

The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year. Their practices create dozens of jobs for your minions adding more to the economy and generating additional tax revenue. Why should you care? Because the dedication they have put into their educations and careers will ultimately save the lives of you and your minions.

They dont refuse to retire the debt, it is just so MASSIVE that it takes years to do so. The debt is bigger than most peoples mortgages and these guys knock it out in 10 years or less rather than the 30 years for a mortgage. I’m not saying they shouldnt be fully underwritten but rather they should have the leeway not to put 20% down as you would require in every case. They are good credit risks, certainly much better than a worker be who is one or two missed payments away from poverty.

I dont expect someone like you to understand or like this but I’m sorry to tell you they are different than you and your worker bees. Perhaps you are correct, they should all just become alignment techs at Sears as you have often proposed. That would make the world a better place.

[GH]

FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.

I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…

The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…

A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…

[GH]

FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.

I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…

The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…

A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…

[GH]

FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.

I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…

The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…

A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…

[GH]

FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.

I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…

The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…

A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…

[GH]

FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.

I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…

The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…

A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…

[bearishgurl]

[quote=sdrealtor]Under your model, most would be 10 years into their careers before they could qualify to buy a home.

The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year…[/quote]

First of all, I don’t have a “model.” I’m not in the lending business. However I WOULD like to see the government exit the lending business. They have mucked up the works so bad that it can never be fixed until they’re gone.

If your “professional’s” high-interest student loan debt is so “massive,” then why are they trying to buy homes while carrying it? If they didn’t try to buy homes, they could pay it off in less than a year, no?

Why should “We the People” CARE how long it takes for these “indebted” new professionals to purchase a home? Didn’t they make the choice to take on this “massive,” often government-backed debt while in college to stay in college in order to get an advanced degree while the minions and worker bees got out, went to work and began paying taxes? Why didn’t they think about the ramifications of this debt then, that is, what mortgaging their futures would do to their future plans to buy a home and raise a family?

I don’t feel sorry for any of these “professionals” OR their inability to save for a downpayment for a home on a “mid 6 figure income.”

I have counseled my children NOT to take out student loans and none of them ever have or will. I don’t believe in them.

[bearishgurl]

[quote=sdrealtor]Under your model, most would be 10 years into their careers before they could qualify to buy a home.

The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year…[/quote]

First of all, I don’t have a “model.” I’m not in the lending business. However I WOULD like to see the government exit the lending business. They have mucked up the works so bad that it can never be fixed until they’re gone.

If your “professional’s” high-interest student loan debt is so “massive,” then why are they trying to buy homes while carrying it? If they didn’t try to buy homes, they could pay it off in less than a year, no?

Why should “We the People” CARE how long it takes for these “indebted” new professionals to purchase a home? Didn’t they make the choice to take on this “massive,” often government-backed debt while in college to stay in college in order to get an advanced degree while the minions and worker bees got out, went to work and began paying taxes? Why didn’t they think about the ramifications of this debt then, that is, what mortgaging their futures would do to their future plans to buy a home and raise a family?

I don’t feel sorry for any of these “professionals” OR their inability to save for a downpayment for a home on a “mid 6 figure income.”

I have counseled my children NOT to take out student loans and none of them ever have or will. I don’t believe in them.

[bearishgurl]

[quote=sdrealtor]Under your model, most would be 10 years into their careers before they could qualify to buy a home.

The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year…[/quote]

First of all, I don’t have a “model.” I’m not in the lending business. However I WOULD like to see the government exit the lending business. They have mucked up the works so bad that it can never be fixed until they’re gone.

If your “professional’s” high-interest student loan debt is so “massive,” then why are they trying to buy homes while carrying it? If they didn’t try to buy homes, they could pay it off in less than a year, no?

Why should “We the People” CARE how long it takes for these “indebted” new professionals to purchase a home? Didn’t they make the choice to take on this “massive,” often government-backed debt while in college to stay in college in order to get an advanced degree while the minions and worker bees got out, went to work and began paying taxes? Why didn’t they think about the ramifications of this debt then, that is, what mortgaging their futures would do to their future plans to buy a home and raise a family?

I don’t feel sorry for any of these “professionals” OR their inability to save for a downpayment for a home on a “mid 6 figure income.”

I have counseled my children NOT to take out student loans and none of them ever have or will. I don’t believe in them.

[bearishgurl]

[quote=sdrealtor]Under your model, most would be 10 years into their careers before they could qualify to buy a home.

The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year…[/quote]

First of all, I don’t have a “model.” I’m not in the lending business. However I WOULD like to see the government exit the lending business. They have mucked up the works so bad that it can never be fixed until they’re gone.

If your “professional’s” high-interest student loan debt is so “massive,” then why are they trying to buy homes while carrying it? If they didn’t try to buy homes, they could pay it off in less than a year, no?

Why should “We the People” CARE how long it takes for these “indebted” new professionals to purchase a home? Didn’t they make the choice to take on this “massive,” often government-backed debt while in college to stay in college in order to get an advanced degree while the minions and worker bees got out, went to work and began paying taxes? Why didn’t they think about the ramifications of this debt then, that is, what mortgaging their futures would do to their future plans to buy a home and raise a family?

I don’t feel sorry for any of these “professionals” OR their inability to save for a downpayment for a home on a “mid 6 figure income.”

I have counseled my children NOT to take out student loans and none of them ever have or will. I don’t believe in them.

[bearishgurl]

[quote=sdrealtor]Under your model, most would be 10 years into their careers before they could qualify to buy a home.

The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year…[/quote]

First of all, I don’t have a “model.” I’m not in the lending business. However I WOULD like to see the government exit the lending business. They have mucked up the works so bad that it can never be fixed until they’re gone.

If your “professional’s” high-interest student loan debt is so “massive,” then why are they trying to buy homes while carrying it? If they didn’t try to buy homes, they could pay it off in less than a year, no?

Why should “We the People” CARE how long it takes for these “indebted” new professionals to purchase a home? Didn’t they make the choice to take on this “massive,” often government-backed debt while in college to stay in college in order to get an advanced degree while the minions and worker bees got out, went to work and began paying taxes? Why didn’t they think about the ramifications of this debt then, that is, what mortgaging their futures would do to their future plans to buy a home and raise a family?

I don’t feel sorry for any of these “professionals” OR their inability to save for a downpayment for a home on a “mid 6 figure income.”

I have counseled my children NOT to take out student loans and none of them ever have or will. I don’t believe in them.

[bearishgurl]

[quote=GH]…A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…[/quote]

GH, would you consider a borrower who is carrying $100K+ in a government-backed or private student loan at a rate of 6.5% to 8.5% to be carrying excessive “consumer debt” so as not to qualify for a real estate purchase money loan?

[bearishgurl]

[quote=GH]…A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…[/quote]

GH, would you consider a borrower who is carrying $100K+ in a government-backed or private student loan at a rate of 6.5% to 8.5% to be carrying excessive “consumer debt” so as not to qualify for a real estate purchase money loan?

[bearishgurl]

[quote=GH]…A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…[/quote]

GH, would you consider a borrower who is carrying $100K+ in a government-backed or private student loan at a rate of 6.5% to 8.5% to be carrying excessive “consumer debt” so as not to qualify for a real estate purchase money loan?

[bearishgurl]

[quote=GH]…A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…[/quote]

GH, would you consider a borrower who is carrying $100K+ in a government-backed or private student loan at a rate of 6.5% to 8.5% to be carrying excessive “consumer debt” so as not to qualify for a real estate purchase money loan?

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