Mortgage Loan approval hell

[bearishgurl]

[quote=sdrealtor]While their debt is massive their incomes are massive as are their tax bills. Many of our worker bees pay less over their entire lives than these guys pay in a single year.[/quote]

I don’t buy into the notion that these “professionals” pay more taxes in one year than “worker bees” do in a lifetime. If anything, they have more writeoffs, “loopholes,” and legal tax shelters available to them than “worker bees” ever would.

FWIW, my children (except for one straight-A HS student) are currently working full time and making more $$ than me, driving newer vehicles than me, traveling more than me and paying more monthly rent than my mortgage. I don’t see myself with any future “boomerang-kid” problems, thank you! Except for one $4K car loan, none has any continuing debt, to my knowledge :=)

I’m proud of them and I hope the rest of the Piggs are this lucky!

[bearishgurl]

[quote=sdrealtor]Does rising up from a lower class upbringing through community college to a state university to an Ivy League Medical School and residency at the Mayo Clinic while living on Top Ramen and driving a 20 year old car to get through it all not indicate character? Why should that be ignored? . . . [/quote]

Well, that’s a good question. Unfortunately, this type of “character” is not shown on a credit report and there is no credit for it on a FICO score. I would say if that individual could continue to eat Ramen while they bring in their “mid 6 figure” income and retire their “massive” student loan debt ASAP, then this act would show up on their credit report and FICO score and indicate good “character” for paying off their debts.

[bearishgurl]

[quote=sdrealtor]Does rising up from a lower class upbringing through community college to a state university to an Ivy League Medical School and residency at the Mayo Clinic while living on Top Ramen and driving a 20 year old car to get through it all not indicate character? Why should that be ignored? . . . [/quote]

Well, that’s a good question. Unfortunately, this type of “character” is not shown on a credit report and there is no credit for it on a FICO score. I would say if that individual could continue to eat Ramen while they bring in their “mid 6 figure” income and retire their “massive” student loan debt ASAP, then this act would show up on their credit report and FICO score and indicate good “character” for paying off their debts.

[bearishgurl]

[quote=sdrealtor]Does rising up from a lower class upbringing through community college to a state university to an Ivy League Medical School and residency at the Mayo Clinic while living on Top Ramen and driving a 20 year old car to get through it all not indicate character? Why should that be ignored? . . . [/quote]

Well, that’s a good question. Unfortunately, this type of “character” is not shown on a credit report and there is no credit for it on a FICO score. I would say if that individual could continue to eat Ramen while they bring in their “mid 6 figure” income and retire their “massive” student loan debt ASAP, then this act would show up on their credit report and FICO score and indicate good “character” for paying off their debts.

[bearishgurl]

[quote=sdrealtor]Does rising up from a lower class upbringing through community college to a state university to an Ivy League Medical School and residency at the Mayo Clinic while living on Top Ramen and driving a 20 year old car to get through it all not indicate character? Why should that be ignored? . . . [/quote]

Well, that’s a good question. Unfortunately, this type of “character” is not shown on a credit report and there is no credit for it on a FICO score. I would say if that individual could continue to eat Ramen while they bring in their “mid 6 figure” income and retire their “massive” student loan debt ASAP, then this act would show up on their credit report and FICO score and indicate good “character” for paying off their debts.

[bearishgurl]

[quote=sdrealtor]Does rising up from a lower class upbringing through community college to a state university to an Ivy League Medical School and residency at the Mayo Clinic while living on Top Ramen and driving a 20 year old car to get through it all not indicate character? Why should that be ignored? . . . [/quote]

Well, that’s a good question. Unfortunately, this type of “character” is not shown on a credit report and there is no credit for it on a FICO score. I would say if that individual could continue to eat Ramen while they bring in their “mid 6 figure” income and retire their “massive” student loan debt ASAP, then this act would show up on their credit report and FICO score and indicate good “character” for paying off their debts.

[JerseyGrl]

I appreciate the comment about FICO scores. My economically challenged brother who at the age of 50 already has 2 bankruptcies on the record says now that his credit score looks decent he’s going to buy another house. I’m upset because he and his wife live with my 80 yo mother and it sounds like he’s talked her into selling her house (she’s owned free and clear since the 70’s). I told him that money needs to go into a trust for her, but he wants to use it for the downpayment for is next house (where she will live out her life).

There are so many issues here but my husband says “relax, no one is going to give him a mortgage”. My questions is, can someone who has lost 2 houses to bankruptcy in the last 20 years really get a mortgage?

[JerseyGrl]

I appreciate the comment about FICO scores. My economically challenged brother who at the age of 50 already has 2 bankruptcies on the record says now that his credit score looks decent he’s going to buy another house. I’m upset because he and his wife live with my 80 yo mother and it sounds like he’s talked her into selling her house (she’s owned free and clear since the 70’s). I told him that money needs to go into a trust for her, but he wants to use it for the downpayment for is next house (where she will live out her life).

There are so many issues here but my husband says “relax, no one is going to give him a mortgage”. My questions is, can someone who has lost 2 houses to bankruptcy in the last 20 years really get a mortgage?

[JerseyGrl]

I appreciate the comment about FICO scores. My economically challenged brother who at the age of 50 already has 2 bankruptcies on the record says now that his credit score looks decent he’s going to buy another house. I’m upset because he and his wife live with my 80 yo mother and it sounds like he’s talked her into selling her house (she’s owned free and clear since the 70’s). I told him that money needs to go into a trust for her, but he wants to use it for the downpayment for is next house (where she will live out her life).

There are so many issues here but my husband says “relax, no one is going to give him a mortgage”. My questions is, can someone who has lost 2 houses to bankruptcy in the last 20 years really get a mortgage?

[JerseyGrl]

I appreciate the comment about FICO scores. My economically challenged brother who at the age of 50 already has 2 bankruptcies on the record says now that his credit score looks decent he’s going to buy another house. I’m upset because he and his wife live with my 80 yo mother and it sounds like he’s talked her into selling her house (she’s owned free and clear since the 70’s). I told him that money needs to go into a trust for her, but he wants to use it for the downpayment for is next house (where she will live out her life).

There are so many issues here but my husband says “relax, no one is going to give him a mortgage”. My questions is, can someone who has lost 2 houses to bankruptcy in the last 20 years really get a mortgage?

[JerseyGrl]

I appreciate the comment about FICO scores. My economically challenged brother who at the age of 50 already has 2 bankruptcies on the record says now that his credit score looks decent he’s going to buy another house. I’m upset because he and his wife live with my 80 yo mother and it sounds like he’s talked her into selling her house (she’s owned free and clear since the 70’s). I told him that money needs to go into a trust for her, but he wants to use it for the downpayment for is next house (where she will live out her life).

There are so many issues here but my husband says “relax, no one is going to give him a mortgage”. My questions is, can someone who has lost 2 houses to bankruptcy in the last 20 years really get a mortgage?

[sdrealtor]

BG
Already has a great 800 plus FICO score and is paying close to $100K toward personal debt every year. This person has demostrated character and capacity well beyond the norm. This is not a person who grew up with a silver spoon and was destined to attend Ivy League institions> This is person who grew up where they dump the bodies in NY. This is not a person looking for handouts, it is a person who is a very low credit risk but requires access to different loan programs because of what it took them to become such a low credit risk. Good underwriting should be able to adjust for that. I dont expect you to understand that.

[sdrealtor]

BG
Already has a great 800 plus FICO score and is paying close to $100K toward personal debt every year. This person has demostrated character and capacity well beyond the norm. This is not a person who grew up with a silver spoon and was destined to attend Ivy League institions> This is person who grew up where they dump the bodies in NY. This is not a person looking for handouts, it is a person who is a very low credit risk but requires access to different loan programs because of what it took them to become such a low credit risk. Good underwriting should be able to adjust for that. I dont expect you to understand that.

[sdrealtor]

BG
Already has a great 800 plus FICO score and is paying close to $100K toward personal debt every year. This person has demostrated character and capacity well beyond the norm. This is not a person who grew up with a silver spoon and was destined to attend Ivy League institions> This is person who grew up where they dump the bodies in NY. This is not a person looking for handouts, it is a person who is a very low credit risk but requires access to different loan programs because of what it took them to become such a low credit risk. Good underwriting should be able to adjust for that. I dont expect you to understand that.

[sdrealtor]

BG
Already has a great 800 plus FICO score and is paying close to $100K toward personal debt every year. This person has demostrated character and capacity well beyond the norm. This is not a person who grew up with a silver spoon and was destined to attend Ivy League institions> This is person who grew up where they dump the bodies in NY. This is not a person looking for handouts, it is a person who is a very low credit risk but requires access to different loan programs because of what it took them to become such a low credit risk. Good underwriting should be able to adjust for that. I dont expect you to understand that.

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