Ok, help me out guys

[Anonymous]

Thanks, Rustico.

Hey, didn’t you want to be called a gentleman, or something? 😉

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[HLS]

These people have good credit, but may not be able to prove they have enough income to handle the mortgage payment even though they do. The man is no longer in the military. He’s older, retired and he and his wife are on a fixed income.
******************************
Over here, I’m the wacko that DOESN’T look the other way.

You are a mortgage person’s nightmare.
These are the situations that a helpful person says I CAN DO THAT LOAN, and 4 weeks later is “hemming and hawing” about why they can’t get it done, then everybody gets pissed off.

Loans don’t get funded by what people think they can afford. (any more!)
Even with good credit, YOU NEED TO HAVE A JOB.

Lender’s don’t lend on assets, they lend on income.
Usually VERIFIED income.

In whose opinion do they have enough money to “handle the mortgage payment” yours, theirs or the lender’s ??
Do they have any assets ?

A good credit score and $5 will get you some coffee at Starbucks.

IF they can verify their fixed income and can qualify, they can get a loan. They have passive income. It’s probably going to need to be FULL DOC.

They may need to PROVE that they have been getting their income for at laest 2 years and that it is “expected” to continue for at least 3 more years.

If any part of their income is tax free, they may get more credit for that income by “grossing it up”
Do you in fact KNOW that they don’t qualify full doc ?

And the last question that I like to ask an “agent” who tells me that they can afford the payment, even though they cannot prove it is…
Are YOU willing to be responsible for their “wacko, look-the-other-way, no down payment loan” if they cannot pay the lender OR do you just want the commission that comes from this transaction with no other obligation ????

VA may offer something. A vet deserves the help, (but ONLY if they can REALLY afford it)

[HLS]

These people have good credit, but may not be able to prove they have enough income to handle the mortgage payment even though they do. The man is no longer in the military. He’s older, retired and he and his wife are on a fixed income.
******************************
Over here, I’m the wacko that DOESN’T look the other way.

You are a mortgage person’s nightmare.
These are the situations that a helpful person says I CAN DO THAT LOAN, and 4 weeks later is “hemming and hawing” about why they can’t get it done, then everybody gets pissed off.

Loans don’t get funded by what people think they can afford. (any more!)
Even with good credit, YOU NEED TO HAVE A JOB.

Lender’s don’t lend on assets, they lend on income.
Usually VERIFIED income.

In whose opinion do they have enough money to “handle the mortgage payment” yours, theirs or the lender’s ??
Do they have any assets ?

A good credit score and $5 will get you some coffee at Starbucks.

IF they can verify their fixed income and can qualify, they can get a loan. They have passive income. It’s probably going to need to be FULL DOC.

They may need to PROVE that they have been getting their income for at laest 2 years and that it is “expected” to continue for at least 3 more years.

If any part of their income is tax free, they may get more credit for that income by “grossing it up”
Do you in fact KNOW that they don’t qualify full doc ?

And the last question that I like to ask an “agent” who tells me that they can afford the payment, even though they cannot prove it is…
Are YOU willing to be responsible for their “wacko, look-the-other-way, no down payment loan” if they cannot pay the lender OR do you just want the commission that comes from this transaction with no other obligation ????

VA may offer something. A vet deserves the help, (but ONLY if they can REALLY afford it)

[HLS]

These people have good credit, but may not be able to prove they have enough income to handle the mortgage payment even though they do. The man is no longer in the military. He’s older, retired and he and his wife are on a fixed income.
******************************
Over here, I’m the wacko that DOESN’T look the other way.

You are a mortgage person’s nightmare.
These are the situations that a helpful person says I CAN DO THAT LOAN, and 4 weeks later is “hemming and hawing” about why they can’t get it done, then everybody gets pissed off.

Loans don’t get funded by what people think they can afford. (any more!)
Even with good credit, YOU NEED TO HAVE A JOB.

Lender’s don’t lend on assets, they lend on income.
Usually VERIFIED income.

In whose opinion do they have enough money to “handle the mortgage payment” yours, theirs or the lender’s ??
Do they have any assets ?

A good credit score and $5 will get you some coffee at Starbucks.

IF they can verify their fixed income and can qualify, they can get a loan. They have passive income. It’s probably going to need to be FULL DOC.

They may need to PROVE that they have been getting their income for at laest 2 years and that it is “expected” to continue for at least 3 more years.

If any part of their income is tax free, they may get more credit for that income by “grossing it up”
Do you in fact KNOW that they don’t qualify full doc ?

And the last question that I like to ask an “agent” who tells me that they can afford the payment, even though they cannot prove it is…
Are YOU willing to be responsible for their “wacko, look-the-other-way, no down payment loan” if they cannot pay the lender OR do you just want the commission that comes from this transaction with no other obligation ????

VA may offer something. A vet deserves the help, (but ONLY if they can REALLY afford it)

[HLS]

These people have good credit, but may not be able to prove they have enough income to handle the mortgage payment even though they do. The man is no longer in the military. He’s older, retired and he and his wife are on a fixed income.
******************************
Over here, I’m the wacko that DOESN’T look the other way.

You are a mortgage person’s nightmare.
These are the situations that a helpful person says I CAN DO THAT LOAN, and 4 weeks later is “hemming and hawing” about why they can’t get it done, then everybody gets pissed off.

Loans don’t get funded by what people think they can afford. (any more!)
Even with good credit, YOU NEED TO HAVE A JOB.

Lender’s don’t lend on assets, they lend on income.
Usually VERIFIED income.

In whose opinion do they have enough money to “handle the mortgage payment” yours, theirs or the lender’s ??
Do they have any assets ?

A good credit score and $5 will get you some coffee at Starbucks.

IF they can verify their fixed income and can qualify, they can get a loan. They have passive income. It’s probably going to need to be FULL DOC.

They may need to PROVE that they have been getting their income for at laest 2 years and that it is “expected” to continue for at least 3 more years.

If any part of their income is tax free, they may get more credit for that income by “grossing it up”
Do you in fact KNOW that they don’t qualify full doc ?

And the last question that I like to ask an “agent” who tells me that they can afford the payment, even though they cannot prove it is…
Are YOU willing to be responsible for their “wacko, look-the-other-way, no down payment loan” if they cannot pay the lender OR do you just want the commission that comes from this transaction with no other obligation ????

VA may offer something. A vet deserves the help, (but ONLY if they can REALLY afford it)

[HLS]

These people have good credit, but may not be able to prove they have enough income to handle the mortgage payment even though they do. The man is no longer in the military. He’s older, retired and he and his wife are on a fixed income.
******************************
Over here, I’m the wacko that DOESN’T look the other way.

You are a mortgage person’s nightmare.
These are the situations that a helpful person says I CAN DO THAT LOAN, and 4 weeks later is “hemming and hawing” about why they can’t get it done, then everybody gets pissed off.

Loans don’t get funded by what people think they can afford. (any more!)
Even with good credit, YOU NEED TO HAVE A JOB.

Lender’s don’t lend on assets, they lend on income.
Usually VERIFIED income.

In whose opinion do they have enough money to “handle the mortgage payment” yours, theirs or the lender’s ??
Do they have any assets ?

A good credit score and $5 will get you some coffee at Starbucks.

IF they can verify their fixed income and can qualify, they can get a loan. They have passive income. It’s probably going to need to be FULL DOC.

They may need to PROVE that they have been getting their income for at laest 2 years and that it is “expected” to continue for at least 3 more years.

If any part of their income is tax free, they may get more credit for that income by “grossing it up”
Do you in fact KNOW that they don’t qualify full doc ?

And the last question that I like to ask an “agent” who tells me that they can afford the payment, even though they cannot prove it is…
Are YOU willing to be responsible for their “wacko, look-the-other-way, no down payment loan” if they cannot pay the lender OR do you just want the commission that comes from this transaction with no other obligation ????

VA may offer something. A vet deserves the help, (but ONLY if they can REALLY afford it)

[Raybyrnes]

There is the ethical dilemma of undeclared taxes. Lot’s of people make income and it isn’t on the books. They have cash but they don’t want Uncle Sam to get his fair cut. Could be this type of scenario. But the way I see it this is where things level out. No show income, no get loan.

[Raybyrnes]

There is the ethical dilemma of undeclared taxes. Lot’s of people make income and it isn’t on the books. They have cash but they don’t want Uncle Sam to get his fair cut. Could be this type of scenario. But the way I see it this is where things level out. No show income, no get loan.

[Raybyrnes]

There is the ethical dilemma of undeclared taxes. Lot’s of people make income and it isn’t on the books. They have cash but they don’t want Uncle Sam to get his fair cut. Could be this type of scenario. But the way I see it this is where things level out. No show income, no get loan.

[Raybyrnes]

There is the ethical dilemma of undeclared taxes. Lot’s of people make income and it isn’t on the books. They have cash but they don’t want Uncle Sam to get his fair cut. Could be this type of scenario. But the way I see it this is where things level out. No show income, no get loan.

[Author]

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