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The OC Scam.
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November 12, 2007 at 11:59 AM #98798November 12, 2007 at 11:59 AM #98803
kev374
ParticipantRay, so you’re saying Family 1 will get a higher loan despite higher debt/lower income because their income qualifies for some kind of housing program? (CHAFA)?? Isn’t that ass backwards?
November 12, 2007 at 1:22 PM #98769Raybyrnes
Participantkev374
Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.
From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.
Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.
November 12, 2007 at 1:22 PM #98829Participantkev374
Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.
From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.
Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.
November 12, 2007 at 1:22 PM #98845Participantkev374
Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.
From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.
Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.
November 12, 2007 at 1:22 PM #98851Participantkev374
Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.
From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.
Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.
November 12, 2007 at 10:10 PM #98835guitar187
ParticipantNeither scenario has enough information.
You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?
There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.
November 12, 2007 at 10:10 PM #98893ParticipantNeither scenario has enough information.
You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?
There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.
November 12, 2007 at 10:10 PM #98909ParticipantNeither scenario has enough information.
You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?
There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.
November 12, 2007 at 10:10 PM #98916ParticipantNeither scenario has enough information.
You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?
There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.
November 12, 2007 at 10:24 PM #98864The OC Scam
ParticipantShould be…
Case 1 250 K
Case 2 500 K
But you know it is…
Case 1 400 k
Case 2 666+ k
little devils
November 12, 2007 at 10:24 PM #98922ParticipantShould be…
Case 1 250 K
Case 2 500 K
But you know it is…
Case 1 400 k
Case 2 666+ k
little devils
November 12, 2007 at 10:24 PM #98938ParticipantShould be…
Case 1 250 K
Case 2 500 K
But you know it is…
Case 1 400 k
Case 2 666+ k
little devils
November 12, 2007 at 10:24 PM #98944ParticipantShould be…
Case 1 250 K
Case 2 500 K
But you know it is…
Case 1 400 k
Case 2 666+ k
little devils
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