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Old 02-10-2015, 03:10 PM
 
24,843 posts, read 32,325,675 times
Reputation: 11452

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Quote:
Originally Posted by desertdetroiter View Post
Truth be told, buying a house right now can be very difficult for anyone because the rules for borrowing have been stiffened...and banks are unyielding.

My wife and I are in the process of helping my son purchase a house. We gave him a rather large gift as a down payment, but the bank rejected it once they found out that it wasn't money he'd earned himself, but a gift from family.

I'd never heard of such a thing. He can still put the money down, but it doesn't count as part of HIS income...and the loan application must stay that it's gifted money.

So my wife and I have to cosign for the home...major headache.

Mortgage lenders aren't making it easy for anyone regardless of race.
Now that you know where the money came from is an issue........go to a different bank.
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Old 02-10-2015, 03:20 PM
 
1,008 posts, read 1,115,738 times
Reputation: 883
Quote:
Originally Posted by Driller1 View Post
I am not sure buying a home is a path to wealth...........we live in a camper and bought equipment.......truly a way to build wealth.

People need to stop looking for it to be easy.
It still is the path to wealth if you use your money correctly.
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Old 02-10-2015, 03:20 PM
 
1,247 posts, read 1,091,792 times
Reputation: 631
Red lining worked
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Old 02-10-2015, 07:53 PM
 
50,160 posts, read 26,566,138 times
Reputation: 15672
Quote:
Originally Posted by Driller1 View Post
Now that you know where the money came from is an issue........go to a different bank.
All banks are doing the same thing. They're looking at your deposit history. Any large deposits are red flags. If you can't show earning that dough, it's totally ignored as part of your income and savings history.
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Old 02-10-2015, 07:54 PM
 
Location: annandale, va & slidell, la
7,256 posts, read 3,013,054 times
Reputation: 6083
It's all about credit. Very simple.
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Old 02-10-2015, 08:02 PM
 
3,624 posts, read 3,082,316 times
Reputation: 1504
credit is overrated and the people who live and die by it are slaves to debt and will be in debt for the rest of there lives.

the goal is to not use credit and avoid debt, which most people never understand.

and those homeowners dont own anything as long as they are still paying on the house.
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Old 02-10-2015, 08:38 PM
 
Location: Barrington
45,661 posts, read 33,923,145 times
Reputation: 15218
Quote:
Originally Posted by gtc08 View Post
credit is overrated and the people who live and die by it are slaves to debt and will be in debt for the rest of there lives.

the goal is to not use credit and avoid debt, which most people never understand.

and those homeowners dont own anything as long as they are still paying on the house.
That all depends..... The UBER wealthy often live off of cheap secured revolving lines of credit to reduce their tax obligations.

That strategy obviously will not work for most people.
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Old 02-10-2015, 08:40 PM
 
50,160 posts, read 26,566,138 times
Reputation: 15672
Quote:
Originally Posted by finalmove View Post
It's all about credit. Very simple.
Not right now. Good credit isn't enough these days.
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Old 02-10-2015, 08:47 PM
 
Location: SF Bay Area
14,330 posts, read 19,511,446 times
Reputation: 18436
Default Absolutely

For centuries, life has been easier for whites, in everything.
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Old 02-10-2015, 08:51 PM
 
Location: Wonderland
44,480 posts, read 35,950,842 times
Reputation: 62890
Quote:
Originally Posted by desertdetroiter View Post
Truth be told, buying a house right now can be very difficult for anyone because the rules for borrowing have been stiffened...and banks are unyielding.

My wife and I are in the process of helping my son purchase a house. We gave him a rather large gift as a down payment, but the bank rejected it once they found out that it wasn't money he'd earned himself, but a gift from family.

I'd never heard of such a thing. He can still put the money down, but it doesn't count as part of HIS income...and the loan application must stay that it's gifted money.

So my wife and I have to cosign for the home...major headache.

Mortgage lenders aren't making it easy for anyone regardless of race.
That's been a common policy for at least 15 years. It's nice that you gave him a gift, but he didn't earn that money on his own and he didn't save that money - that's what the bank is looking at. Just for the record, it has absolutely nothing to do with the color of his skin but you probably know that.

Has he considered purchasing a less expensive home? This is his first home, right?
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