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Why would they, banks already got burned in the housing bubble collapse of 2008
you'd think. I see way too many people who shouldn't get loans buying houses.
I bought in 2010 and the banks told me I can afford way more as I had thought I can. I said "what if I want to go on a vacation in the next 30 years? What if I want to buy a new car in the next 30 years? I can't even afford to go on a weekendtrip if I buy the house you think I can afford."
They said, they calculate future salary raises into their calculation and inflation, etc. etc.
I bought a house almost half the price they told me I can afford and it fits. I wouldn't be comfortable to pay more. And my raise since 2010 is about 2% per year, hahahhaa.
Well actually, I'm getting emails from loan officers who are doing stated income no doc loans again. I don't know the terms but I wouldn't recommend it. Serious buyers should make a financial contribution toward the purchase. JMHO.
Well actually, I'm getting emails from loan officers who are doing stated income no doc loans again. I don't know the terms but I wouldn't recommend it. Serious buyers should make a financial contribution toward the purchase. JMHO.
Oh, I'm sure there is someone out there willing to do this, but the terms would be an insanely high interest rate, and if you didn't pay, someone would be coming to break your kneecaps, instead of just foreclosing on the house.
Well actually, I'm getting emails from loan officers who are doing stated income no doc loans again. I don't know the terms but I wouldn't recommend it. Serious buyers should make a financial contribution toward the purchase. JMHO.
I get those emails too, and most of them want 20-30% down. The OP is asking for 0 down.
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