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Joe Parsons

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OT- Ode to Immigration

On 26 Jul 2004 05:26:56 GMT, (Gould 0738) wrote:

[snip]

And lastly, see if you can figure out who is making mortgage loans for 1/2
million dollar homes to welfare recipients. I seriously doubt that any of your
local banks are doing that. (Bank loans are subject to regulatory
audit....nobody is going to approve making a RE loan to a loosely assembled
group of welfare recipients). If you *should* find a local bank making half
million dollar mortgage loans to people on welfare, either borrow as much as
you can as fast as you can from them or get every last dime of your money
transferred somewhere else. :-)

I know a few things about the mortgage business.

Apart from qualifying from a creditowrthiness standpoint, "group ownership"
won't make it past any underwriter.

While it is not all that hard to finance real estate to 100% of its value, doing
so on a welfare check is just not going to happen. To buy the aforementioned
$549,000 house, a borrower would have to document $8,500 per month in
income--assuming that individual carried no other debt.

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