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can you believe how much you have to have before prequalifying for a home this year?

I am amazed by this you need every page your ur 2008 and 2009 taxes,your last 2 years of w2's, a full month of paystubs,a full 3 months of bank statements, copy of both ss# and ID, A rental contract,One full year of 401k...and this is just to get prequalified and it now takes between 5-7 days to get prequal and 45 days to get the loan and another month to move in. If you buy a home under 100k it has to be cash only same for modulars and mobile homes. The home can be taken away even if you pay on time every month if you fail to minchen any of ur debts by mistake. You can't have more than 39% of debt to income ratio and now there is no 100% financing you have to have 3 1/2% down. this is insane I may just stay renting!!

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Asked by Anonymous at 3:02 PM on Jun. 29, 2010 in Just for Fun

Answers (5)
  • I guess I don't understand why its insane for a bank to want to make sure you can afford a home before the lend you thousands of dollars for one. Maybe if they had done this BEFORE we wouldn't be in the problems we are in now.

    Answer by oboe_chik at 3:04 PM on Jun. 29, 2010

  • If they'd done that in the first place we wouldn't have the mess we have now.

    Answer by NotPanicking at 3:04 PM on Jun. 29, 2010

  • We didnt have to do most of that stuff so I have no idea what youre talking about.

    Answer by Aqua_Jen at 3:08 PM on Jun. 29, 2010

  • that's what my mortgage broker gave me a list of..

    Answer by chica679 at 3:10 PM on Jun. 29, 2010

  • Most of this was needed before...if every lender had insisted on gathering all of this information up front then we would not have had the melt down we did.
    I doesn't take longer than 15 minutes to get a prequal
    no where near 45 days (we close them in 3 weeks usually)
    OK as I read the rest of your post, you are mistaken. Please don't post information as fact!

    Answer by mamakirs at 3:13 PM on Jun. 29, 2010

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