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Why do people lie and say they have been approved for a house and they do not work, have bad credit and their husband works temporary jobs on and off, who do they think belives that?

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Asked by Anonymous at 2:02 PM on Jun. 28, 2008 in Money & Work

Answers (14)
  • not all people lie about that, and just because someone is self employed and has bad credit doesn't mean they can not qualify for a house, people with not so good credit do get loans and people that are self employed do get loans, it all depends on what the loan company wants to do....

    Answer by BreakingFree at 2:05 PM on Jun. 28, 2008

  • Amen BreakingFree.   AND  There are people with NO job's that have $$ in the bank to get the loan or pay a big chunk of it up front which will qualify them even with bad credit. There are even people who work temp jobs and get loans for homes. You possibly dont understand just HOW the homeloan business works or how the loan process works. I worked in Real Estate and I KNOW you can get qualifyed with only 1 income and no money down and get qualifyed with bad credit, or you only work temp jobs or are self employed, those types of people get loans to.

    Answer by vbruno at 2:20 PM on Jun. 28, 2008

  • Whoa I would like to know where these programs are!! I have been an operations manager for a mortgage brokerage for 10 years. As of the last 1.5 years it is EXTREMELY difficult to get a loan unless you have great credit and money for a down. There are no longer and 100% programs unless you qualify for USDA. The real point is that obviously there person or persons who are being less than completely honest are possibly doing so to make themselves feel better.
    Maybe their circumstances are such that they are trying to convince others that they are more worthy than they feel. Americans put such a HUGE priority on home ownership that often times renters feel less than.

    Answer by mamaswholub at 2:58 PM on Jun. 28, 2008

  • There ARE 100% financing loans out there. One is called FHA!  USDA is the united states agriculture department that oversees the meat packaging industry.  Yes today it is harder to get a loan without a combined FICA score of at lease 720 but people are still getting them.  FHA still does 100% financing for first time home buyers, and that includes people who have not bought a home in 10  years or more. There are also TONS of down payment assistance programs for low income people as well.  I can give you the links if you want. But if your an Ops manager for a mortgage brokerage you should know how to find them.

    Answer by vbruno at 3:05 PM on Jun. 28, 2008

  • FHA Mortgage Guide: FHA News, FHA Loans, Mortgages, Lenders & more!
    FHA Loan offers FHA loan news and information. ... subprime loans with no documentation for 100 percent of a home’s appraised value — bank ... - 56k

    Answer by vbruno at 3:07 PM on Jun. 28, 2008

  • Lender Rate Match - Compare mortgage rates, home loans, refinance ...
    Search and compare thousands of possible home loan programs and find a lender. ... such as 100% financing and adjustable rate loans with low initial ... - 19k

    Answer by vbruno at 3:08 PM on Jun. 28, 2008

  • FHA does not do 100% financing. Borrowers have to come in with 3% OR have A DPA program...of gift..The web sites you are showing are NOT run by FHA.. correct information on FHA HUD is
    The other for the only 100 - 102% financing is

    Those are both Federal/Gov sites

    Consumers need to be CAREFUL with the above type lender/websites...they are not mandated and contain inaccurate information.

    Answer by mamaswholub at 3:17 PM on Jun. 28, 2008

  • USDA rural housing Department does grants...and federally backed loans for people who live in Counties that qualify as well as those who meet income and credit score guidelines. (620/640 min)
    They offer up to 102% financing as well.
    This link gives information to the battle of keeping the DPA programs available.
    These links goes into detail about how they stopped the ban on DPA programs...but the furture of the DPA programs is bleak to say the least..
    More info for the DPA..banning�Apr-2008+PRN20080404
    It's always best to meet with a mortgage professional be it a broker or a banker, whom you can trust. The industry is changing every day thus so are the programs available. <

    Answer by mamaswholub at 3:44 PM on Jun. 28, 2008

  • FHA is run through our USDA here. Just thought I'd throw that out there. There are some things that can help lower income families but not much. My fiance and I have 500's on credit scores, good jobs, steady income, and decent payment history and we can't even get a small personal loan. Times are getting harder for the younger generation. Lower income families just need some help sometimes but if you fall in the inbetween category (which we do) there is NOTHING out there for us.

    Answer by HeatherTurner at 4:52 PM on Jun. 28, 2008

  • You are so right Heather and I am afraid that things are going to get worse as far as the industry guidelines go before the trend goes back the other way. Just work on that credit honey!!! GOOD LUCK and gimme a hollar if you have any questions, I have no problem giving advice, help or suggestions.

    Answer by mamaswholub at 5:18 PM on Jun. 28, 2008

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