stated income loans

[UncleBuck]

Buck..

I read it again and yep you claim they are dead.

funny, no mention of them being dead at all.

i've inherited many things from living people.

you are merely retarded, madam.

 

[UncleBuck]

Don't the fine ink in those loan's allow institutions to adjust the rates?

good point, and probably.

 

[nitro harley]

funny, no mention of them being dead at all.

i've inherited many things from living people.

you are merely retarded, madam.

Buck..

Good for you. It's best if you worry about your own shit.

 

[UncleBuck]

Buck..

Good for you. It's best if you worry about your own shit.

yet here you are, a welfare mooch busybody always concerning herself with anybody who he perceives to be getting "free shit".

maybe try following your own advice, princess suckateat.

 

[WHODAT@THADOR]

good point, and probably.

I think they do and that was part of the problem that exacerbated the crisis? They allowed institutions to foreclose on you after raising rates in a "Quicker then usual timeframe" Maybe? Not positive but it's worth checking into

 

[UncleBuck]

I think they do and that was part of the problem that exacerbated the crisis? They allowed institutions to foreclose on you after raising rates in a "Quicker then usual timeframe" Maybe? Not positive but it's worth checking into

i would walk away unless it was a fixed rate. and probably have the family lawyer read it too for good measure.

 

[WHODAT@THADOR]

i would walk away unless it was a fixed rate. and probably have the family lawyer read it too for good measure.

Pretty much that sound's like a pretty good plan

 

[downhill21]

You're on the right track. They're for self employed folks who may have trouble verifying some or all of their income, they are a somewhat higher rate, and they are mostly gone since 2008 or so. Also called a "no doc" loan, due to the lesser requirements for documents supporting your income. The underwriting criteria are almost certainly different too, likely with more $ down...compensating factors that offset the obvious risk of making a substantial loan with fewer supporting docs. Do the numbers, make sure you're on top of any early payoff penalties, rate fluctuations, balloon, etc. Other than that, there's nothing unusually ugly about them (for the borrower).

 

[Harrekin]

You're on the right track. They're for self employed folks who may have trouble verifying some or all of their income, they are a somewhat higher rate, and they are mostly gone since 2008 or so. Also called a "no doc" loan, due to the lesser requirements for documents supporting your income. The underwriting criteria are almost certainly different too, likely with more $ down...compensating factors that offset the obvious risk of making a substantial loan with fewer supporting docs. Do the numbers, make sure you're on top of any early payoff penalties, rate fluctuations, balloon, etc. Other than that, there's nothing unusually ugly about them (for the borrower).

Definitely have someone check the conditions for adjusting the variable rate, that can be scary as fuck in some places.

Thank God we've only 5/6 major banks, all regulated to the balls.

 

[downhill21]

Not regulated enough, man. The OCC and the FDIC do little to oversee bank consumer protection or to ensure they're taking on reasonable (not excessive, Jamie Diamond BoA!) risk, as they play with our money. The Republicans want to dismantle the newly formed CFPB, and if they do, we're on our own again.

 

[Johnwhipshisboehner]

this is america. you are not american unless you have debt. FACT.

Like you know anything you fucking terd for a source of info.

 

[FLkeys1]

When we bought our home in 2006 we could do Full Doc. or Stated income.. We were told by the builder since both credit scores were over 780 we could do stated.. We did full doc because we knew we could qualify for the home.. I did not they even did stated income anymore after the crash. To me stated is when you can't really prove your income but you know you can afford the home..