06-22-2008, 11:12 AM
cynmkohole, I wish you wouldn't repeat the "liar loans" name. I take it kind of personally, having had several of those loans, and never missed a payment or told a lie on my app.
Those loans are very good for people who are retired and/or disabled who have assets in the form of cash and real property. Conventional loan apps will deny a disabled person who doesn't have enough monthly income, and the same with a person living on Social Security retirement, even if that person has assets that will allow for making the loan payments.
Conventional is way too geared towards the "paycheck" lifestyle and for people doing something else it's not a good product.
As I recall, we qualified by having FICO scores over 770 and no dings on our credit.
I'm sorry that people abused these loans, but I know that they helped us, and we met our obligations.
Those loans are very good for people who are retired and/or disabled who have assets in the form of cash and real property. Conventional loan apps will deny a disabled person who doesn't have enough monthly income, and the same with a person living on Social Security retirement, even if that person has assets that will allow for making the loan payments.
Conventional is way too geared towards the "paycheck" lifestyle and for people doing something else it's not a good product.
As I recall, we qualified by having FICO scores over 770 and no dings on our credit.
I'm sorry that people abused these loans, but I know that they helped us, and we met our obligations.