06-23-2008, 05:56 AM
>>>People need to go back to 3yrs W2s, 2 yrs bank records, 3x income when getting a loan.
This is the part I object to ... it means if you plan on retiring, don't plan on buying a house after you retire, if you can't pay it off, but you can buy it a month before you retire and you qualify.
>>>Its the idea that people get ARMs under the idea that they can refinance later, and pull money out. People who did Nina/Ninja/OptARM and other exotic have really screwed over their community not only themselves.
Not necessarily. Our no doc loans were fixed rate, not ARM's, and we never even had a mortgage broker recommend an ARM to us here.
Beachboy, as I was told by my broker, the good credit qualifying products went out the window over the last year thanks to all the misbehavior by others.
This is the part I object to ... it means if you plan on retiring, don't plan on buying a house after you retire, if you can't pay it off, but you can buy it a month before you retire and you qualify.
>>>Its the idea that people get ARMs under the idea that they can refinance later, and pull money out. People who did Nina/Ninja/OptARM and other exotic have really screwed over their community not only themselves.
Not necessarily. Our no doc loans were fixed rate, not ARM's, and we never even had a mortgage broker recommend an ARM to us here.
Beachboy, as I was told by my broker, the good credit qualifying products went out the window over the last year thanks to all the misbehavior by others.