Why you can't get a mortgage

Anyone with a fiscal I.Q. of over three better figure out real quick that cash is king and will be for a very long time. Back to the barter system for the next ten years or so.

I no longer believe in "loans". If you don't have the money to buy it you don't have the credit to own it. Plain and simple. However I wish I knew that before I got so far into debt that I had to file a chapter 7. I never thought it would happen to me. So it's cash from here on out.

I am a buyer! I wold buy today if I could. I have over 750 credit and my fiancee has over 800 credit. I am self employed and she is part time and finishing her Masters degree. We both make more than enough to afford whatever we want. Banks wont even talk to us. I am currently in the middle of paying EXCESSIVE taxes for 2 years to be able to get a mortgage. I will pay approximately $25,000 more than necessary to be able to get a loan just because I am self employed. How is this fair. We have excellent credit and more than enough money and NO debt and yet, NO LOANS to be found!

Were damned if we do and were damned if we don't this mess was created by our own government and now they want to place the blame on the people who work and keep this country growing without jobs people cant pay for their homes Bush started this recession and Obama made it worse why do we vote for one man and give him total power to make decisions or all of us and how to spend our tax money really makes no sense wee need to change our government and w should be able to know how every h penny is spent and who we support or help and what companies we allow to sell their products here to much power in one mans hands is total suicide for the rest of us sometimes we cant even trust our own family members why should we trust this man with our future and our children's future Obamas kids are living the life best schools best clothes living in luxury while we cant even keep our homes.

Yes the same people that put us into this mess are the same ones making up the rules to prevent us form working our way out of the debt crisis

The standards were way too lax before.  Now they are too stringent.  You have to pay the piper, as they say, and he has come calling for his check.  People buying houses are paying cash, and hav been for a while.  It is actually the best time in a long time to buy, if you write a check.

Most of you do not know what you are talking about.  My husband and I recently purchased a new home in Florida. The majority of the hurdles that the financing institution put us through were unnecessary.

 

Facts: My credit score is 820. My husband's credit score is 790. I have over $100,000 in my bank account (which, by choice, was also our financing institution). We have over $500,000 dollars in stocks, bonds, and other assets. We both have IRA's, with substantial balances.  We are both employed (with high incomes) on a full-time basis.  We have no credit card debt. Cars are fully paid for. 

 

All supporting documentation was timely provided to the financing institution, along with income tax returns and all other requested paperwork.

 

We recently sold our home for $580,000.  We have never been late with a mortgage payment or any other bills.  We have never declared bankruptcy. There are no liens or judgments against us.  There are no pending lawsuits. Our children are all college graduates who no longer live with us or are dependent on us.

 

We could easily have paid cash for the $300,000 house that we purchased.

Yet, we chose to obtain a mortgage because of the low interest rate.

 

The bank held up our financing because it insisted on being provided with a copy of my husband's "Separation Agreement" which made reference to "child support." The loan officer advised that this had to do with my husband's financial obligations.  Although I explained that the Separation Agreement was over 10 years old (2001) and that the subject "child" is currently 25 years old and is no longer even eligible for "child support", she insisted that the bank had to have a copy of this document. The bank finally relented when I told them we would take our business elsewhere.  

 

So, in essence, there are a bunch of nitwits out there who are writing mortgages.  

Hey to all of you “BLAME IT ON BUSH & the Republican” FOLKS OUT THERE…THE US Housing Crisis was at the epicenter of this country’s economic collapse as well as economic chaos world-wide. Now what was the root cause of this economic chaos you ask?

 

Consider this:

 

·         Jimmy Carter pushed for and signed into law the Community Reinvestment Act which forced banks to lower their standards so that previously unqualified people could get a mortgage.

 

·         Bill Clinton then doubled-down on the Community Reinvestment Act and greatly lowered mortgage standards to allow a lot more unqualified borrowers to get loans.

 

·         Bill Clinton’s Attorney General, Janet Reno, then intimidated banks with threats of legal action if they did not give loans to unqualified borrowers who would not have the income to pay the loans back.

 

·         A member of the Clinton administration, Franklin Raines was then put in charge of Fannie Mae by Bill Clinton. Fannie Mae bought up a majority of the bad loans made by banks to unqualified borrowers. Raines then falsified Fannie Mae financial reports so he could collect bonuses which totaled over $90 million for 5 years.

 

·         Senator Chris Dodd, head of the Senatorial Financial Committee, suppressed efforts by President George W. Bush and congressional Republicans to rein in the corruption at Fannie Mae and Freddie Mac. He got a very favorable loan by a bank associated with Fannie Mae and Freddie Mac. He got large political campaign contributions from Fannie Mae and Freddie Mac.

 

·         Barney Frank, head of the House of Representatives Banking Committee, also suppressed efforts by President George W. Bush and Congressional Republicans to investigate corruption at Fannie Mae and Freddie Mac.

 

·         Barack Obama, while he was an attorney, filed lawsuits against banks on behalf of ACORN in order to force banks to give loans to people who could not afford to pay them back. Obama, while he was a U.S. Senator, also suppressed efforts by President George W. Bush and Republican Congressmen to investigate and rein in Fannie Mae and Freddie Mac.

If you are self employed forget it! In the current mortgage market no matter how much you put down you still have to qualify for the balance. The current situaton is a farce. Save the banks and they don't want to even refinance people that have been in their homes for years.

I am a licensed mortgage lender and I can assure those of you who bothered to read this article that the credit scores necessary to purchase a home are nowhere near those quoted above. There are many different types of loans available, with a VA loan starting at a 620 mid score, an FHA loan starting at 640, etc. With people writing this type of nonsence it only confuses those who wish to purchase or refinance a home into being too scared to even apply! Please, talk to a reputable licensed lender and see for yourselves! This nonsence only helps to hurt our economy. Interest rates have never been lower, either!