Always been told banks love loaning $ to those who dont need the loan....aint it the truth....I remember when I built my home in 08...I owned the land outright....the loan officer didnt even care....i was qualified for the construction perm on the spot....Y?... I had collateral and Cash that made the loan a 40% LTV ratio....it was a no brainer...now some years earlier...I couldnt get a conventional loan to save my arse for a $30k condo
...I was paying $600/mnth in apartment rent, yet the $30k loan was to have me making payments around $245....yet I wasnt qualified for the loan???? Total BS....I then found a way to get around it by getting into a no income stated loan. The fakking loan was approved on my credit score and my mort broker filled in the appropritae income that would make it work. Now, I know many here will say....See....this is what got us in this mess...I totally disagree....the loan made my monthly housing payment lower....plus I was now a homeowner....my property taxes were like $25 a year and water was included in the HOA fees of like $35 a month....it was a one bedroom and no laundry hook ups.....I was on the board as treasurer and we turned that place into a gold mine. I sold mine for $45k 3yrs later (I put 8K into it) and 2 or 3 years after that one sold for $55k or more.....Also, the condos were about 20 years old and in the time span from their beginning to the time I bought their original sale price was in the mid 30's and some had sold as low as the low teens.....Today, even with the down turn....they are still holding up into low 40's.....It was a win win IMO.....No income stated loans are perfect IMHO, Y? Because they use common sense....and that is a lower cost of living .... or in my case a lower cost....a no brainer and one of the ways i was able to climb the ladder out of lower class.
...I was paying $600/mnth in apartment rent, yet the $30k loan was to have me making payments around $245....yet I wasnt qualified for the loan???? Total BS....I then found a way to get around it by getting into a no income stated loan. The fakking loan was approved on my credit score and my mort broker filled in the appropritae income that would make it work. Now, I know many here will say....See....this is what got us in this mess...I totally disagree....the loan made my monthly housing payment lower....plus I was now a homeowner....my property taxes were like $25 a year and water was included in the HOA fees of like $35 a month....it was a one bedroom and no laundry hook ups.....I was on the board as treasurer and we turned that place into a gold mine. I sold mine for $45k 3yrs later (I put 8K into it) and 2 or 3 years after that one sold for $55k or more.....Also, the condos were about 20 years old and in the time span from their beginning to the time I bought their original sale price was in the mid 30's and some had sold as low as the low teens.....Today, even with the down turn....they are still holding up into low 40's.....It was a win win IMO.....No income stated loans are perfect IMHO, Y? Because they use common sense....and that is a lower cost of living .... or in my case a lower cost....a no brainer and one of the ways i was able to climb the ladder out of lower class.
Disliked"I can get a good look at a steak by sticking my head up a bulls ass, but I would rather ask the Butcher".
- Brian Dennehy
Tommy Boy
One would love to believe that you could just walk into a Small Town America bank, have a seat with the Manager and have him give you a couple hundred K based on the fact that he has to drive past your farm and could easily do a head count on your cattle, but is this really the case?
Maybe it once was, but thanks the the scammers, scheemers and skeletons of days gone past, not only is our air, land and water polluted...Ignored
