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December 17, 2008
Home Mortgage Changes
So the mortgage industry is tightening up, right? I mean, that's what they'd have you believe, any way. Like this post that Glenn Reynolds excerpted on Instapundit:
"Re your post on "projections" - in my case buying a home, and getting a great deal! I am buying a foreclosure property in Florida for my family. The lender, now dumping their REO properties, agreed to let it go for 52 cents on the dollar.
With good credit scores (over 800) and providing full documentation (no-doc or stated income loans are no longer around) I secured a 5.25% 30 year loan."
I love this. "no-doc or stated income loans are no longer around". Brilliant. Well, there's no fooling the mortgage companies then, is there? Like, there's no way you could create a W-2, unless you went here and downloaded your own blank W-2 and filled it out and printed it. Or you could scan a real one and Photoshop it. Ditto for bank statements and other pieces of paper they require.
For income and employment verification, there's no way you could fool them on that one, unless you gave your friend a six pack of beer and asked him to pretend like you worked for him and make $293,000 a year if anyone calls on his cell phone and asks in the next 4 days.
This is such a joke. If they really cared about income verification, they'd get the information from the IRS, not from some guy walking in cold off the street. Income verification is a farce. They may as well offer no-doc loans, instead of requiring a guy to waste a few hours to fabricating the documents they require to get the loan.
Anyone with a computer, a scanner, a printer, and a few hours to kill could produce all the documents required, from bank statements to W-2's to diplomas.
I know. You never thought about this, did you? Of course not. Go back to sleep. All is well, komrade.
Posted by Rob Kiser on December 17, 2008 at 7:12 PM
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