The 1,2,3s of Home Loans ...
Posted by:
FB
()
Date: January 13, 2006 09:45PM
they will loan to anyone. The question to Hispanic Home Owners is very really simple. I have a neighbor that brokers home loans. The broker doesn't care whom he makes a loan to or at what interest rate the individual qualifies for and if he can pay it off. He wants to make the sale to make the commission. Mortgage companies have been very liberal over the last couple of years because they did not care due to the aggressive increase of value. How could they lose, if you have to foreclose, they keep the profit!
The following is a real life example (Fairfax County), he was not sure if the individuals were Iraqi or Agan, but they were a taxi driver and the W-2 showed they made only $ 15,000 for the year. He has a program where if the individual can demonstrate they make more than there W-2, they can qualify for the loan. This particuliar person qualified for a $ 360,000 loan!!!!! Sure his interest rate was higher, but he got the loan!!
Does anyone see a problem with this, I do and will tell you why!
1. As most people know, a taxi driver is mostly a cash business.
2. If you declare $ 15,000 and can qualify for a $ 360,000 loan, you have lied not only to the IRS, but to the rest of America.
3. You qualify for earned income tax credit. In essence, he stole money from every American in the country.
4. You qualify for welfare, to include MEDICADE!!
5. You wonder why I demand the stop to immigration!