I would say itis higher than 30%. Many people have good credit scores,but alot of tax write offs so not enough bottomline income on their tax returns. There has to be some middle ground between stated income and totally documented income for the small business people, the actual investors in America.
This is so Ironic, and a bit cruel as we see such incredible home within arms length! It truly is a blessing if you are able to get qualified for a loan. The customers that I am working with are very savvy and aren't taking anything for granted! Great post.
There are a lot of homeowners who would like to move up and have the financial ability to comfortably meet a higher monthly payment. Unfortunately, even with otherwise good credit, they owe more on their current home than it is worth. If the lending industry could find a profitable way to accommodate this group, there would be considerable movement in housing. Transfer neg equity in a 140% LTV loan to a new larger 120% LTV loan with considerably higher monthly debt service? Why not?
i do not show anyone properties anymore without them being pre-qualified first for that very reason