Special offer

CAN'T USE DPA BUT CAN USE FOOD STAMPS TO GET THIS LOAN CLOSED.....HMMMMMMMMMMMM...

By
Services for Real Estate Pros with Bowers Insurance Group

My Branch Manager and I seem to have a magnet on our foreheads for "Clients with weird issues."  I thought I had figured out the most intricate case when I find out that if a person is trying to get approved for an FHA loan, and they were incarcerated within the past 2 years that income needs to be proven, if you can prove the start and ending date of the incarceration, they will grant a DTI exception....

WELLLLLLLLL... We've got one better for you. 

DID YOU KNOW THAT if a person is receiving Food Stamps.......that is considered unearned income and it can be grossed up just like social security income and included in DTI.... WOW...This is one of those... THINGS THAT MAKE YOU GO HMMMMMMMM!!!!!!!!!!!

 

Sacramento Grapevine
SacramentoGrapevine - Roseville, CA

wow thaey cant afford to buy food but they can afford to buy a house ???????

Sep 13, 2008 06:11 AM
Marc Baysek
Iron Horse Properties, LLC - Rockingham, NC
Iron Horse Properties

Now I have heard it all...I hope

Sep 13, 2008 06:18 AM
Cameron Novak
The Homefinding Center - 1000 Palms, CA
Real Estate Broker since 2008

YOU'RE KIDDING RIGHT?  TELL ME YOU'RE JUST KIDDING, PLEASE.

Sep 13, 2008 06:20 AM
Bob Southard
Atlas Realty Service, LLC - Kennesaw, GA
e-Pro - Cobb,Cherokee,NorthFulton,Paulding,Bartow

Its a government policy so I guess it must be true.  How idiotic, giving an entitle on one hand and insuring their home loan on the other.  aaarrrrggghhh

Sep 13, 2008 06:51 AM
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Real Estate

Hi Sharon, I didn't know that but somehow I hope it is knowledge I never have to use.  LOL

Sep 13, 2008 07:01 AM
Chris Horton
Horton's Lawn Care L.L.C. - Burton, MI

Wow, maybe I should just start charging people in foodstamps for their lawn care and landscaping LMAO

Sep 13, 2008 07:53 AM
Jen Bowman
Keller Williams on the Water - Holmes Beach, FL
Realtor - Anna Maria Island & Bradenton FL

Nothing ceases to amaze me anymore.

Sep 13, 2008 07:57 AM
Kirsten Mellinger
SkyView Real Estate - Simi Valley, CA
Ventura County Real Estate

This is seriously pathetic!  What is this country doing to itself???!!!   But nobody want to even whisper the words..."maybe we need to revamp the welfare system."  Who knows how much money could be re-appointed toward the health care issue....oops, I'm getting a little too political, better stop now!  Thanks for another eye-opener!!

Sep 13, 2008 11:07 AM
Angelia Garcia
Pure Realtors - Dallas, TX

That is soooo crazy.

Sep 13, 2008 12:34 PM