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The Watercooler
Anybody work in the residential mortgage market?
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<blockquote data-quote="DDD" data-source="post: 552942" data-attributes="member: 35"><p>I am GOB SMACKED. Although I haven't been a Realtor in years I always follow real estate news because I find it interesting.I "thought" the only problem I would have was that he has a "thin file" (translation...no credit history). My Plan was to find a $55,000 (or less) home for him....so he would have less than $30,000 mortgage. Of course the best idea was to find an even less expensive house in a decent neighborhood.</p><p></p><p>I have been told that the MINIMUM mortgage amount is $50,000. Wth??? Via the credit union that is also an issue but the biggest issue is the "thin file". They suggest we spend a year building a credit history. Nope. I need to get this project over and behind me so I can concentrate on me. Sigh.</p><p></p><p>I'll check the HUD Disabled but guess I'm going to have to limit the search to owner financing. Bummer! Thanks for the support. DDD</p></blockquote><p></p>
[QUOTE="DDD, post: 552942, member: 35"] I am GOB SMACKED. Although I haven't been a Realtor in years I always follow real estate news because I find it interesting.I "thought" the only problem I would have was that he has a "thin file" (translation...no credit history). My Plan was to find a $55,000 (or less) home for him....so he would have less than $30,000 mortgage. Of course the best idea was to find an even less expensive house in a decent neighborhood. I have been told that the MINIMUM mortgage amount is $50,000. Wth??? Via the credit union that is also an issue but the biggest issue is the "thin file". They suggest we spend a year building a credit history. Nope. I need to get this project over and behind me so I can concentrate on me. Sigh. I'll check the HUD Disabled but guess I'm going to have to limit the search to owner financing. Bummer! Thanks for the support. DDD [/QUOTE]
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Anybody work in the residential mortgage market?
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