deeznutz1245 wrote:
When my wife and I were buying our first home some sleazy over the phone company tried pushing us into a Fannie Mae loan. I delt with them no more and went to our local bank. My suggestion to anyone buying a house is to go through your realtors company or a local bank. No good real estate agent will use someone who shits in their own back yard. Do some research and get a reputable realtor, they usually have worked extensively with companies and financial investors.
Out here stated income and no down has been the name of the game.
People could just say " I make 90k per year " without having to provide check stubs or anything.
I had excellent credit, and managed to put 3% down, but I knew I was betting on rising equity to translate into a bigger down payment and lower interest rate after a refy.
The average person does not have the 20% cash payment to qualify for a prime mortgage.
Hence the word sub prime. The average mortgage could be considered sub prime, with a somewhat minority number of people who have equity combined with awesome credit.
Basically the banks, the tax collectors, the oilmen and power companies; they all ride us as hard as they can, even to the breaking point.
They'll back off and let the economies recover enough so that the average working scmuck can feel like the banks are secure, then go back to fucking us as hard as they can, assuring that we stay in debt and motivated to be apathetic little worker bees for the sake of our little Johnys or tiny Sallys.
We should have a gold standard economy balanced with a barter system.