No Income, No Job, no Assets PLUS No Appraisal
New was out that not enough residential lending was being done to help homeowners refinance and purchase new homes. Lenders need to keep that hamster wheel turning to collect their FEE INCOME.
Residential properties under $400,000 don't require a "real" appraisal; i.e., a lender employee can look online, say at Zillow, and decide the property is OK to lend on. Could be why NSAs will need to take photos LOL prove the house is really there.
And so the downhill slide begins ... again. |
