I assume that what they care about isn't so much whether or not a person can make the payments as much as whether or not they can get their investment back by foreclosing on the property if the borrower can't, and then selling it for more than is owed to them. That's what it looks like, at least. That's kind of surprising considering how many homes foreclosed on after the mortgage meltdown were 'short to close' when the lenders unloaded them. The truth is probably that they're looking at all of the above when in underwriting. But hey, what do I know...? |