Reply by Charles_Ca on 3/24/07 11:39am
Msg #181724
With a 55k income a 204k home is hardly a problem.
Their debt to income ratio if they had used credit responsibly and had set some money aside for a down payment they would have qualified for "A" paper. I guess telling the whole story doesn't sell papers. Now I realize that I am inferring some things here but they have been left out, kinda. The quote from the lender who specialized in problem credit gives it away. Credit is a powerful tool and unfortunately all too many in today's society dominated by instant gratification don't use it responsibly. Statistics tell us that Americans are at an all-time low for savings and at an all-time high for credit useage. Unfortunately a lot of people buy into getting it now and worrying about how to pay for it later.
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