All Forum Posts by: Jenna Goldstein

 Because if they lack a way to repay the loan, how is that loan going to be successful? How is that a responsible business agreement? That seems like predatory lending to me...

Would you lend money to an individual you do not know personally, that also doesn’t have verifiable income to prove they are able to make the payments to you?

@Jenna Goldstein To build on what Alex stated but go another route - its to protect you. I saw some of your questions on another thread about jobs. I will spare you the many reasons why a bank has no obligation to lend to everyone and why not everyone should own a home. But I do want to help you understand this rule is to protect you. It would be reckless and completely irresponsible for a lender, honestly, to even lend to you a loan that is 50% of your income. That is typically based on gross income, so before taxes. That doesn't leave one much money to use on other expenses or save. 

I would say it is quite the exact opposite of what you stated above. Lending near 50% debt to income ratio or higher would be absolutely setting you up to fail. The bank is trying to do the opposite. 

Do you have any type of income?

How exactly is that discrimination? Part of getting a mortgage is your ability to pay it back, no job (and thus no income) would kind of make it rather difficult to pay it back.....

Jenna Goldstein no because being employed or not is not a protected class

This is such a golden post. 

 Underwriters  only count liquid income that is verified to continue for at least 3 years into the future. Anything like SNAP, food stamps, or anything like that is not allowable income.