It's called manual underwriting. They look at your income, savings, zero debt and verify you based on your 100k in savings after down payment and the 6k take home pay vs 1.5k monthly mortgage.
N/A credit score.
- Thread starter coposrv
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Hahahahahahahahahahaha this right here proves you are trying to make a really really stupid point. 6k take home pay means you are making 150k a year minimum. that is at least 3 times the national average household income. and very very few Americans have 100k in savings. your whole argument is full of shit.
SOME people can get a FHA loan without a credit score, they can under some circumstances use utility bills, rent payments, and phone bills to get what is called "nontraditional credit) not easy to do.
SOME people can get a FHA loan without a credit score, they can under some circumstances use utility bills, rent payments, and phone bills to get what is called "nontraditional credit) not easy to do.
meh he is right under his very limited scenario. if you have 150k salary, 100k in the bank and zero debt you could probably get a fairly decent mortgage rate. my money says they will tie up your cash with some kind of security hold though
Getting a Mortgage Without a Credit Score
Let’s go back a few years, though—back before you paid off that mortgage. How can you get a mortgage without a credit score in the first place? Isn’t this magic number your key to the world of mortgages and homeownership?
Actually, no, it isn’t. You can get a mortgage without a credit score. How so? Manual underwriting.
Not every lender is going to do manual underwriting—which is basically when they use a little common sense and look at factors like your income and not just your credit score. Churchill Mortgage is the lender we recommend for manual underwriting.
Now, this doesn’t mean that just anyone can walk into a bank or mortgage lender and walk out with a home loan using manual underwriting. Remember, this is the way weird people do it, so there are some requirements you’ve got to live up to. Specifically, you must:
- Put at least 20% down on your home.
- Choose a 15-year, fixed-rate conventional mortgage.
- Have a strong employment history and personal income to support the loan.
- Demonstrate 4–6 trade lines that span 18–24 months. These are just regularly recurring expenses such as rent, electric bills, water bills, cell phones, etc.
The whole article can be found here
https://www.daveramsey.com/blog/the-truth-about-your-credit-score
Dave Ramsey talks about this semi regularly on his show and I'd consider him an expert on financial advice.
Meanwhile you still have to pay to live somewhere. "Cash is King" is easily trumped by "Having good credit and living within your means".
It's a 110k salary which is very common for one and normal pay for two income earners.
With savings, spending less than you earn and 4 to 1 income to mortgage it's fairly easy to qualify for a mortgage.
I see you failed to understand my post there I said it was possible. also note the last paragraph in your post:
"Also, your old credit history has to be in good shape. Even if you have a zero score, the old history is still there and impacts the loan decision. If you have an old history of late or missing payments, then you could have some problems."
so you have to have an "old" report even with a zero score and no history of late payments in the "old" report. total bullshit you still need to be in the credit reporting system apparently. according to your lord and savior dave ramsey.
"Also, your old credit history has to be in good shape. Even if you have a zero score, the old history is still there and impacts the loan decision. If you have an old history of late or missing payments, then you could have some problems."
so you have to have an "old" report even with a zero score and no history of late payments in the "old" report. total bullshit you still need to be in the credit reporting system apparently. according to your lord and savior dave ramsey.
bullshit 6k TAKE HOME is what you said. 6K per month is 120K AFTER taxes so you have to add SS tax, Medicaid tax, federal tax, and state tax.
and I would like to see proof that 110k is common for one and normal for two income earners.
and I would like to see proof that 110k is common for one and normal for two income earners.
I agree, having to have new stuff and living in debt is the new norm in America.
It'd be one thing if he said carrying debt is dumb. It's another when he doubles down and says that using a credit card for monthly expenses then paying it in full monthly and even having a credit score is dumb.
Debt or No Debt. They don't call it a "rat race" for nothing. I just keep swiping and paying. And all is well.
Full disclosure, I haven't used a credit card in years. Much simpler just paying cash for everything, at least for me. That doesn't mean I'm going to call people dumb that take low/no interest loans or use credit cards responsibly. Different things work for different people, if it's not impacting your life then who cares.
All I said that by using a credit card people are allowing banks to make billions off them.
If your check is one day late it's 30 bucks and interest charged. If you have a 0% loan and pay it off in full prior to interest, then have a bank charging you interest on a paid off loan.
These things happen every day. It is why banks make billions every year while giving to you 3% back on purchases.
The difference is I understand that people are capable of staying on top of paying their bills before interest accrues, and even if they aren't I don't really care. People are free to live their lives as they see fit. Unless someone owes me money, their finances are none of my business unless they are asking for advice.
That is not "all you said" you pull numbers out of your ass and when challenged you fail to back them up .. see post #129 and back you words up with some facts and documentation
Starting teacher salary in Napa is 55k. Is a teacher salary not average anymore?
Many jobs in my area NorCal and socal earn 100k+. Hell a person who picks up dog crap earns 150k a year in his small business.
As for 110k:
"110,000.00 9,166.67
- Tax Deferred Retirement 0.00 0.00
- Cafeteria/other pre-tax 0.00 0.00
- Circumstance Exemptions 10,400.00 866.67
Taxable Income 99,600.00 8,300.00
- Federal Income Tax 20,869.75 1,739.15 18.97%
- California State Income Tax 7,323.24 610.27 6.75%
- Social Security 6,820.00 568.33 6.20%
- Medicare Tax 1,595.00 132.92 1.45%
- Additional Medicare Tax 0.00 0.00 0.00%
Take Home Pay 73,392.01"
http://taxformcalculator.com/tax/110000.html
The income was not the point RDJ. The point was if you have 4 to 1 income to mortgage you can qualify with no credit score. 3200 take pay gets you an 800 mortgage and so forth.
The problem is people have 800 credit score 4K take home no down payment no savings and get verified for a 2k or 2.5k house that they can't afford when life happens.
The problem is people have 800 credit score 4K take home no down payment no savings and get verified for a 2k or 2.5k house that they can't afford when life happens.
In case you don't believe me:
http://www.nvusd.k12.ca.us/file/1291557759648/1420876358169/4517131342346377266.pdf
http://www.nvusd.k12.ca.us/file/1291557759648/1420876358169/4517131342346377266.pdf
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