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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (45846)	12/17/2005 11:34:45 AM
From: Sam Citron	Read Replies (1) \| Respond to of 306849

Makes sense, John. Are you short any homebuilders yet? What are you waiting for? Sam

To: John Vosilla who wrote (45846)	12/18/2005 12:41:34 PM
From: Les H	Respond to of 306849

Reston, Va.: My new home's settlement is scheduled at end of December. However, my existing house is still in the market. I don't have enough income to support both mortgages. Builder's mortgage company is using "Stated Income" to get the approval, because if they use "Full Doc" loan, it won't get approved. "Stated Income" loan will have higher mortgage rate. How can I stop them from using this approach, because they are determined to get the loan approved? Maryann Haggerty: Oh, geez, if you can't afford the loan with full doc, then are you using the truth, the whole truth & nothing but the truth with the stated income loan? Which will have higher payments by the nature of the higher interest rate? I mean, let's face it, your income is your income. Make sure they don't fudge the truth AT ALL. And examine your contract with them to see what you agreed to. washingtonpost.com