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Originally Posted by BOSS1
that artcile is bs.... just because the salesman told him hi will get approved it does not mean that it will actually happen.......
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Originally Posted by Mike33
Can anybody summarize how?
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Real Estate. Lendors in general are very willing to lend towards real estate given no prior credit problems. In this case with his 15000 down payment he was able to borrow 300,000. Once he brought in his father as a cosigner they let him borrow upwards of 700,000. Its not hard to borrow towards real esate simply becuase if you do fail on your payments, they repossess a house worth equal to or more then what they lent after they factor in the down payment. This was also after trying through three or four different mortgage brokers and finally found one willing to file inaccurate data. Also the 1 million dollars is a combination of the car and two houses as well as a credit card. Had he actually gone and bought any of those prior to the 700,000 dollar house he would be immediately denied.