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We did one way back in the day and I know it was just based off credit and our rate was not much higher. They were way easier for us being self employed and we were moving from one state to another.
Common sense needs to come into play when lending to people this way. I recall the joke the mcdonald's guy buying a $500k house and was making minimum wage and they approved it based off his stated income.
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Kevin
www.VideoBunch.com
Email - Kevin @@ videobunch .com or Team - videobunch
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