Thread: Can We Have A Home Loan?

I want advice from everyone here. I have had it up to my ears in reports of illegals getting home loans, but have not figured out how they get them? How does the lending institutions verify their incomes? I used to work in banking and that is one of the first requirements, a verifiable source of income. Now here's our situation. I take care of our kids, so I do not have an income, but my husband, a Vietnam Veteran, does. He makes $11.oo hourly and in the past (about 8 years ago) we did not have exemplory credit standing. Now we have no current debts, we have lived within our means, just monthly bills. Do people like ourselves stand a chance to get a mortgage? I'd love to hear from all, I can take the critisism. We just want to live somewhere decent (our Romanian landlord just payed an extermination company to spray one time for the roaches that our illegal neighbors brought in!! FOLKS, ROACHES ARE NOT NATIVE TO THE NW, WE SEE THEM AS GROSS!!) PLEASE, ANY ADVICE, SUGGESTIONS WELCOMED. We figure we should have a chance as we have a verifiable income, and pay our bills, plus if we default, its a secured loan, but of course, we won't. Thanks, a fellow American without the American Dream

Hello AmericanElizabeth

Glad to meet you. I hate to give sad news, but according to my neighbor who works, in the computer section of a local bank. That I have found out is on the worst about giving loans to Illegals. The really don't check for them. It is a win win for a bank on illegals. If they are deported, the bank has extra money in there greedy little pockets.

My advice is to wait for the housing bubble to burst. And burst it will! People are buying houses for ridiculous amounts of money and taking out interest only loans in the hopes that their house in 2 years will have gone up 100% in value.

These people make morons look smart. Plus this overvaluation of most houses on the market today will drive up property taxes, etc.

I would wait until the market cools off and all those who foolishly got into the housing game late will be begging you to buy their house (cheap) beofre they foreclose.

Plus while your waiting you can save money here and there. You may want to check out a website called www.daveramsey.com he gives great advice about debt, bills, mortgages, etc.

Also do you realize that although mortgages are at around 5 1/2% that by the time you pay off a 30 year mortgage the compounded interest equals about 150% and you are basically paying for 2 1/2 houses instead of 1 home!

I recently moved from Northern Va. where the problem with illegals is totally out of control. Every Thursday, the Washington Post lists area home sales and I would see 5 or 6 hispanic last names as the buyer. I have often wondered myself how 6 people can be listed as the owner. There is a huge flight out of the Washington, D.C. area because of all the gang activity and people sick of seeing their working class neighborhoods being driven into the ground by illegals living 15 - 20 people to a house