Real Estate Forums - View Single Post - Barack Obama's STOP FRAUD Act

San Diego Real Estate · 03-07-2008, 04:55 PM

Ok Folks,

This is unbelievable...I had one of the Realtors & LO's on my Team call today and say that he had a loan turned down. This is the part that is hard to believe...This is for a second on a purchase on a Bank Owned Property and you will not believe this...

10% Down

FICO...780

90% LTV

Ratios are only like 27-30%

Reserves are 30 Months

and the loan had to be resubmitted for an exception because the loan was initially rejected... now we just got word that GB Home Equity has declinned because of the property is Bank Owned.

Folks I'm here to tell you that if this is a sign of the things to come and if Obama's proposed legislation is passed we are all going to be looking for new careers. How do you spell OUCH~

03-07-2008, 04:55 PM	#21 (permalink)
San Diego Real Estate Status: Administrator Join Date: Apr 2005 Posts: 2,092	Re: Barack Obama's STOP FRAUD Act - Ouch Ok Folks, This is unbelievable...I had one of the Realtors & LO's on my Team call today and say that he had a loan turned down. This is the part that is hard to believe...This is for a second on a purchase on a Bank Owned Property and you will not believe this... 10% Down FICO...780 90% LTV Ratios are only like 27-30% Reserves are 30 Months and the loan had to be resubmitted for an exception because the loan was initially rejected... now we just got word that GB Home Equity has declinned because of the property is Bank Owned. Folks I'm here to tell you that if this is a sign of the things to come and if Obama's proposed legislation is passed we are all going to be looking for new careers. How do you spell OUCH~ __________________ For professional San Diego real estate agents, contact the Advantage VIP Dream Team for all of your San Diego real estate needs today. Specializing in Rancho Santa Fe and Tulsa Real Estate!