Originally Posted by MisterSkiMask
I don't know how people get these loans. In the middle of this past summer my wife and I (both have nearly perfect credit, no auto loans, and plenty of income) were put through the ringer to get a $415,000 loan while putting 23% down.
There are plenty of shady lenders out there who will underwrite any crappy loan and package it up. Especially FHA where they know that the government is on the hook for it. I've seen people with foreclosures from 2008-2009 qualifying for loans again. So there are lenders out there acting like it's 2005-2006.
FHA hasn't been serving its original purposes for a very long time, it's simply a sub-prime lender, and now we're going to pay for it. Funny thing is I called it nearly 2 years ago in this thread:
Of course I had people jumping down my throat saying I didn't know what I was talking about, guys like "NBRider88" and "48laws", yet, here we are. FHA is bankrupt, and we the taxpayer are going to bailout the lemmings who went and bought $500,000 homes with barely any income, and no savings. Go USA!