tinman, since you actually have experience with these guys, can you tell us what kind of credit standards are required. I know it may be different for the lower income borrowers
I don't want to judge people, but you have to take these classes before they give you an interview and approve you. In the classes were some people that looked like they didn't make crap. I didn't know the lowest credit score, but judging by appearance the poor families seem to have low credit. Its a noble idea, don't get me wrong. but part of me says they gave the poor families a much larger loan than they should have. They wanted to give me a much larger loan, I could have bought a huge house, but I knew the maximum loan was too high. The rate I got was below market and I didn't have to put a down payment. I got %100 financing. This is high risk for the bank if I was a poor person or not a poor person. The classes were really basic, when to pay your loan, what is a bank and how to save money, etc. They give you a test which was beyond easy, once you pass that then you go to an interview and they determine if you get a loan. it was basically going through the motions. So the loophole was the ceiling for total household income, which I thought was high. What they should have done is have a clause for single professionals cause that's not who should really benefit from this program (people like me). But it is what it is, so you put free money in front of me and say its legal, then I'll take it with no regrets.
When they roll in with like 4 kids and their clothes look like they weren't washed in sometime. I know its not 100% accurate, but you think, you have to support these kids and pay a mortgage and you are here at this place cause you supposedly are low incomed. I know I could be wrong, but the girl next to me with the louis vutton and the business suit probably here not because she could get approved for other loans.. We could have taken other loans from normal lenders, but some people 'appeared' like this was their only option. this is reality not political correctness
bill clinton's figured it out. <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/r2RZ0sUcVcE&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/r2RZ0sUcVcE&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>
