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Originally Posted by MODE ROGUE
I don’t know how well you know that poster but if you think the he believes the ONLY way to get a loan today is to put 20% down, you are sadly mistaken.
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I don't know the poster at all and I wasn't attacking him in any way. He posted "you will need 20% down plus good credit". I didn't know that meant "you won't need 20% down and you won't need good credit". Again, I pointed examples where that 20% isn't necessary and good credit isn't necessary either.
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Originally Posted by MODE ROGUE
Really, you can pull files? LOL. C’mon man, I’ve owned my own brokerage for years. Once again, WHO THE HELL IS SAYING THAT BANKS ARE NOT LENDING ? The dead horse that continues being punched in the mouth here is that banks are lending LESS. They’re making it harder (which you have acknowledged) and they’re lending less (which every national statistic on the planet supports). Unless you disagree with that, we have nothing else to talk about.
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I was saying I can pull files related to the below post. You were doubting what I was saying so I was giving you details. You are the one that keeps harping on owning a brokerage. The topic isn't if banks are lending. I never said they weren't and was never in a discussion if they were or not. The topic I was discussing was down payments and credit standards. I did indeed acknowledge that it is getting tougher, but it's getting tougher with a starting point at RIDICULOUSLY low standards. YOU CAN STILL GET A LOAN IF YOU HAVE HAD A BANKRUPTCY, JUDGMENTS, AND A LOW CREDIT SCORE! So you can't say there are "tight" standards.
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Originally Posted by MODE ROGUE
Most of his post (Nietzsche) was indeed accurate. To be very honest, I’m astonished that you have prospects with 3 year old bankruptcies and unpaid judgments receiving financing. You specifically mentioned Nat City & Wells as lenders you work with. I’ve done TONS of business, with both, for many years and have outstanding relationships with my reps there. There is no way on god’s green earth that they would approve the types of loans you have described here. For that matter, I don’t know a single bank in America that would approve those loans.
Who are you getting the approvals from? More than anything, I could use that information to process some files. I genuinely hope you’re not BS’ing…
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