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"a perfectly acceptable borrower may not qualify for an unacceptable property"

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posted on Jul, 14 2010 @ 04:47 PM
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I have to say I'm pretty ticked off here.

Credit score in the 730-750 range.
No outstanding debts.
Decades of on time payments.
Cash in hand.
Government employee who wouldnt lose his job if he killed 15 people.

When I find a house this is what I get after weeding through all sorts of half-truths and some outright lies about FHA requirements when finally calling the lender out on specifics:


a perfectly acceptable borrower may not qualify for an unacceptable property


Verbatim from more than one.

What is this? They trying to unload certain properties in certain places? Artificially boost one area of a town over another?

Sure, it's the lenders right not to lend. I see that and I support that. But when all indicators essentially guarantee this loan will be paid what are these other factors that make for "...may not qualify for an unacceptable property."??


There has to be more to this besides some simple risk formula.




posted on Jul, 14 2010 @ 05:01 PM
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The lender always inspects the property as well as the borrower. The lender is simply assessing risk and has decided that the property you want is a risky investment. I can think of many reasons why a lender would do this. For example, a non-standard house defined any way you like: A 2 bedroom house in a neighborhood of 4 bedroom houses. A house with a unique construction method. One that is stylistically very unique and out-of-place for a neighborhood, for example an octagonal dome. They want the house to conform and be easily resold. If they see something the least bit strange, they will deem it a risky investment. And to them, it is, despite your ability to pay. They may be doing you a favor.

Look, I don't LIKE this either, so please don't shoot the messenger. It's not a conspiracy; that's how it works.



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