Re: What about no-qual?
Posted by Jim V on April 19, 2002 at 11:31:02:
In Reply to: What about no-qual? posted by Sean Wagle on April 19, 2002 at 01:34:36:
Sean,
I believe the statement was made that higher interest rates are one of the potential impacts. You are correct that no-quals can be done, but with a fairly recent foreclosure and possible BK, a person would probably be looking at more like 35% down. A fully documented loan package with the borrower having re-established their credit for two years after the problem can actually have fairly low down payment requirements. Interest rates will still be a little higher though.
Jim V
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