Quote:
Originally Posted by DrPhil
Technically, no.
They would have to get a different type of mortgage loan (like the dangerous ARMs) and some (more considerate) lenders would either advise them to get a cheaper house or wait until their debt has lessened.
|
Credit Score is a huge factor in the origination process and ARMs have stricter underwriting guidelines than a standard 30yr Fixed Rate Mortgage. The days of going into these "Dangerous ARMs" got shut down during the Subprime meltdown. Specifically, Hybrid Option ARMs. Indeed they were dangerous when sold to the wrong client. But they haven't been actively trading in the Market for several years now.
Threaded Mode
