How did you qualify for a mortgage without income?

FuriouslyAdrift 3 days ago | parent | next [-]

It was 1991 and we pooled money from 10 people. The house was super cheap ($60k) and in a very depressed area (Attica, Indiana). The seller was a person and not a bank.

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glitchc 2 days ago | parent [-]

Ah thanks. So the mortgage was quite small, still, hard to get one without income. Pooled ownership also makes it much more complicated.

	▲	FuriouslyAdrift a day ago \| parent [-]
		I was the 'owner' of record. The others held rights to the house by agreement with me but all the responsibilities were mine. The others could have just stopped paying 'rent' and I would be stuck with the full mortgage...or I could have just sold the place and walked away with everything. Definitely an exercise in trust and mutual self interest.

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mothballed 3 days ago | parent | prev [-]

A lot of people have forgotten that between like 2004-2007 you could get a mortgage if you had a pulse.

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potato3732842 3 days ago | parent [-]

They made sure to pull that ladder up real good after 08 though.

The problem wasn't sketchy mortgages, it was the borderline fraudulent financial shenanigans after that.

	▲	conscion 3 days ago \| parent [-]
		> The problem wasn't sketchy mortgages, it was the borderline fraudulent financial shenanigans after that. What do you think was funding the sketchy mortgages? The fraudulent financial shenanigans