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Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 126967  
Subject: Re: Not Qualified Date: 11/25/2013 9:08 PM
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Still having a hard time understanding why having the funds on hand to pay off the mortgage, even allowing a company to isolate those funds, makes you a worse risk than having a job at the time you take out a mortgage, a job which is not guaranteed to be there a year later.

It's because 99.999+% of borrowers have a job and not enough cash to cover the mortgage and only 0.0009-% have enough cash to cover the mortgage but no job.

The rules, guidelines, and procedures have been developed to have the most frequent case.

It's not that people with scads of money are a higher risk, it's that they are so rare that nobody knows what to do with them. I suspect that the typical mortgage broker (that is, not ones like Dave) have never seen such a client.
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