Potty, I was a wholesale Mortgage Broker (full time) from 1985 - 2010...Currently part time (I do loans for Family and friends only) to present. I owned my own Mortgage Company until 2010 in California and Colorado...I worked with with those loan programs on a daily basis. No income, no asset, 97% 1st mortgages with 3% from a secondary lender (that equals 100% financing) These were the programs of the day..We had F&F guidelines to show us how to do these. I'm not questioning his credibility, he is questioning mine. I have no issue with that, as there are to many older Mortgage people who have lived through that time period, and can confirm what I am saying. Ask your parents if you were born after 1975, and if they purchased a home. They may have gotten one of those loans. It's not something I know or read in a magazine, It's what I did for a living, and am still involved with today. Thanks for your input.
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