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[deleted] t1_irgii9g wrote

Reply to comment by Emfx in [OC] House price you can afford by paying 1000/month for 30 years vs. interest rate by hmiamid

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Emfx t1_irgkpb3 wrote

My sister-in-law was in the market for a house this month, they were looking at some in the $650,000 price range. Everything seemed to be going amazing, and then they randomly wanted around $135,000 down, because they said their $20k current debt is a "major risk". They check every other single box... they're essentially the perfect borrowers. It's crazy out there right now the hoops some places are having people jump through.

I believe they're now working with another mortgage officer who is giving them run-around.

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Bells_Ringing t1_iriie2p wrote

The lender wanted 20% down? That doesn't seem outrageous if they are the perfect borrower. In a rate change environment like this, to get the best available rates, the banks need the best assurances of repayment and Loan to value.

They likely could have out less down but their rate would have been higher if the banks are assessing an increased risk right now.

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