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How did you qualify for a mortgage without income?

• mothballed 1y ago
  A lot of people have forgotten that between like 2004-2007 you could get a mortgage if you had a pulse.
  • potato3732842 1y ago
    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 1y ago
      > 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
• FuriouslyAdrift 1y ago
  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.
  • glitchc 1y ago
    Ah thanks. So the mortgage was quite small, still, hard to get one without income. Pooled ownership also makes it much more complicated.
    • FuriouslyAdrift 1y ago
      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.