Bank Turndowns (Volume 3): What are some creative ways to qualify for a home mortgage loan?

Under the Dodd-Frank Act, mortgage lenders cannot extend a loan unless they first determine that the borrower will have a “reasonable ability to repay the loan.” 26 C.F.R. 1026.43(c)(1). Traditionally, large banks determine “ability to repay” based on a full checklist of documents from the borrower, including income tax returns, pay stubs, W-2s, and credit reports. However, many […]