“ It ' s a great question , and I love it , because that is really a truly nonpartisan question ,” Ryan replied . “ The public likes to forget that running for office is a business , no different than being CEO of a bank or CEO of Amazon . Nobody wants to lose their job .”
“ Imagine a Congress person running for reelection who voted to reduce lending guidelines . Their opponent would say , ‘ So and so just voted to loosen up lending guidelines . Is that who you want running your government ?’”
However , despite the changes since the “ great recession ” of 2008 , Ryan ’ s more than 20 years of expertise allow him to still work with a variety of personal and investment home buyers .
There have always been four tests of lending : income , credit , assets , and the property being purchased ( especially its appraised value ).
If someone is selfemployed and their tax returns says they have no income , but their company generates $ 800,000 of revenue annually , Ryan says he has legitimate solutions for that issue .
“ During the gogo years , you could claim any ludicrous income you wanted and pass . Currently , no . We document your ability to repay a loan ,” Ryan added .
The amount of disposable income and the debttoincome ratio an applicant has is more essential than before 2008 , according to Ryan .
“ The VA ( issued through the U . S . Department of Veterans Affairs ) loan , has for decades been the one loan with consistently the lowest percentage of default , and it has always been a nomoneydown loan . So , the down payment is not a factor in loan quality . VA loans have always done a broad range of credit scores . So , credit score is not a standalone factor in loan quality . Inspections and appraisals pretty well take care of the property . At the end of the day , the VA loan has a different underwriting set ,” Ryan said .
Meet Mortgage Broker : Michael Ryan
Bay Area Finance Professional Discusses
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