“ 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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