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A comment on No Pay Stub? No Problem. Unconventional Mortgages Make a Comeback. Parent comment

Re:No Pay Stub? No Problem. Unconventional Mortgages Make a ... by tmp092 on Wednesday January 23, 2019 @10:52AM (#18979218)
Unconventional is anything that is not underwritten in a conventional manner. A situation where you inherit a property and take out a mortgage to pay out others with shared inheritance in a property is almost certainly not representative of the underlying reason for the growth in the 3%. If the author is trying to imply a rebirth in reckless lending that caused the last recession then I'm arguing they picked the wrong subject. If it's because they couldn't actually find a subject that definitely should not have been given a mortgage then the entire premise of the article is wrong.
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Re:No Pay Stub? No Problem. Unconventional Mortgages Make a ... by giarc on Wednesday January 23, 2019 @10:55AM (#18979258)
But that doesn't change the fact that this underemployed person still owes $610K.
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Re:No Pay Stub? No Problem. Unconventional Mortgages Make a ... by tmp092 on Wednesday January 23, 2019 @11:04AM (#18979384)
It says at the end, she'll rent out the rooms. San Clemente is in prime beach front Orange County. 1) She will be able to rent a single room for at least $750-$1000. 2) The property is in a highly desirable, wealthy area and will likely continue to grow in value over time. 3) Her earnings will grow over time once she graduates.
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Re:No Pay Stub? No Problem. Unconventional Mortgages Make a ... by giarc on Wednesday January 23, 2019 @02:31PM (#18981796)
That's a lot assumptions... 1. that she'll be able to rent the rooms 2. she'll be able to get a job where she lives.

I'd be scared s* if my $610K mortgage depended on getting a job and renting out multiple rooms every month.

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