I have recently posted several stories about the desire of millennials wanting to become homebuyers. Then today I came across this video of a millennial's first day on the job. I laughed. Then I stopped. Then I wondered. Then I worried. You see when an underwriter reviews a file for loan review, "The Four C's" must be met:
- Cash (or Capital)
Capacity is not just about AMOUNT of income to debt, but HISTORY of income (pattern) and LIKELIHOOD of income to continue. So, when I watched this video, I immediately wondered how this "millennial attitude" could affect underwriting decisions! (Keep in mind, the recent employment vs 2 year history wouldn't be a problem if her education was in the same line as her work.) Click below:
Tell, me ... do you think the attitude reflected on this video is real? (Of course, the actual script for the video is written as a satire. But is the ATTITUDE real??)
Most recent Millennial Homebuyer post: 80% of Millennials Want to Buy a Home
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.