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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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24. Unique Loans, Unique Situations

Jerry is desperate to take advantage of the declined home prices in Arizona. Houses that were going for a quarter of a million dollars are sitting empty, being offered for less than half that amount. There are so many of these bank-owned properties for sale, some lucky investors are snatching them up well below market value. You can tell that they’re priced low when multiple offers are pouring in.

Jerry smells money, and he wants to jump aboard the gravy train by purchasing a rental property. He’s got enough cash to put down 50 percent. He’s got a credit score over 740. He’s ready to rock on, all except for one thing. He took several months off work last year to travel the country, so his W2 shows a small ...

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