This one still has me puzzled. 1st generation homeowners who will be essential 1st time homeowners, that qualifying marker is mainly for immigrants, (imo) no doubt about it. But here's the thing I wanna ask, if homes are NOW starting at around 200k plus, I don't know too many upkept homes and new homes that are under 100k or mid 100k, what income will these illegal immigrants or legal immigrants have to bring to the banks/lenders, because it's not like they are making big bank, if I would guess many are being paid by the pennies, thus them having all of the jobs. but what income range will they have to bring to the banks/lenders?? Most if not all lenders want to see your paystubs, they want to see if you have been on a job for x amount of time and most important, they want to see credit scores which many undocumented and documented immigrants don't have. Debt to income ratio will be need on the personal asset/liability sheet.
If these folks will be 1st time homeowners and 1st generation, where are they staying now?? Are we talking about the Venulaz gang folks etc? and how much income are they making, where are most of your illegal immigrants and legal immigrants currently residing and are they paying high ass rent or using vouchers?
If they are using vouchers, or hell paying high ass rent, how will they afford a 200k mortgage, with utilites on the income that they are making NOW?
1st time home buyer programs usually have a income marker that one has to meet or both parties if married in some cases.
Tax Returns will be elevated.
With the income, I asked this because current, I know a few guys who have roofing businesses and all they hire are illegal immigrants and pay them pennies.
A 15k job, buddy of mines clearing 9k - 10k after he pays for materials and his workers and he has about 30-40 workers on a job.
Are they going to bend the rules?