Subprime Logic

This just seems a little crazy to me…

Your typical mortgage lender wants to see a two year work history before he deems you worthy of a mortgage. However, any work while you are a full time student does not count.

They will count post college part time work because you are considered a full time part time worker…even though part time work during school does not count.

Are you confused yet?

They do not count entrepreneurial endeavors, they only count W2 jobs. The year I spent with my tech company does not count.

Post college internships are also a gray area, which is frustrating.

Just like that (snaps fingers) my ten year work history has been reduced to a 1.5 year work history.

In order to qualify for an FHA loan, I’m going to need two lines of credit (check) a good credit score (check: it’s nearly perfect) and a two year work history (crap).

This is coming from the same guys who handed out mortgages like hotcakes a few years ago. (You can read my posts about subprime mortgages here and here.)

The point I am trying to make is that they are about as logical as this lot:

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