Borrower was foreclosed on six months ago.
He has a 580 mid-FICO score.
Borrower wants to buy another property putting 15 percent down on a $1 million dollar sales price.
Borrower pays through the nose for the interest rate (8 percent) but he got such a deal on the property that he decided he will suck it up until he can refinance into a lower rate.
Loan gets funded!
The Wild West of home loans is back big time.
