Job Fair Atlanta - How can my friend with no job get a 240,000 home loan?

How can my friend with no job get a 240,000 home loan?

He has no job and his wife only makes about 20,000 a year and they got a loan for 240,000 he is a immigrant from Argentina she is a us citizen. It makes no sense to me I asked him how he was going to make the payment and he just said he has connections.

Public Comments

I doubt that your facts are correct.
Hi friend,i think he is doing a business work at home.And he only help some one selling and get the profit
He is lying to you. He either paid cash or s/he has other assets that he used as collateral for a loan. Most likely, she has money.
Money from home.
I have no clue. My husband and I recently applied for a home loan and got approved for only $102,000. He is in the military and makes about $50,000 a year which is not much but pretty good for the area of Tennessee that we live in and I do not work.
Drug connections. They have financial assets that they didn't tell you about. No lender in their right mind will loan that kind of money of that kind of income. They may have put down a $230,000 down payment.
A dum bank or just luck. In a few years there going to be in big dept or truble
I think he has some kind of collateral that he has shown to bank. Some inheritance with documents proof or some incoming funds due to him. Definitely he must something to show to the bank in order that his loan to be approved. Banks do check and have all sources to find out his background before they approve any loans.
one of a few things happened: He's lying to you He (or she) have some tangible assets that they aren't disclosing to you that were sufficient collateral for loan He's lying to you No bank would do that loan, regardless of "connections"
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