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Quit his job, no steady income (w2s), suspect credit...three strikes Ben your 0ut............or maybe house already over financed (known as underwater)
Years ago I had a Branch Chief, who later became a Division Chief, and then became (the) Laboratory Chief (of a Laboratory with international repute). He (& his wife) did not believe in debt. Eventually however they decided to buy a house (presumably with a pretty large down payment). They had a LOT of trouble getting a mortgage -- NO credit history! Eventually some wise heads managed to figure out that he was probably "good".
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So the rest of the story is what?
Years ago I had a Branch Chief, who later became a Division Chief, and then became (the) Laboratory Chief (of a Laboratory with international repute). He (& his wife) did not believe in debt. Eventually however they decided to buy a house (presumably with a pretty large down payment). They had a LOT of trouble getting a mortgage -- NO credit history! Eventually some wise heads managed to figure out that he was probably "good".