Menu

Home › Forums › Housing › looks like the stage is set

Viewing 15 posts - 1 through 15 (of 51 total)
1 2 3 4
  • Author
    Posts
  • November 27, 2007 at 9:17 AM #11000
    kev374
    Participant

    The Conforming limit for FHA will remain at $417,000 for year 2008. This is the death knell for the market here is California.

    http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-21255228.htm

    November 27, 2007 at 10:59 AM #103871
    mgubnyc1
    Participant

    Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
    Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

    November 27, 2007 at 10:59 AM #104017
    mgubnyc1
    Participant

    Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
    Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

    November 27, 2007 at 10:59 AM #103995
    mgubnyc1
    Participant

    Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
    Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

    November 27, 2007 at 10:59 AM #103968
    mgubnyc1
    Participant

    Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
    Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

    November 27, 2007 at 10:59 AM #103956
    mgubnyc1
    Participant

    Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
    Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

    November 27, 2007 at 11:11 AM #103876
    SD Realtor
    Participant

    This is very good news.

    SD Realtor

    November 27, 2007 at 11:11 AM #104000
    SD Realtor
    Participant

    This is very good news.

    SD Realtor

    November 27, 2007 at 11:11 AM #103961
    SD Realtor
    Participant

    This is very good news.

    SD Realtor

    November 27, 2007 at 11:11 AM #104022
    SD Realtor
    Participant

    This is very good news.

    SD Realtor

    November 27, 2007 at 11:11 AM #103973
    SD Realtor
    Participant

    This is very good news.

    SD Realtor

    November 27, 2007 at 11:21 AM #104005
    Raybyrnes
    Participant

    kev374

    I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

    November 27, 2007 at 11:21 AM #104027
    Raybyrnes
    Participant

    kev374

    I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

    November 27, 2007 at 11:21 AM #103881
    Raybyrnes
    Participant

    kev374

    I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

    November 27, 2007 at 11:21 AM #103965
    Raybyrnes
    Participant

    kev374

    I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

  • Author
    Posts
Viewing 15 posts - 1 through 15 (of 51 total)
1 2 3 4
  • You must be logged in to reply to this topic.