Cost to buy house

[madmoney]

DWCAP,

We closed on our home August 28, 2008. We secured a loan through Aimloan.com referenced in this post by another poster within the last week of August. They finished our loan in 3 days if you belive it or not. We got approved by Wells Fargo in August as well and they weren’t requiring 15% down.

The lending standards haven’t gotten as tight as you think. I can give you several examples of how lax lending still is.

The main reason lenders are requiring a higher downpayment is because they can’t find an Insurance company to provide the mortgage insurance.

[kathleenpl]

Comprehensive Mortgage Calculator

it estimates the property taxes, hazard insurance, and private mortgage insurance.

http://realestate.yahoo.com/calculators/amortization.html;_ylt=AhYjT3fPCKdH2IKw1d_tmjeFH4p4

[kathleenpl]

Comprehensive Mortgage Calculator

it estimates the property taxes, hazard insurance, and private mortgage insurance.

http://realestate.yahoo.com/calculators/amortization.html;_ylt=AhYjT3fPCKdH2IKw1d_tmjeFH4p4

[kathleenpl]

Comprehensive Mortgage Calculator

it estimates the property taxes, hazard insurance, and private mortgage insurance.

http://realestate.yahoo.com/calculators/amortization.html;_ylt=AhYjT3fPCKdH2IKw1d_tmjeFH4p4

[kathleenpl]

Comprehensive Mortgage Calculator

it estimates the property taxes, hazard insurance, and private mortgage insurance.

http://realestate.yahoo.com/calculators/amortization.html;_ylt=AhYjT3fPCKdH2IKw1d_tmjeFH4p4

[kathleenpl]

Comprehensive Mortgage Calculator

it estimates the property taxes, hazard insurance, and private mortgage insurance.

http://realestate.yahoo.com/calculators/amortization.html;_ylt=AhYjT3fPCKdH2IKw1d_tmjeFH4p4

[waitingpatiently]

“With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.”

I am a little confused by your expectations…how can you state that a house is “basic liveable” or a house being “decent” but are depressed that you have to come up with 15% down? Isn’t that what got people into trouble to begin with? Their expectations are bigger than their means. Sorry if this doesn’t apply to you, just tired of people feeling that they are entitled to more than a “decent” house.

[waitingpatiently]

“With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.”

I am a little confused by your expectations…how can you state that a house is “basic liveable” or a house being “decent” but are depressed that you have to come up with 15% down? Isn’t that what got people into trouble to begin with? Their expectations are bigger than their means. Sorry if this doesn’t apply to you, just tired of people feeling that they are entitled to more than a “decent” house.

[waitingpatiently]

“With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.”

I am a little confused by your expectations…how can you state that a house is “basic liveable” or a house being “decent” but are depressed that you have to come up with 15% down? Isn’t that what got people into trouble to begin with? Their expectations are bigger than their means. Sorry if this doesn’t apply to you, just tired of people feeling that they are entitled to more than a “decent” house.

[waitingpatiently]

“With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.”

I am a little confused by your expectations…how can you state that a house is “basic liveable” or a house being “decent” but are depressed that you have to come up with 15% down? Isn’t that what got people into trouble to begin with? Their expectations are bigger than their means. Sorry if this doesn’t apply to you, just tired of people feeling that they are entitled to more than a “decent” house.

[waitingpatiently]

“With your basic livable homes still about $600K or more in Silicon Valley, we found the 15% down payment rumor depressing because it would mean we need about $90K or $100K down payment just to get a loan for a decent Silicon Valley home.”

I am a little confused by your expectations…how can you state that a house is “basic liveable” or a house being “decent” but are depressed that you have to come up with 15% down? Isn’t that what got people into trouble to begin with? Their expectations are bigger than their means. Sorry if this doesn’t apply to you, just tired of people feeling that they are entitled to more than a “decent” house.

[DWCAP]

MM, I basically know nothing about this. I was just commenting that I can see how things are going in the direction of high DP’s and more stringent underwriting in the past few weeks. I have no doubt that there are still stupid loan programs out there. I think the FHA’s rule that the seller cant give the buyer the DP doesnt even take effect for another 2 weeks. I am sure you are right. My interest is more in the direction of loan underwriting, not so much that there are still people playing Russian Rullet still.

[DWCAP]

MM, I basically know nothing about this. I was just commenting that I can see how things are going in the direction of high DP’s and more stringent underwriting in the past few weeks. I have no doubt that there are still stupid loan programs out there. I think the FHA’s rule that the seller cant give the buyer the DP doesnt even take effect for another 2 weeks. I am sure you are right. My interest is more in the direction of loan underwriting, not so much that there are still people playing Russian Rullet still.

[DWCAP]

MM, I basically know nothing about this. I was just commenting that I can see how things are going in the direction of high DP’s and more stringent underwriting in the past few weeks. I have no doubt that there are still stupid loan programs out there. I think the FHA’s rule that the seller cant give the buyer the DP doesnt even take effect for another 2 weeks. I am sure you are right. My interest is more in the direction of loan underwriting, not so much that there are still people playing Russian Rullet still.

[DWCAP]

MM, I basically know nothing about this. I was just commenting that I can see how things are going in the direction of high DP’s and more stringent underwriting in the past few weeks. I have no doubt that there are still stupid loan programs out there. I think the FHA’s rule that the seller cant give the buyer the DP doesnt even take effect for another 2 weeks. I am sure you are right. My interest is more in the direction of loan underwriting, not so much that there are still people playing Russian Rullet still.

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