FHA Loans and PUD Rules

[chrisp]

Make you feel any better that they are 3 bedroom 2,000 square feet properties? Also, in CA . . .

The fact that its a townhome vs. SFR are less important to us than other factors. A number of SFR developments we’ve viewed seem right on top of each other and much more dense and crammed in that well-laid out attached developments.

[creechrr]

No, not at all. This is all so crazy. I’m going to talk to my doctor about getting the drugs that everyone else is taking.

Wait, this is only 2,000 sq. ft.? $600K?

I just think as a society, we have lost our minds.

I do agree that there are a large number of SFR developments that are really just detached townhouses.

Best of luck on your purchase.

[creechrr]

No, not at all. This is all so crazy. I’m going to talk to my doctor about getting the drugs that everyone else is taking.

Wait, this is only 2,000 sq. ft.? $600K?

I just think as a society, we have lost our minds.

I do agree that there are a large number of SFR developments that are really just detached townhouses.

Best of luck on your purchase.

[creechrr]

No, not at all. This is all so crazy. I’m going to talk to my doctor about getting the drugs that everyone else is taking.

Wait, this is only 2,000 sq. ft.? $600K?

I just think as a society, we have lost our minds.

I do agree that there are a large number of SFR developments that are really just detached townhouses.

Best of luck on your purchase.

[creechrr]

No, not at all. This is all so crazy. I’m going to talk to my doctor about getting the drugs that everyone else is taking.

Wait, this is only 2,000 sq. ft.? $600K?

I just think as a society, we have lost our minds.

I do agree that there are a large number of SFR developments that are really just detached townhouses.

Best of luck on your purchase.

[creechrr]

No, not at all. This is all so crazy. I’m going to talk to my doctor about getting the drugs that everyone else is taking.

Wait, this is only 2,000 sq. ft.? $600K?

I just think as a society, we have lost our minds.

I do agree that there are a large number of SFR developments that are really just detached townhouses.

Best of luck on your purchase.

[CA renter]

[quote=creechrr]I’m obviously out of touch with reality. My expectations are all a kilter.

I understand the areas listed are the “desirable” areas but, the those prices seem outrageous to me. I have a hard time with $600-700K for a SFR much less a townhouse.

I really have a hard time seeing how these numbers make sense. I have an even harder time with the volume of people that are more than willing to pay/borrow that kind of money.

The psychology seems to be something akin to, “the more I pay, the better I am”.

And, this isn’t directed at the OP. This is just a general observation. I know quite a few people that have bought in the last year that are a hiccup away from financial ruin but, they love it. They’re unable to do much beyond pay the mortgage but, are happy. At least, that’s how they appear outwardly.

I’ve been visiting piggington for around three years or so. In the that time I had come to think of the community here as financially responsible, savy even. I’m not sure what has changed.

It has to be me. If I’m the only one to not see Jesus on the Frito-Lay, does that mean that I’m crazy? Wait, on second thought, it’s not just piggington. I have this feeling at work, with friends, other web forums.

When things feel apart last fall/winter, I thought we were on the road back to financial responsiblity and a sense of reality. It hasn’t even been a year since the end was upon us and it seems as though a large number of the population just wants to keep it going.

I’m either crazy, a fool, or I just didn’t get the memo.[/quote]

LOL! 🙂

Glad to see I’m not the only one.

No, you have not lost your mind. Let me guess…you’re a native Californian?

I think what’s happening is that a lot of these buyers are coming in from other states and countries. They’ve heard that California is “expensive,” and they think that the current downturn is just a blip on our way back to a more “normal” 2005 (in their minds).

With all due respect, and this really isn’t meant as a personal offense, if someone can barely scrape together a 10% down payment on a $600K+ PUD/condo/townhouse, then they will NOT be able to afford the home over the long run. The kind of people who can afford a $540K mortgage (90% of $600K), should be able to save more than 10% for that purchase. Let’s not forget all the fees and special assessments that tend to come with attached/PUD homes.

I must need the “crazy pills” too. We’re hearing the same thing from everybody — that we need to buy **NOW** before we “miss the bottom.” To me, that — plus the very heavy investment/speculative activity currently seen in residential RE — tells me we are nowhere near a bottom

[CA renter]

[quote=creechrr]I’m obviously out of touch with reality. My expectations are all a kilter.

I understand the areas listed are the “desirable” areas but, the those prices seem outrageous to me. I have a hard time with $600-700K for a SFR much less a townhouse.

I really have a hard time seeing how these numbers make sense. I have an even harder time with the volume of people that are more than willing to pay/borrow that kind of money.

The psychology seems to be something akin to, “the more I pay, the better I am”.

And, this isn’t directed at the OP. This is just a general observation. I know quite a few people that have bought in the last year that are a hiccup away from financial ruin but, they love it. They’re unable to do much beyond pay the mortgage but, are happy. At least, that’s how they appear outwardly.

I’ve been visiting piggington for around three years or so. In the that time I had come to think of the community here as financially responsible, savy even. I’m not sure what has changed.

It has to be me. If I’m the only one to not see Jesus on the Frito-Lay, does that mean that I’m crazy? Wait, on second thought, it’s not just piggington. I have this feeling at work, with friends, other web forums.

When things feel apart last fall/winter, I thought we were on the road back to financial responsiblity and a sense of reality. It hasn’t even been a year since the end was upon us and it seems as though a large number of the population just wants to keep it going.

I’m either crazy, a fool, or I just didn’t get the memo.[/quote]

LOL! 🙂

Glad to see I’m not the only one.

No, you have not lost your mind. Let me guess…you’re a native Californian?

I think what’s happening is that a lot of these buyers are coming in from other states and countries. They’ve heard that California is “expensive,” and they think that the current downturn is just a blip on our way back to a more “normal” 2005 (in their minds).

With all due respect, and this really isn’t meant as a personal offense, if someone can barely scrape together a 10% down payment on a $600K+ PUD/condo/townhouse, then they will NOT be able to afford the home over the long run. The kind of people who can afford a $540K mortgage (90% of $600K), should be able to save more than 10% for that purchase. Let’s not forget all the fees and special assessments that tend to come with attached/PUD homes.

I must need the “crazy pills” too. We’re hearing the same thing from everybody — that we need to buy **NOW** before we “miss the bottom.” To me, that — plus the very heavy investment/speculative activity currently seen in residential RE — tells me we are nowhere near a bottom

[CA renter]

[quote=creechrr]I’m obviously out of touch with reality. My expectations are all a kilter.

I understand the areas listed are the “desirable” areas but, the those prices seem outrageous to me. I have a hard time with $600-700K for a SFR much less a townhouse.

I really have a hard time seeing how these numbers make sense. I have an even harder time with the volume of people that are more than willing to pay/borrow that kind of money.

The psychology seems to be something akin to, “the more I pay, the better I am”.

And, this isn’t directed at the OP. This is just a general observation. I know quite a few people that have bought in the last year that are a hiccup away from financial ruin but, they love it. They’re unable to do much beyond pay the mortgage but, are happy. At least, that’s how they appear outwardly.

I’ve been visiting piggington for around three years or so. In the that time I had come to think of the community here as financially responsible, savy even. I’m not sure what has changed.

It has to be me. If I’m the only one to not see Jesus on the Frito-Lay, does that mean that I’m crazy? Wait, on second thought, it’s not just piggington. I have this feeling at work, with friends, other web forums.

When things feel apart last fall/winter, I thought we were on the road back to financial responsiblity and a sense of reality. It hasn’t even been a year since the end was upon us and it seems as though a large number of the population just wants to keep it going.

I’m either crazy, a fool, or I just didn’t get the memo.[/quote]

LOL! 🙂

Glad to see I’m not the only one.

No, you have not lost your mind. Let me guess…you’re a native Californian?

I think what’s happening is that a lot of these buyers are coming in from other states and countries. They’ve heard that California is “expensive,” and they think that the current downturn is just a blip on our way back to a more “normal” 2005 (in their minds).

With all due respect, and this really isn’t meant as a personal offense, if someone can barely scrape together a 10% down payment on a $600K+ PUD/condo/townhouse, then they will NOT be able to afford the home over the long run. The kind of people who can afford a $540K mortgage (90% of $600K), should be able to save more than 10% for that purchase. Let’s not forget all the fees and special assessments that tend to come with attached/PUD homes.

I must need the “crazy pills” too. We’re hearing the same thing from everybody — that we need to buy **NOW** before we “miss the bottom.” To me, that — plus the very heavy investment/speculative activity currently seen in residential RE — tells me we are nowhere near a bottom

[CA renter]

[quote=creechrr]I’m obviously out of touch with reality. My expectations are all a kilter.

I understand the areas listed are the “desirable” areas but, the those prices seem outrageous to me. I have a hard time with $600-700K for a SFR much less a townhouse.

I really have a hard time seeing how these numbers make sense. I have an even harder time with the volume of people that are more than willing to pay/borrow that kind of money.

The psychology seems to be something akin to, “the more I pay, the better I am”.

And, this isn’t directed at the OP. This is just a general observation. I know quite a few people that have bought in the last year that are a hiccup away from financial ruin but, they love it. They’re unable to do much beyond pay the mortgage but, are happy. At least, that’s how they appear outwardly.

I’ve been visiting piggington for around three years or so. In the that time I had come to think of the community here as financially responsible, savy even. I’m not sure what has changed.

It has to be me. If I’m the only one to not see Jesus on the Frito-Lay, does that mean that I’m crazy? Wait, on second thought, it’s not just piggington. I have this feeling at work, with friends, other web forums.

When things feel apart last fall/winter, I thought we were on the road back to financial responsiblity and a sense of reality. It hasn’t even been a year since the end was upon us and it seems as though a large number of the population just wants to keep it going.

I’m either crazy, a fool, or I just didn’t get the memo.[/quote]

LOL! 🙂

Glad to see I’m not the only one.

No, you have not lost your mind. Let me guess…you’re a native Californian?

I think what’s happening is that a lot of these buyers are coming in from other states and countries. They’ve heard that California is “expensive,” and they think that the current downturn is just a blip on our way back to a more “normal” 2005 (in their minds).

With all due respect, and this really isn’t meant as a personal offense, if someone can barely scrape together a 10% down payment on a $600K+ PUD/condo/townhouse, then they will NOT be able to afford the home over the long run. The kind of people who can afford a $540K mortgage (90% of $600K), should be able to save more than 10% for that purchase. Let’s not forget all the fees and special assessments that tend to come with attached/PUD homes.

I must need the “crazy pills” too. We’re hearing the same thing from everybody — that we need to buy **NOW** before we “miss the bottom.” To me, that — plus the very heavy investment/speculative activity currently seen in residential RE — tells me we are nowhere near a bottom

[CA renter]

[quote=creechrr]I’m obviously out of touch with reality. My expectations are all a kilter.

I understand the areas listed are the “desirable” areas but, the those prices seem outrageous to me. I have a hard time with $600-700K for a SFR much less a townhouse.

I really have a hard time seeing how these numbers make sense. I have an even harder time with the volume of people that are more than willing to pay/borrow that kind of money.

The psychology seems to be something akin to, “the more I pay, the better I am”.

And, this isn’t directed at the OP. This is just a general observation. I know quite a few people that have bought in the last year that are a hiccup away from financial ruin but, they love it. They’re unable to do much beyond pay the mortgage but, are happy. At least, that’s how they appear outwardly.

I’ve been visiting piggington for around three years or so. In the that time I had come to think of the community here as financially responsible, savy even. I’m not sure what has changed.

It has to be me. If I’m the only one to not see Jesus on the Frito-Lay, does that mean that I’m crazy? Wait, on second thought, it’s not just piggington. I have this feeling at work, with friends, other web forums.

When things feel apart last fall/winter, I thought we were on the road back to financial responsiblity and a sense of reality. It hasn’t even been a year since the end was upon us and it seems as though a large number of the population just wants to keep it going.

I’m either crazy, a fool, or I just didn’t get the memo.[/quote]

LOL! 🙂

Glad to see I’m not the only one.

No, you have not lost your mind. Let me guess…you’re a native Californian?

I think what’s happening is that a lot of these buyers are coming in from other states and countries. They’ve heard that California is “expensive,” and they think that the current downturn is just a blip on our way back to a more “normal” 2005 (in their minds).

With all due respect, and this really isn’t meant as a personal offense, if someone can barely scrape together a 10% down payment on a $600K+ PUD/condo/townhouse, then they will NOT be able to afford the home over the long run. The kind of people who can afford a $540K mortgage (90% of $600K), should be able to save more than 10% for that purchase. Let’s not forget all the fees and special assessments that tend to come with attached/PUD homes.

I must need the “crazy pills” too. We’re hearing the same thing from everybody — that we need to buy **NOW** before we “miss the bottom.” To me, that — plus the very heavy investment/speculative activity currently seen in residential RE — tells me we are nowhere near a bottom

[chrisp]

WOW. Way to assume away you nasty peeps.

I thought this would be a way friendlier place to solicit advice from professionals. Not this much of a shit show.

I am NEW real estate attorney. I’d like to think that makes me moderately savy. We want to buy sooner rather than later, and I just started a new position. Also, am a San Diego native.

With all due respect, maybe you should hold your tongue next time. Esh.

Maybe I did a poor job of laying out the facts, but you two sure took the ball and ran with it.

[chrisp]

WOW. Way to assume away you nasty peeps.

I thought this would be a way friendlier place to solicit advice from professionals. Not this much of a shit show.

I am NEW real estate attorney. I’d like to think that makes me moderately savy. We want to buy sooner rather than later, and I just started a new position. Also, am a San Diego native.

With all due respect, maybe you should hold your tongue next time. Esh.

Maybe I did a poor job of laying out the facts, but you two sure took the ball and ran with it.

[chrisp]

WOW. Way to assume away you nasty peeps.

I thought this would be a way friendlier place to solicit advice from professionals. Not this much of a shit show.

I am NEW real estate attorney. I’d like to think that makes me moderately savy. We want to buy sooner rather than later, and I just started a new position. Also, am a San Diego native.

With all due respect, maybe you should hold your tongue next time. Esh.

Maybe I did a poor job of laying out the facts, but you two sure took the ball and ran with it.

[chrisp]

WOW. Way to assume away you nasty peeps.

I thought this would be a way friendlier place to solicit advice from professionals. Not this much of a shit show.

I am NEW real estate attorney. I’d like to think that makes me moderately savy. We want to buy sooner rather than later, and I just started a new position. Also, am a San Diego native.

With all due respect, maybe you should hold your tongue next time. Esh.

Maybe I did a poor job of laying out the facts, but you two sure took the ball and ran with it.

[Author]

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