FHA Loans and PUD Rules

[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.

[patientrenter]

chrisp, you should expect that there will be some skepticism about the wisdom of paying a very high price for a home, almost exclusively paid for using other people’s money. Almost all the money you are paying comes from your fellow taxpayers, via guarantees and implicit bailout promises from an arm of the federal govt.

In other words, you are paying $60,000 for your new home. The rest of the money is coming from people like me and other pigg bloggers. If you become a default in 3 years because the price you set for your home is way too high, then you will not be paying. I will. Hence the somewhat tetchy reaction to your proposal to set the price for your new home at a VERY, VERY large sum of money. I earn about half a million a year pre-tax, and my home budget is$300K. Are you stretching your price a little? Or getting taxpayers to stretch for you?

I hope this helps you to understand the reactions you’re seeing.

[patientrenter]

chrisp, you should expect that there will be some skepticism about the wisdom of paying a very high price for a home, almost exclusively paid for using other people’s money. Almost all the money you are paying comes from your fellow taxpayers, via guarantees and implicit bailout promises from an arm of the federal govt.

In other words, you are paying $60,000 for your new home. The rest of the money is coming from people like me and other pigg bloggers. If you become a default in 3 years because the price you set for your home is way too high, then you will not be paying. I will. Hence the somewhat tetchy reaction to your proposal to set the price for your new home at a VERY, VERY large sum of money. I earn about half a million a year pre-tax, and my home budget is$300K. Are you stretching your price a little? Or getting taxpayers to stretch for you?

I hope this helps you to understand the reactions you’re seeing.

[patientrenter]

chrisp, you should expect that there will be some skepticism about the wisdom of paying a very high price for a home, almost exclusively paid for using other people’s money. Almost all the money you are paying comes from your fellow taxpayers, via guarantees and implicit bailout promises from an arm of the federal govt.

In other words, you are paying $60,000 for your new home. The rest of the money is coming from people like me and other pigg bloggers. If you become a default in 3 years because the price you set for your home is way too high, then you will not be paying. I will. Hence the somewhat tetchy reaction to your proposal to set the price for your new home at a VERY, VERY large sum of money. I earn about half a million a year pre-tax, and my home budget is$300K. Are you stretching your price a little? Or getting taxpayers to stretch for you?

I hope this helps you to understand the reactions you’re seeing.

[patientrenter]

chrisp, you should expect that there will be some skepticism about the wisdom of paying a very high price for a home, almost exclusively paid for using other people’s money. Almost all the money you are paying comes from your fellow taxpayers, via guarantees and implicit bailout promises from an arm of the federal govt.

In other words, you are paying $60,000 for your new home. The rest of the money is coming from people like me and other pigg bloggers. If you become a default in 3 years because the price you set for your home is way too high, then you will not be paying. I will. Hence the somewhat tetchy reaction to your proposal to set the price for your new home at a VERY, VERY large sum of money. I earn about half a million a year pre-tax, and my home budget is$300K. Are you stretching your price a little? Or getting taxpayers to stretch for you?

I hope this helps you to understand the reactions you’re seeing.

[patientrenter]

chrisp, you should expect that there will be some skepticism about the wisdom of paying a very high price for a home, almost exclusively paid for using other people’s money. Almost all the money you are paying comes from your fellow taxpayers, via guarantees and implicit bailout promises from an arm of the federal govt.

In other words, you are paying $60,000 for your new home. The rest of the money is coming from people like me and other pigg bloggers. If you become a default in 3 years because the price you set for your home is way too high, then you will not be paying. I will. Hence the somewhat tetchy reaction to your proposal to set the price for your new home at a VERY, VERY large sum of money. I earn about half a million a year pre-tax, and my home budget is$300K. Are you stretching your price a little? Or getting taxpayers to stretch for you?

I hope this helps you to understand the reactions you’re seeing.

[CA renter]

[quote=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.[/quote]

chrisp,

Please understand that over the years, people have come on this blog (and other RE blogs) “asking for advice.”
When they hear what many of us have to say, they get upset and do what they wanted to do in the first place.

Oftentimes, these very same people come back a year or two later, saying that they should have listened to us, because they are now in foreclosure, getting divorced, unemployed, etc.

I’m very serious about not intending to offend. It’s just that $600K is a whole lot of money, no matter how hard the MSM/Fed/Treasury/govt. try to convince us otherwise.

In addition to what PR wrote above regarding the bailouts (and I fully agree with him), many of us are upset about people who continue to overpay, stretching beyond what is financially reasonable (based on long-established ratios and affordability metrics — that have been ignored for almost a decade), and running prices up for those of us who want to live more responsibly. For many of us, we perceive these actions to be a continuation of what got us into this mess in the first place. We want the insanity to end.

I am sorry to have offended you, but you just have to understand the nature and background of many of the posters here.

[CA renter]

[quote=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.[/quote]

chrisp,

Please understand that over the years, people have come on this blog (and other RE blogs) “asking for advice.”
When they hear what many of us have to say, they get upset and do what they wanted to do in the first place.

Oftentimes, these very same people come back a year or two later, saying that they should have listened to us, because they are now in foreclosure, getting divorced, unemployed, etc.

I’m very serious about not intending to offend. It’s just that $600K is a whole lot of money, no matter how hard the MSM/Fed/Treasury/govt. try to convince us otherwise.

In addition to what PR wrote above regarding the bailouts (and I fully agree with him), many of us are upset about people who continue to overpay, stretching beyond what is financially reasonable (based on long-established ratios and affordability metrics — that have been ignored for almost a decade), and running prices up for those of us who want to live more responsibly. For many of us, we perceive these actions to be a continuation of what got us into this mess in the first place. We want the insanity to end.

I am sorry to have offended you, but you just have to understand the nature and background of many of the posters here.

[CA renter]

[quote=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.[/quote]

chrisp,

Please understand that over the years, people have come on this blog (and other RE blogs) “asking for advice.”
When they hear what many of us have to say, they get upset and do what they wanted to do in the first place.

Oftentimes, these very same people come back a year or two later, saying that they should have listened to us, because they are now in foreclosure, getting divorced, unemployed, etc.

I’m very serious about not intending to offend. It’s just that $600K is a whole lot of money, no matter how hard the MSM/Fed/Treasury/govt. try to convince us otherwise.

In addition to what PR wrote above regarding the bailouts (and I fully agree with him), many of us are upset about people who continue to overpay, stretching beyond what is financially reasonable (based on long-established ratios and affordability metrics — that have been ignored for almost a decade), and running prices up for those of us who want to live more responsibly. For many of us, we perceive these actions to be a continuation of what got us into this mess in the first place. We want the insanity to end.

I am sorry to have offended you, but you just have to understand the nature and background of many of the posters here.

[CA renter]

[quote=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.[/quote]

chrisp,

Please understand that over the years, people have come on this blog (and other RE blogs) “asking for advice.”
When they hear what many of us have to say, they get upset and do what they wanted to do in the first place.

Oftentimes, these very same people come back a year or two later, saying that they should have listened to us, because they are now in foreclosure, getting divorced, unemployed, etc.

I’m very serious about not intending to offend. It’s just that $600K is a whole lot of money, no matter how hard the MSM/Fed/Treasury/govt. try to convince us otherwise.

In addition to what PR wrote above regarding the bailouts (and I fully agree with him), many of us are upset about people who continue to overpay, stretching beyond what is financially reasonable (based on long-established ratios and affordability metrics — that have been ignored for almost a decade), and running prices up for those of us who want to live more responsibly. For many of us, we perceive these actions to be a continuation of what got us into this mess in the first place. We want the insanity to end.

I am sorry to have offended you, but you just have to understand the nature and background of many of the posters here.

[CA renter]

[quote=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.[/quote]

chrisp,

Please understand that over the years, people have come on this blog (and other RE blogs) “asking for advice.”
When they hear what many of us have to say, they get upset and do what they wanted to do in the first place.

Oftentimes, these very same people come back a year or two later, saying that they should have listened to us, because they are now in foreclosure, getting divorced, unemployed, etc.

I’m very serious about not intending to offend. It’s just that $600K is a whole lot of money, no matter how hard the MSM/Fed/Treasury/govt. try to convince us otherwise.

In addition to what PR wrote above regarding the bailouts (and I fully agree with him), many of us are upset about people who continue to overpay, stretching beyond what is financially reasonable (based on long-established ratios and affordability metrics — that have been ignored for almost a decade), and running prices up for those of us who want to live more responsibly. For many of us, we perceive these actions to be a continuation of what got us into this mess in the first place. We want the insanity to end.

I am sorry to have offended you, but you just have to understand the nature and background of many of the posters here.

[chrisp]

Ok. I understand your perspective. Again, I can also see how the facts I laid out would have seemed like bait to some of you.

However, I didn’t ask your advice about whether I should pay that much . . . Or whether I could afford that much. See the topic of the post. (Please anybody, jump in with something related to the actual question.)

Also, you assume I am going to default. Not really the coolest thing to me. Buying a house and deciding how much you want to pay are personal issues. Yes, I put my price range out there, but just because I say I am Christian or Jewish doesn’t mean I want your opinion on my choice of religion, no matter how that choice will affect your life. And when you jump on someone for a personal decision, however much you might think there isn’t merit to it, not so cool.

As it turns out we were looking below our “pre-approved range” (based on the fact that we have very little/no debt and decent incomes) to plan for contingencies. The place we had to pull the offer was not in $600-700 range. I gave those numbers for perspective. Also, the place we pulled the offer from was only 10-15% higher than its 2001 sale price.

You may have not intended to offend, and I don’t necessarily have ill-will toward any of you. But what a harsh response to a new poster.

[chrisp]

Ok. I understand your perspective. Again, I can also see how the facts I laid out would have seemed like bait to some of you.

However, I didn’t ask your advice about whether I should pay that much . . . Or whether I could afford that much. See the topic of the post. (Please anybody, jump in with something related to the actual question.)

Also, you assume I am going to default. Not really the coolest thing to me. Buying a house and deciding how much you want to pay are personal issues. Yes, I put my price range out there, but just because I say I am Christian or Jewish doesn’t mean I want your opinion on my choice of religion, no matter how that choice will affect your life. And when you jump on someone for a personal decision, however much you might think there isn’t merit to it, not so cool.

As it turns out we were looking below our “pre-approved range” (based on the fact that we have very little/no debt and decent incomes) to plan for contingencies. The place we had to pull the offer was not in $600-700 range. I gave those numbers for perspective. Also, the place we pulled the offer from was only 10-15% higher than its 2001 sale price.

You may have not intended to offend, and I don’t necessarily have ill-will toward any of you. But what a harsh response to a new poster.

[chrisp]

Ok. I understand your perspective. Again, I can also see how the facts I laid out would have seemed like bait to some of you.

However, I didn’t ask your advice about whether I should pay that much . . . Or whether I could afford that much. See the topic of the post. (Please anybody, jump in with something related to the actual question.)

Also, you assume I am going to default. Not really the coolest thing to me. Buying a house and deciding how much you want to pay are personal issues. Yes, I put my price range out there, but just because I say I am Christian or Jewish doesn’t mean I want your opinion on my choice of religion, no matter how that choice will affect your life. And when you jump on someone for a personal decision, however much you might think there isn’t merit to it, not so cool.

As it turns out we were looking below our “pre-approved range” (based on the fact that we have very little/no debt and decent incomes) to plan for contingencies. The place we had to pull the offer was not in $600-700 range. I gave those numbers for perspective. Also, the place we pulled the offer from was only 10-15% higher than its 2001 sale price.

You may have not intended to offend, and I don’t necessarily have ill-will toward any of you. But what a harsh response to a new poster.

[chrisp]

Ok. I understand your perspective. Again, I can also see how the facts I laid out would have seemed like bait to some of you.

However, I didn’t ask your advice about whether I should pay that much . . . Or whether I could afford that much. See the topic of the post. (Please anybody, jump in with something related to the actual question.)

Also, you assume I am going to default. Not really the coolest thing to me. Buying a house and deciding how much you want to pay are personal issues. Yes, I put my price range out there, but just because I say I am Christian or Jewish doesn’t mean I want your opinion on my choice of religion, no matter how that choice will affect your life. And when you jump on someone for a personal decision, however much you might think there isn’t merit to it, not so cool.

As it turns out we were looking below our “pre-approved range” (based on the fact that we have very little/no debt and decent incomes) to plan for contingencies. The place we had to pull the offer was not in $600-700 range. I gave those numbers for perspective. Also, the place we pulled the offer from was only 10-15% higher than its 2001 sale price.

You may have not intended to offend, and I don’t necessarily have ill-will toward any of you. But what a harsh response to a new poster.

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