Hey buddy, can you spare a mortgage?

[4plexowner]

What’s the loan situation in San Diego right now?

If I needed a jumbo mortgage to buy a single-family house for myself could I get one? What would the down payment and interest rate be?

Same question for investment property. Could I get a mortgage on a 4plex right now?

I’m assuming that the only loans being funded right now are from Fannie, Freddie, FHA and the portfolio lenders.

Is anyone else funding loans right now?

How willing are the portfolio lenders to fund loans right now?

~

Let’s not talk about loans advertised on the net or what somebody’s brother’s maiden aunt got last month. The real question is: “What kind of loans are being funded in San Diego today?”

[guitar187]

For the most part, 90% stated and 95% full doc is where we are at currently.

[Eugene]

For the most part, 90% stated and 95% full doc is where we are at currently.

Presumably, you need FICO 700 to qualify for either?

[guitar187]

It depends on the loan amount, etc. But as a “ballpark” 660+. If you have an exact scenario I can give you a better answer on where the market is at specifically.

[cr]

Guitar I’m surprised to hear anyone would still fund NINJA loans, even with 5-10%.

I talked to a guy who works at IndyMAC and he said they are requiring 700+ FICO for subprime.

A former broker in SD said 5% down required, and stated income loans will go away.

[cr]

Guitar I’m surprised to hear anyone would still fund NINJA loans, even with 5-10%.

I talked to a guy who works at IndyMAC and he said they are requiring 700+ FICO for subprime.

A former broker in SD said 5% down required, and stated income loans will go away.

[guitar187]

It depends on the loan amount, etc. But as a “ballpark” 660+. If you have an exact scenario I can give you a better answer on where the market is at specifically.

[Eugene]

For the most part, 90% stated and 95% full doc is where we are at currently.

Presumably, you need FICO 700 to qualify for either?

[bsrsharma]

Are there lenders still giving 95% LTV Jumbos even now? That sounds so risky in this environment (unless they have good mortgage insurance). Do you know if mortgage insurance is pretty much required for these?

[guitar187]

cooprider14,

I do work with Indymac on a regular basis. They are one of the players that still have a decent Alt A jumbo prduct.

bsrsharma,

Yes, MI is required.

[guitar187]

cooprider14,

I do work with Indymac on a regular basis. They are one of the players that still have a decent Alt A jumbo prduct.

bsrsharma,

Yes, MI is required.

[bsrsharma]

Are there lenders still giving 95% LTV Jumbos even now? That sounds so risky in this environment (unless they have good mortgage insurance). Do you know if mortgage insurance is pretty much required for these?

[guitar187]

For the most part, 90% stated and 95% full doc is where we are at currently.

[Trojan4Life]

One would hardly think that someone boasting a 700+ FICO would be considered a sub-prime candidate, would they?

Are we entering a new age where, much like where million dollar homes are not really worth $1M, the new “millionaire” needs to have $10M, and #1 ranked national football powerhouses need to actually play the game in order to win…700+ FICO scores don’t give lenders as warm a fuzzy as previously?

Yes, I was at the game…at least the Bruin lost and the Chargers won…

Freddie, Proud USC Trojan

[Trojan4Life]

One would hardly think that someone boasting a 700+ FICO would be considered a sub-prime candidate, would they?

Are we entering a new age where, much like where million dollar homes are not really worth $1M, the new “millionaire” needs to have $10M, and #1 ranked national football powerhouses need to actually play the game in order to win…700+ FICO scores don’t give lenders as warm a fuzzy as previously?

Yes, I was at the game…at least the Bruin lost and the Chargers won…

Freddie, Proud USC Trojan

[Author]

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