High End of the Market

[eyePod]

“In God We Trust, Rest Pay Cash”. I am saying that reminds me of my time in India. I think I’ll go knock his door. Buy the merchandise or out sir!

[gn]

Fico and Down payment are not the only two factors in the equation, just because he is a doctor doesn't mean he should get a loan if his house payment and debt service is 2/3 of his income.

Temeculaguy is right. In order to get a jumbo loan, you need all 3 factors:

1- Good credit score

2- At least 20% down payment

3- Housing expense to be "inline" with income

It's likely that the loan amount that the doctor was trying to get is "out of line" with his income.

[gn]

Fico and Down payment are not the only two factors in the equation, just because he is a doctor doesn't mean he should get a loan if his house payment and debt service is 2/3 of his income.

Temeculaguy is right. In order to get a jumbo loan, you need all 3 factors:

1- Good credit score

2- At least 20% down payment

3- Housing expense to be "inline" with income

It's likely that the loan amount that the doctor was trying to get is "out of line" with his income.

[gn]

Fico and Down payment are not the only two factors in the equation, just because he is a doctor doesn't mean he should get a loan if his house payment and debt service is 2/3 of his income.

Temeculaguy is right. In order to get a jumbo loan, you need all 3 factors:

1- Good credit score

2- At least 20% down payment

3- Housing expense to be "inline" with income

It's likely that the loan amount that the doctor was trying to get is "out of line" with his income.

[sdrealtor]

FWIW, Lisa gregory just closed an escrow for $835,000. With at least 20% down thats a loan of less than $670,000. If that was the house in question I doubt that would be out of line unless he was a Witch Doctor.

[sdrealtor]

FWIW, Lisa gregory just closed an escrow for $835,000. With at least 20% down thats a loan of less than $670,000. If that was the house in question I doubt that would be out of line unless he was a Witch Doctor.

[sdrealtor]

FWIW, Lisa gregory just closed an escrow for $835,000. With at least 20% down thats a loan of less than $670,000. If that was the house in question I doubt that would be out of line unless he was a Witch Doctor.

[Coronita]

I would say lenders are still reeling at the uncertainity of liquidity in the markets.

The liquidity pendulum has swung to far to the left on relaxed stardards, it’s now swinging toward the right of overtightening. Hopefully, sometime in the future, it will stabilize somewhere in the middle.

It would have been interesting to find out who the lender was.Also how much the doctor was making. Doctors aren’t necessarily paid “that” much these days (save, the specialists), especially if it’s a single income. Also, how long has the doctor been in practice? (Newer doctors with educational debt might have issues)

BTW: what do people consider to be “high-end”?

[Coronita]

I would say lenders are still reeling at the uncertainity of liquidity in the markets.

The liquidity pendulum has swung to far to the left on relaxed stardards, it’s now swinging toward the right of overtightening. Hopefully, sometime in the future, it will stabilize somewhere in the middle.

It would have been interesting to find out who the lender was.Also how much the doctor was making. Doctors aren’t necessarily paid “that” much these days (save, the specialists), especially if it’s a single income. Also, how long has the doctor been in practice? (Newer doctors with educational debt might have issues)

BTW: what do people consider to be “high-end”?

[Coronita]

I would say lenders are still reeling at the uncertainity of liquidity in the markets.

The liquidity pendulum has swung to far to the left on relaxed stardards, it’s now swinging toward the right of overtightening. Hopefully, sometime in the future, it will stabilize somewhere in the middle.

It would have been interesting to find out who the lender was.Also how much the doctor was making. Doctors aren’t necessarily paid “that” much these days (save, the specialists), especially if it’s a single income. Also, how long has the doctor been in practice? (Newer doctors with educational debt might have issues)

BTW: what do people consider to be “high-end”?

[SD Realtor]

I think there is a misconception here regarding the lenders. In the case referenced I do not believe the lender would back out because of the doctor or his credentials. I think they would back out because they could not move the loan on the secondary market at the rate that would give them sufficient margin to make a profit. Thus they would be stuck with the loan.

The result is obviously the same.

SD Realtor

[SD Realtor]

I think there is a misconception here regarding the lenders. In the case referenced I do not believe the lender would back out because of the doctor or his credentials. I think they would back out because they could not move the loan on the secondary market at the rate that would give them sufficient margin to make a profit. Thus they would be stuck with the loan.

The result is obviously the same.

SD Realtor

[SD Realtor]

I think there is a misconception here regarding the lenders. In the case referenced I do not believe the lender would back out because of the doctor or his credentials. I think they would back out because they could not move the loan on the secondary market at the rate that would give them sufficient margin to make a profit. Thus they would be stuck with the loan.

The result is obviously the same.

SD Realtor

[NotCranky]

BTW: what do people consider to be “high-end”?

I consider 800k the “low end” of “high end” but the house you can buy with that 800k is a “mid -range” house even after giving credit for being in socal.

[NotCranky]

BTW: what do people consider to be “high-end”?

I consider 800k the “low end” of “high end” but the house you can buy with that 800k is a “mid -range” house even after giving credit for being in socal.

[Author]

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