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ibjames.
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November 15, 2008 at 9:01 AM #14453November 15, 2008 at 11:15 AM #305066
peterb
ParticipantNot too sure about the mortgage rates right now. But I’ve heard it now takes a higher FICO score and more down to get a loan than it did a year ago. But I dont know the details.
I do know that corp debt is getting very expensive. Even AAA debt is getting too expensive for anyone to get. This will ripple out to all of us.
November 15, 2008 at 11:15 AM #305521peterb
ParticipantNot too sure about the mortgage rates right now. But I’ve heard it now takes a higher FICO score and more down to get a loan than it did a year ago. But I dont know the details.
I do know that corp debt is getting very expensive. Even AAA debt is getting too expensive for anyone to get. This will ripple out to all of us.
November 15, 2008 at 11:15 AM #305463peterb
ParticipantNot too sure about the mortgage rates right now. But I’ve heard it now takes a higher FICO score and more down to get a loan than it did a year ago. But I dont know the details.
I do know that corp debt is getting very expensive. Even AAA debt is getting too expensive for anyone to get. This will ripple out to all of us.
November 15, 2008 at 11:15 AM #305444peterb
ParticipantNot too sure about the mortgage rates right now. But I’ve heard it now takes a higher FICO score and more down to get a loan than it did a year ago. But I dont know the details.
I do know that corp debt is getting very expensive. Even AAA debt is getting too expensive for anyone to get. This will ripple out to all of us.
November 15, 2008 at 11:15 AM #305432peterb
ParticipantNot too sure about the mortgage rates right now. But I’ve heard it now takes a higher FICO score and more down to get a loan than it did a year ago. But I dont know the details.
I do know that corp debt is getting very expensive. Even AAA debt is getting too expensive for anyone to get. This will ripple out to all of us.
November 15, 2008 at 4:14 PM #305190patientrenter
ParticipantI agree with TheBreeze that the so-called “tight” credit for home buyers today is laughably loose. I don’t care what your credit score is, lending more than 80% of the cost of a home is ridiculously risky in an overpriced and declining market like the one we have in many places today.
If you think house prices might drop as much as another 30%, then that should be the minimum down payment for a loan with a single digit interest rate. Government agencies enabling anything more aggressive than this are throwing away taxpayers’ money. Only in incredibly stable markets, over periods of 20-30 years, would a downpayment of 10% make any sense, and then only for enforceable recourse loans to people with excellent credit records buying inexpensive homes.
November 15, 2008 at 4:14 PM #305557patientrenter
ParticipantI agree with TheBreeze that the so-called “tight” credit for home buyers today is laughably loose. I don’t care what your credit score is, lending more than 80% of the cost of a home is ridiculously risky in an overpriced and declining market like the one we have in many places today.
If you think house prices might drop as much as another 30%, then that should be the minimum down payment for a loan with a single digit interest rate. Government agencies enabling anything more aggressive than this are throwing away taxpayers’ money. Only in incredibly stable markets, over periods of 20-30 years, would a downpayment of 10% make any sense, and then only for enforceable recourse loans to people with excellent credit records buying inexpensive homes.
November 15, 2008 at 4:14 PM #305569patientrenter
ParticipantI agree with TheBreeze that the so-called “tight” credit for home buyers today is laughably loose. I don’t care what your credit score is, lending more than 80% of the cost of a home is ridiculously risky in an overpriced and declining market like the one we have in many places today.
If you think house prices might drop as much as another 30%, then that should be the minimum down payment for a loan with a single digit interest rate. Government agencies enabling anything more aggressive than this are throwing away taxpayers’ money. Only in incredibly stable markets, over periods of 20-30 years, would a downpayment of 10% make any sense, and then only for enforceable recourse loans to people with excellent credit records buying inexpensive homes.
November 15, 2008 at 4:14 PM #305586patientrenter
ParticipantI agree with TheBreeze that the so-called “tight” credit for home buyers today is laughably loose. I don’t care what your credit score is, lending more than 80% of the cost of a home is ridiculously risky in an overpriced and declining market like the one we have in many places today.
If you think house prices might drop as much as another 30%, then that should be the minimum down payment for a loan with a single digit interest rate. Government agencies enabling anything more aggressive than this are throwing away taxpayers’ money. Only in incredibly stable markets, over periods of 20-30 years, would a downpayment of 10% make any sense, and then only for enforceable recourse loans to people with excellent credit records buying inexpensive homes.
November 15, 2008 at 4:14 PM #305647patientrenter
ParticipantI agree with TheBreeze that the so-called “tight” credit for home buyers today is laughably loose. I don’t care what your credit score is, lending more than 80% of the cost of a home is ridiculously risky in an overpriced and declining market like the one we have in many places today.
If you think house prices might drop as much as another 30%, then that should be the minimum down payment for a loan with a single digit interest rate. Government agencies enabling anything more aggressive than this are throwing away taxpayers’ money. Only in incredibly stable markets, over periods of 20-30 years, would a downpayment of 10% make any sense, and then only for enforceable recourse loans to people with excellent credit records buying inexpensive homes.
November 15, 2008 at 5:06 PM #305220CA renter
ParticipantAbsolutely spot-on!
Credit is very loose right now, even if it is somewhat tighter than a couple of years ago. Just because a borrower can’t walk in and get a $500K loan — with a 550 FICO score, no assets and unverified income — does not mean credit is unavailable.
We’ve bought a few expensive things in the past couple of months, including a new vehicle (all paid off, but we use credit for the initial purchase), and credit was never a problem.
Agree with you about loan pricing too, BTW. We should be seeing double-digits for medium-risk loans, especially when you consider all the financial turmoil going on right now.
November 15, 2008 at 5:06 PM #305676CA renter
ParticipantAbsolutely spot-on!
Credit is very loose right now, even if it is somewhat tighter than a couple of years ago. Just because a borrower can’t walk in and get a $500K loan — with a 550 FICO score, no assets and unverified income — does not mean credit is unavailable.
We’ve bought a few expensive things in the past couple of months, including a new vehicle (all paid off, but we use credit for the initial purchase), and credit was never a problem.
Agree with you about loan pricing too, BTW. We should be seeing double-digits for medium-risk loans, especially when you consider all the financial turmoil going on right now.
November 15, 2008 at 5:06 PM #305587CA renter
ParticipantAbsolutely spot-on!
Credit is very loose right now, even if it is somewhat tighter than a couple of years ago. Just because a borrower can’t walk in and get a $500K loan — with a 550 FICO score, no assets and unverified income — does not mean credit is unavailable.
We’ve bought a few expensive things in the past couple of months, including a new vehicle (all paid off, but we use credit for the initial purchase), and credit was never a problem.
Agree with you about loan pricing too, BTW. We should be seeing double-digits for medium-risk loans, especially when you consider all the financial turmoil going on right now.
November 15, 2008 at 5:06 PM #305599CA renter
ParticipantAbsolutely spot-on!
Credit is very loose right now, even if it is somewhat tighter than a couple of years ago. Just because a borrower can’t walk in and get a $500K loan — with a 550 FICO score, no assets and unverified income — does not mean credit is unavailable.
We’ve bought a few expensive things in the past couple of months, including a new vehicle (all paid off, but we use credit for the initial purchase), and credit was never a problem.
Agree with you about loan pricing too, BTW. We should be seeing double-digits for medium-risk loans, especially when you consider all the financial turmoil going on right now.
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