looks like the stage is set

[kev374]

The Conforming limit for FHA will remain at $417,000 for year 2008. This is the death knell for the market here is California.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-21255228.htm

[mgubnyc1]

Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

[mgubnyc1]

Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

[mgubnyc1]

Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

[mgubnyc1]

Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

[mgubnyc1]

Ouch! Yep, but the truth is most people taking 400k mortgages can’t even afford them anyway. A 400K 30year fixed at 6% mortgage and 12K property tax’s cost like 3500 a month and that’s just your house payment, so many of these people have BMW car payments, RV payments line of credit and credit card payments, why give someone a 400K mortgage they can’t afford.
Someone deserving of a 400K mortgage should have a minimum income of 225K Gross to qualify. (IMO)

[SD Realtor]

This is very good news.

SD Realtor

[SD Realtor]

This is very good news.

SD Realtor

[SD Realtor]

This is very good news.

SD Realtor

[SD Realtor]

This is very good news.

SD Realtor

[SD Realtor]

This is very good news.

SD Realtor

[Raybyrnes]

kev374

I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

[Raybyrnes]

kev374

I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

[Raybyrnes]

kev374

I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

[Raybyrnes]

kev374

I’m missing somthing. The way I understand the program, the limits should have adjusted downward to reflect the declining costs. By leaving the limits unchanged they are actually helping more borrowers who are potentially on the edge. Additonally this expands the pool of potential buyers. I would think that this slows the housing correction rather than accelerating it.

[Author]

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