- This topic has 205 replies, 15 voices, and was last updated 13 years, 9 months ago by
davelj.
-
AuthorPosts
-
February 20, 2011 at 3:16 PM #18551February 20, 2011 at 4:38 PM #668777
patb
ParticipantWhat’s the Odds the RIC prevents it from happening.
February 20, 2011 at 4:38 PM #668839ParticipantWhat’s the Odds the RIC prevents it from happening.
February 20, 2011 at 4:38 PM #669446ParticipantWhat’s the Odds the RIC prevents it from happening.
February 20, 2011 at 4:38 PM #669585ParticipantWhat’s the Odds the RIC prevents it from happening.
February 20, 2011 at 4:38 PM #669928ParticipantWhat’s the Odds the RIC prevents it from happening.
February 20, 2011 at 5:09 PM #668802ctr70
ParticipantFHA already upped it’s monthly mortgage insurance to 1.15% of the loan amount starting in April. Less than 6 mos ago it was only .55%! They more that doubled it! So if you are getting a $350,000 FHA loan you have $335/mo just in mortgage insurance. They are trying to reduce FHA’s footprint in the mortgage market and one way to do that is to keep jacking up mortgage insurance.
Fannie Mae loans have also recently got a lot more expensive if you have anything less than perfect credit and 20% down. We are headed towards very expensive mortgages unless you have 20% down and perfect credit. This will all impact prices. Maybe even more so in the blue collar areas where FHA loans are more popular. It is getting REALLY expensive to get a 3.5% down FHA loan. And add higher rates into that cocktail too. I can’t see how that doesn’t put a lot more downward pressure on prices for years to come, unless this is offset by a job/income boom.
Saying we will not have the “tailwind” of accommodative lending pushing prices this go around (like we did starting in the late 1990’s) is an understatement.
February 20, 2011 at 5:09 PM #668864ParticipantFHA already upped it’s monthly mortgage insurance to 1.15% of the loan amount starting in April. Less than 6 mos ago it was only .55%! They more that doubled it! So if you are getting a $350,000 FHA loan you have $335/mo just in mortgage insurance. They are trying to reduce FHA’s footprint in the mortgage market and one way to do that is to keep jacking up mortgage insurance.
Fannie Mae loans have also recently got a lot more expensive if you have anything less than perfect credit and 20% down. We are headed towards very expensive mortgages unless you have 20% down and perfect credit. This will all impact prices. Maybe even more so in the blue collar areas where FHA loans are more popular. It is getting REALLY expensive to get a 3.5% down FHA loan. And add higher rates into that cocktail too. I can’t see how that doesn’t put a lot more downward pressure on prices for years to come, unless this is offset by a job/income boom.
Saying we will not have the “tailwind” of accommodative lending pushing prices this go around (like we did starting in the late 1990’s) is an understatement.
February 20, 2011 at 5:09 PM #669471ParticipantFHA already upped it’s monthly mortgage insurance to 1.15% of the loan amount starting in April. Less than 6 mos ago it was only .55%! They more that doubled it! So if you are getting a $350,000 FHA loan you have $335/mo just in mortgage insurance. They are trying to reduce FHA’s footprint in the mortgage market and one way to do that is to keep jacking up mortgage insurance.
Fannie Mae loans have also recently got a lot more expensive if you have anything less than perfect credit and 20% down. We are headed towards very expensive mortgages unless you have 20% down and perfect credit. This will all impact prices. Maybe even more so in the blue collar areas where FHA loans are more popular. It is getting REALLY expensive to get a 3.5% down FHA loan. And add higher rates into that cocktail too. I can’t see how that doesn’t put a lot more downward pressure on prices for years to come, unless this is offset by a job/income boom.
Saying we will not have the “tailwind” of accommodative lending pushing prices this go around (like we did starting in the late 1990’s) is an understatement.
February 20, 2011 at 5:09 PM #669610ParticipantFHA already upped it’s monthly mortgage insurance to 1.15% of the loan amount starting in April. Less than 6 mos ago it was only .55%! They more that doubled it! So if you are getting a $350,000 FHA loan you have $335/mo just in mortgage insurance. They are trying to reduce FHA’s footprint in the mortgage market and one way to do that is to keep jacking up mortgage insurance.
Fannie Mae loans have also recently got a lot more expensive if you have anything less than perfect credit and 20% down. We are headed towards very expensive mortgages unless you have 20% down and perfect credit. This will all impact prices. Maybe even more so in the blue collar areas where FHA loans are more popular. It is getting REALLY expensive to get a 3.5% down FHA loan. And add higher rates into that cocktail too. I can’t see how that doesn’t put a lot more downward pressure on prices for years to come, unless this is offset by a job/income boom.
Saying we will not have the “tailwind” of accommodative lending pushing prices this go around (like we did starting in the late 1990’s) is an understatement.
February 20, 2011 at 5:09 PM #669953ParticipantFHA already upped it’s monthly mortgage insurance to 1.15% of the loan amount starting in April. Less than 6 mos ago it was only .55%! They more that doubled it! So if you are getting a $350,000 FHA loan you have $335/mo just in mortgage insurance. They are trying to reduce FHA’s footprint in the mortgage market and one way to do that is to keep jacking up mortgage insurance.
Fannie Mae loans have also recently got a lot more expensive if you have anything less than perfect credit and 20% down. We are headed towards very expensive mortgages unless you have 20% down and perfect credit. This will all impact prices. Maybe even more so in the blue collar areas where FHA loans are more popular. It is getting REALLY expensive to get a 3.5% down FHA loan. And add higher rates into that cocktail too. I can’t see how that doesn’t put a lot more downward pressure on prices for years to come, unless this is offset by a job/income boom.
Saying we will not have the “tailwind” of accommodative lending pushing prices this go around (like we did starting in the late 1990’s) is an understatement.
February 20, 2011 at 5:46 PM #668807SD Realtor
ParticipantI cannot think of a better way to achieve a stronger overall market. This of course will add to imbalances with regards to investor owned properties and such. However in all honesty, (and CAR I know you will not like this) owning a home is not a right. We allo know the pendulum was going to need to swing hard in the other direction and if we had standards like this to begin with, it would have been helpful. Reducing the FHA footprint is a great idea. Hopefully we will see prices adjust but it will not happen overnight. The rubber band does not just snapback immediately.
February 20, 2011 at 5:46 PM #668869ParticipantI cannot think of a better way to achieve a stronger overall market. This of course will add to imbalances with regards to investor owned properties and such. However in all honesty, (and CAR I know you will not like this) owning a home is not a right. We allo know the pendulum was going to need to swing hard in the other direction and if we had standards like this to begin with, it would have been helpful. Reducing the FHA footprint is a great idea. Hopefully we will see prices adjust but it will not happen overnight. The rubber band does not just snapback immediately.
February 20, 2011 at 5:46 PM #669476ParticipantI cannot think of a better way to achieve a stronger overall market. This of course will add to imbalances with regards to investor owned properties and such. However in all honesty, (and CAR I know you will not like this) owning a home is not a right. We allo know the pendulum was going to need to swing hard in the other direction and if we had standards like this to begin with, it would have been helpful. Reducing the FHA footprint is a great idea. Hopefully we will see prices adjust but it will not happen overnight. The rubber band does not just snapback immediately.
February 20, 2011 at 5:46 PM #669615ParticipantI cannot think of a better way to achieve a stronger overall market. This of course will add to imbalances with regards to investor owned properties and such. However in all honesty, (and CAR I know you will not like this) owning a home is not a right. We allo know the pendulum was going to need to swing hard in the other direction and if we had standards like this to begin with, it would have been helpful. Reducing the FHA footprint is a great idea. Hopefully we will see prices adjust but it will not happen overnight. The rubber band does not just snapback immediately.
-
AuthorPosts
- You must be logged in to reply to this topic.