no loan without 20% down

[SD Realtor]

Just trying to get back to the original posters message. I spoke to a mortgage broker today who said she has a 100% financed loan for her buyers through Wells Fargo. I told her that I heard from someone that Wells was doing only 20% down loans and she said that is not true for conforming loans. She said that for conforming loans Wells still does have a 100% financing option.

Now that the conforming loan limits are going up, that may indeed help people like Ranjan.

Ranjan please comment if you can. Was your post for a loan above the conforming limit?

********

Please do not confuse this post of mine with being bullish or telling people to buy now… yada yada yada…

As always I am just trying to post facts that I dig up. (Except when I say “this is a speculative comment or an opinion”)

SD Realtor

ps – Yes I would much rather have tighter lending standards as well guys.

[blahblahblah]

I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.

This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.

Depressing, isn’t it?

[blahblahblah]

I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.

This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.

Depressing, isn’t it?

[blahblahblah]

I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.

This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.

Depressing, isn’t it?

[blahblahblah]

I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.

This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.

Depressing, isn’t it?

[blahblahblah]

I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.

This is happening because people can buy with less than 20% down. What happened is that, through deregulation of the banking industry and securitization of home loans, the barrier to market entry was lowered significantly, drastically increasing the number of participants. Supply held relatively constant, prices have nowhere to go but up. 20% down should be the rule of the land but it’s probably never coming back. Instead we will get this weird socialized debt system, where those willing to go most into debt are subsidized by those who save and live within their means. Like the economy of the old Soviet Union, it is an ideologically-based system — those with the most faith in the glory of the “free” market will borrow the most and overextend themselves because they’re sure everything will work out in the end. When it doesn’t, those of us who are ideologically unfaithful (i.e., save our money and live within our means) get punished with higher taxes for bailouts and deflation of our money through currency debasement . In the end of course, the market is completely rigged and anything but “free”, but those faithful to the prevailing ideology (borrow and spend as much as possible) are rewarded with big fancy custom homes and new BMWs while the rest of us live in apartments and drive 10-year-old Hondas.

Depressing, isn’t it?

[SD Realtor]

Yes very depressing.

[SD Realtor]

Yes very depressing.

[SD Realtor]

Yes very depressing.

[SD Realtor]

Yes very depressing.

[SD Realtor]

Yes very depressing.

[kewp]

CONCHO,

The Soviet Union also went bankrupt and collapsed.

The credit crunch/deflation is already happening and nothing can stop it. I can’t borrow a 800k with no money down if no one will lend it. I can’t even service the debt I have if I lose my job. Thats where we are now and its only getting worse in the future.

House prices are going down, unemployment is going up and those of us that are prepared will ultimately be rewarded.

The sort of backwards-think displayed in your post is exactly what got us in this mess I might add.

[kewp]

CONCHO,

The Soviet Union also went bankrupt and collapsed.

The credit crunch/deflation is already happening and nothing can stop it. I can’t borrow a 800k with no money down if no one will lend it. I can’t even service the debt I have if I lose my job. Thats where we are now and its only getting worse in the future.

House prices are going down, unemployment is going up and those of us that are prepared will ultimately be rewarded.

The sort of backwards-think displayed in your post is exactly what got us in this mess I might add.

[kewp]

CONCHO,

The Soviet Union also went bankrupt and collapsed.

The credit crunch/deflation is already happening and nothing can stop it. I can’t borrow a 800k with no money down if no one will lend it. I can’t even service the debt I have if I lose my job. Thats where we are now and its only getting worse in the future.

House prices are going down, unemployment is going up and those of us that are prepared will ultimately be rewarded.

The sort of backwards-think displayed in your post is exactly what got us in this mess I might add.

[kewp]

CONCHO,

The Soviet Union also went bankrupt and collapsed.

The credit crunch/deflation is already happening and nothing can stop it. I can’t borrow a 800k with no money down if no one will lend it. I can’t even service the debt I have if I lose my job. Thats where we are now and its only getting worse in the future.

House prices are going down, unemployment is going up and those of us that are prepared will ultimately be rewarded.

The sort of backwards-think displayed in your post is exactly what got us in this mess I might add.

[Author]

Posts