Number of qualified house buyers is shrinking…

[HLS]

Perhaps you misunderstood my statement..

Many people who already have a mortgage cannot qualify for a second one. Millions of people have 6%+ mortgages and cannot qualify for a refi for various reasons.
Many others have no chance of qualifying.
Anyone with a recent foreclosure or late mortgage payments in the past year cannot qualify either.

20% down has not been the only option. I bought my first property in 1980 with 10% down.

FHA has become the new subprime lender by allowing 3.50% down but charging a funding fee to do it.
They are losing billions…

The % of the population that can get a loan today is probably the lowest % in a long time if not in history.

I believe that 10% should be the minimum requirement. 20% would result in lower home prices.

I would rather have a market with 20%+ down and deal with qualified buyers.
I’m not interested in making money off of ignorant people.
I have told plenty of people that they couldn’t afford to buy a house. If they ended up with a FHA loan it wasn’t from me.

[HLS]

[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]

UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.

This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..

People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make.

[HLS]

[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]

UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.

This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..

People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make.

[HLS]

[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]

UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.

This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..

People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make.

[HLS]

[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]

UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.

This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..

People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make.

[HLS]

[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]

UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.

This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..

People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make.

[Eugene]

The wave of defaults crested 1000/month in September ’06 and 2000/month in July ’07.

How many of those who walked away from their mortgage in July ’07 are eligible to buy a house today, under any reasonable terms (say, FHA)?

How many will be eligible a year from today?

[Eugene]

The wave of defaults crested 1000/month in September ’06 and 2000/month in July ’07.

How many of those who walked away from their mortgage in July ’07 are eligible to buy a house today, under any reasonable terms (say, FHA)?

How many will be eligible a year from today?

[Eugene]

The wave of defaults crested 1000/month in September ’06 and 2000/month in July ’07.

How many of those who walked away from their mortgage in July ’07 are eligible to buy a house today, under any reasonable terms (say, FHA)?

How many will be eligible a year from today?

[Eugene]

The wave of defaults crested 1000/month in September ’06 and 2000/month in July ’07.

How many of those who walked away from their mortgage in July ’07 are eligible to buy a house today, under any reasonable terms (say, FHA)?

How many will be eligible a year from today?

[Eugene]

The wave of defaults crested 1000/month in September ’06 and 2000/month in July ’07.

How many of those who walked away from their mortgage in July ’07 are eligible to buy a house today, under any reasonable terms (say, FHA)?

How many will be eligible a year from today?

[CA renter]

HLS,

Thanks, as always, for your perspective.

Perhaps many of us are just bitter bears, but it seems to me that there is still plenty of money floating around. The RE market today is just as hot as it was during the boom, from what I can tell — and we’re out hitting the streets all the time. There appears to be no shortage of other buyers.

Are you turning more people away right now than before? Did you notice a particular change in the mortgage market recently, and if so, when did it happen?

Thanks!

[CA renter]

HLS,

Thanks, as always, for your perspective.

Perhaps many of us are just bitter bears, but it seems to me that there is still plenty of money floating around. The RE market today is just as hot as it was during the boom, from what I can tell — and we’re out hitting the streets all the time. There appears to be no shortage of other buyers.

Are you turning more people away right now than before? Did you notice a particular change in the mortgage market recently, and if so, when did it happen?

Thanks!

[CA renter]

HLS,

Thanks, as always, for your perspective.

Perhaps many of us are just bitter bears, but it seems to me that there is still plenty of money floating around. The RE market today is just as hot as it was during the boom, from what I can tell — and we’re out hitting the streets all the time. There appears to be no shortage of other buyers.

Are you turning more people away right now than before? Did you notice a particular change in the mortgage market recently, and if so, when did it happen?

Thanks!

[CA renter]

HLS,

Thanks, as always, for your perspective.

Perhaps many of us are just bitter bears, but it seems to me that there is still plenty of money floating around. The RE market today is just as hot as it was during the boom, from what I can tell — and we’re out hitting the streets all the time. There appears to be no shortage of other buyers.

Are you turning more people away right now than before? Did you notice a particular change in the mortgage market recently, and if so, when did it happen?

Thanks!

[Author]

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