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CA renter.
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February 18, 2009 at 10:24 AM #349425February 18, 2009 at 10:26 AM #348857
carlsbadworker
Participant[quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
February 18, 2009 at 10:26 AM #349175Participant[quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
February 18, 2009 at 10:26 AM #349295Participant[quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
February 18, 2009 at 10:26 AM #349328Participant[quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
February 18, 2009 at 10:26 AM #349430Participant[quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
February 18, 2009 at 10:33 AM #348867ibjames
Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]ahh… damn..
February 18, 2009 at 10:33 AM #349185Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]ahh… damn..
February 18, 2009 at 10:33 AM #349305Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]ahh… damn..
February 18, 2009 at 10:33 AM #349337Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]ahh… damn..
February 18, 2009 at 10:33 AM #349440Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]ahh… damn..
February 18, 2009 at 10:40 AM #348872(former)FormerSanDiegan
Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
How many coastal homes with alt-A or other ARMS have loans that are between 80-105% of LTV and are less than 417 K ?
Anyone ?
For 90% LTV this implies a property worth 463K with a 417K loan. Seems to me that this might apply to people who bought in Mira Mesa or Clairemont in 2003-2004 with 0-5% down. Or those who bought at the peak with 20-30% down and are now looking at 95-105% LTV.
I don’t think it has any impact for those on the coast.
February 18, 2009 at 10:40 AM #349190Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
How many coastal homes with alt-A or other ARMS have loans that are between 80-105% of LTV and are less than 417 K ?
Anyone ?
For 90% LTV this implies a property worth 463K with a 417K loan. Seems to me that this might apply to people who bought in Mira Mesa or Clairemont in 2003-2004 with 0-5% down. Or those who bought at the peak with 20-30% down and are now looking at 95-105% LTV.
I don’t think it has any impact for those on the coast.
February 18, 2009 at 10:40 AM #349310Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
How many coastal homes with alt-A or other ARMS have loans that are between 80-105% of LTV and are less than 417 K ?
Anyone ?
For 90% LTV this implies a property worth 463K with a 417K loan. Seems to me that this might apply to people who bought in Mira Mesa or Clairemont in 2003-2004 with 0-5% down. Or those who bought at the peak with 20-30% down and are now looking at 95-105% LTV.
I don’t think it has any impact for those on the coast.
February 18, 2009 at 10:40 AM #349343Participant[quote=carlsbadworker][quote=ibjames] So if your mortgage is $210,000, your property can’t be worth less than $200,000.
so.. it won’t work in california[/quote]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
How many coastal homes with alt-A or other ARMS have loans that are between 80-105% of LTV and are less than 417 K ?
Anyone ?
For 90% LTV this implies a property worth 463K with a 417K loan. Seems to me that this might apply to people who bought in Mira Mesa or Clairemont in 2003-2004 with 0-5% down. Or those who bought at the peak with 20-30% down and are now looking at 95-105% LTV.
I don’t think it has any impact for those on the coast.
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