Point Loma reducing a little

[sdrealtor]

CAR
If I was lending large amounts of money I would be much looser for people like me. There is virtually zero risk to them. In fact the best thing that cold happen is if I stopped paying as they could foreclose and sell my house for a huge gain. My loan amount is less 70% of the 1999 purchase price.

[bearishgurl]

I, too, wish RE lenders of today would rely more on LTV, assets, payment history and credit score than traditional “W-2” underwriting procedures. I DO think there is a huge market for limited-doc programs or “streamlined refis” much like the underwriting of the distant past. Perhaps they will come back one day for offering on a case-by-case basis.

[bearishgurl]

I, too, wish RE lenders of today would rely more on LTV, assets, payment history and credit score than traditional “W-2” underwriting procedures. I DO think there is a huge market for limited-doc programs or “streamlined refis” much like the underwriting of the distant past. Perhaps they will come back one day for offering on a case-by-case basis.

[bearishgurl]

I, too, wish RE lenders of today would rely more on LTV, assets, payment history and credit score than traditional “W-2” underwriting procedures. I DO think there is a huge market for limited-doc programs or “streamlined refis” much like the underwriting of the distant past. Perhaps they will come back one day for offering on a case-by-case basis.

[bearishgurl]

I, too, wish RE lenders of today would rely more on LTV, assets, payment history and credit score than traditional “W-2” underwriting procedures. I DO think there is a huge market for limited-doc programs or “streamlined refis” much like the underwriting of the distant past. Perhaps they will come back one day for offering on a case-by-case basis.

[bearishgurl]

I, too, wish RE lenders of today would rely more on LTV, assets, payment history and credit score than traditional “W-2” underwriting procedures. I DO think there is a huge market for limited-doc programs or “streamlined refis” much like the underwriting of the distant past. Perhaps they will come back one day for offering on a case-by-case basis.

[CA renter]

[quote=sdrealtor]CAR
If I was lending large amounts of money I would be much looser for people like me. There is virtually zero risk to them. In fact the best thing that cold happen is if I stopped paying as they could foreclose and sell my house for a huge gain. My loan amount is less 70% of the 1999 purchase price.[/quote]

I agree that in your particular case, especially with the low LTV, it’s pretty much a slam-dunk. But at a time when prices are still coming down in some areas, it’s understandable (IMHO) that lenders would want to account for all possible scenarios, including loss of income and continued price declines. But I am admittedly a very conservative investor, and only do things if I’m 90%+ sure about future risks/returns.

[CA renter]

[quote=sdrealtor]CAR
If I was lending large amounts of money I would be much looser for people like me. There is virtually zero risk to them. In fact the best thing that cold happen is if I stopped paying as they could foreclose and sell my house for a huge gain. My loan amount is less 70% of the 1999 purchase price.[/quote]

I agree that in your particular case, especially with the low LTV, it’s pretty much a slam-dunk. But at a time when prices are still coming down in some areas, it’s understandable (IMHO) that lenders would want to account for all possible scenarios, including loss of income and continued price declines. But I am admittedly a very conservative investor, and only do things if I’m 90%+ sure about future risks/returns.

[CA renter]

[quote=sdrealtor]CAR
If I was lending large amounts of money I would be much looser for people like me. There is virtually zero risk to them. In fact the best thing that cold happen is if I stopped paying as they could foreclose and sell my house for a huge gain. My loan amount is less 70% of the 1999 purchase price.[/quote]

I agree that in your particular case, especially with the low LTV, it’s pretty much a slam-dunk. But at a time when prices are still coming down in some areas, it’s understandable (IMHO) that lenders would want to account for all possible scenarios, including loss of income and continued price declines. But I am admittedly a very conservative investor, and only do things if I’m 90%+ sure about future risks/returns.

[CA renter]

[quote=sdrealtor]CAR
If I was lending large amounts of money I would be much looser for people like me. There is virtually zero risk to them. In fact the best thing that cold happen is if I stopped paying as they could foreclose and sell my house for a huge gain. My loan amount is less 70% of the 1999 purchase price.[/quote]

I agree that in your particular case, especially with the low LTV, it’s pretty much a slam-dunk. But at a time when prices are still coming down in some areas, it’s understandable (IMHO) that lenders would want to account for all possible scenarios, including loss of income and continued price declines. But I am admittedly a very conservative investor, and only do things if I’m 90%+ sure about future risks/returns.

[CA renter]

[quote=sdrealtor]CAR
If I was lending large amounts of money I would be much looser for people like me. There is virtually zero risk to them. In fact the best thing that cold happen is if I stopped paying as they could foreclose and sell my house for a huge gain. My loan amount is less 70% of the 1999 purchase price.[/quote]

I agree that in your particular case, especially with the low LTV, it’s pretty much a slam-dunk. But at a time when prices are still coming down in some areas, it’s understandable (IMHO) that lenders would want to account for all possible scenarios, including loss of income and continued price declines. But I am admittedly a very conservative investor, and only do things if I’m 90%+ sure about future risks/returns.

[CA renter]

[quote=sdrealtor]CAR
Sorry but dinner will be on you. The money is already spent. It took me less than 12 hours after my refi closed to put a new BMW 335 in the driveway anyway:)))[/quote]

Congratulations, sdr! 🙂

[CA renter]

[quote=sdrealtor]CAR
Sorry but dinner will be on you. The money is already spent. It took me less than 12 hours after my refi closed to put a new BMW 335 in the driveway anyway:)))[/quote]

Congratulations, sdr! 🙂

[CA renter]

[quote=sdrealtor]CAR
Sorry but dinner will be on you. The money is already spent. It took me less than 12 hours after my refi closed to put a new BMW 335 in the driveway anyway:)))[/quote]

Congratulations, sdr! 🙂

[CA renter]

[quote=sdrealtor]CAR
Sorry but dinner will be on you. The money is already spent. It took me less than 12 hours after my refi closed to put a new BMW 335 in the driveway anyway:)))[/quote]

Congratulations, sdr! 🙂

[Author]

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