The worlds best loan

[the dingo]

Patientrenter,
First of all you are right, I am a nice person to talk to, but to be blunt, capitalism is built on getting an advantage in the system. It’s legal and it is available.
I’m not sure how me getting this loan is taking advantage of people or screwing taxpayers? Also, “overpaying” is a odd comment. Once again capitalism says that something is worth what one will pay.
And I don’t feel a loan with a 40 year track record which has allowed many low and medium income families to afford homes, which by the way would always be unaffordable for these people is a bad “crackpot scheme”. I also have a feeling if you met the criteria, you would jump on it also.

[Ricechex]

Can you refi using one of these loans? Also, can it be used in combination with other programs?

[Ricechex]

Can you refi using one of these loans? Also, can it be used in combination with other programs?

[Ricechex]

Can you refi using one of these loans? Also, can it be used in combination with other programs?

[drunkle]

what happens if you start making more than the limit after signing?

seems like a good product for qualified buyers. but the amount of the loan seems absurd… what happens if you’re trying to buy in manhatten? the hollywood hills? the hamptons? do they give you the million dollar loan on your sub 90k income?

[drunkle]

what happens if you start making more than the limit after signing?

seems like a good product for qualified buyers. but the amount of the loan seems absurd… what happens if you’re trying to buy in manhatten? the hollywood hills? the hamptons? do they give you the million dollar loan on your sub 90k income?

[drunkle]

what happens if you start making more than the limit after signing?

seems like a good product for qualified buyers. but the amount of the loan seems absurd… what happens if you’re trying to buy in manhatten? the hollywood hills? the hamptons? do they give you the million dollar loan on your sub 90k income?

[Raybyrnes]

In New York you would have to go through SONYMA. The income only matters at the time of qualificaiton. It is a great program for a person with a good job but is now going abck to grad school. There income is artificially low during this period of time so they would qualify as low income earners. Once they come out of school their income typically rises dramatically and they now have a residence and a low cost loan program. I beleive one of the other benefit is that they don’t include federal student loan debt into the formula.

[Raybyrnes]

In New York you would have to go through SONYMA. The income only matters at the time of qualificaiton. It is a great program for a person with a good job but is now going abck to grad school. There income is artificially low during this period of time so they would qualify as low income earners. Once they come out of school their income typically rises dramatically and they now have a residence and a low cost loan program. I beleive one of the other benefit is that they don’t include federal student loan debt into the formula.

[Raybyrnes]

In New York you would have to go through SONYMA. The income only matters at the time of qualificaiton. It is a great program for a person with a good job but is now going abck to grad school. There income is artificially low during this period of time so they would qualify as low income earners. Once they come out of school their income typically rises dramatically and they now have a residence and a low cost loan program. I beleive one of the other benefit is that they don’t include federal student loan debt into the formula.

[asragov]

Do you have a web site / phone number for more information on this program?

[asragov]

Do you have a web site / phone number for more information on this program?

[asragov]

Do you have a web site / phone number for more information on this program?

[asragov]

Do you have a web site / phone number for more information on this program?

[(former)FormerSanDiegan]

Ex-SD –

Your points are well-taken. I agree that home prices are still significantly overvalued (probably by 35% or so in San Diego). I’m just saying that if one believes that dollar devaluation and inflation are on the uptake, then a significant chunk of the housing price correction going forward could be eaten by inflation. It will be a factor.

A lot can happen in 10 years to the value of a dollar due to inflation.

Lets take a stroll through a brief history of home prices in this country during inflationary times:

1970 : Price of a new home = 26,600 *
Median household income = 8734
inflaiton at 6.5%

1975 : Price of a new home = 42,600
Median household income = 11,800
inflation = 14.1%

1980 : Price of a new home = 76,400
median household income = 17,710
inflaiton = 13.5 %

SO, there you have it. During a period that included significant chunks of double-digit annual inflation home prices tripled and income more than doubled.

1990 : Price of a new home = 149,800
Median Household Income = 29,943
inflation = 5.4%

1999: Price of a new home = 195,800
Median household income = 39,973
inflation = 2.1%

Higher inflation does not equal downward pressure on home prices.

* Source : http://www.1970sflashback.com/1970/Economy.asp

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