Time to refinance :-)

[CA renter]

[quote=bearishgurl][quote=HLS]. . . Many people just don’t qualify for a loan at any interest rate today.[/quote]

HLS, this is so true. I have an 804 FICO score and never had any missed (or late) mortgage payments in my entire life. However, I couldn’t even buy my own property back today (purch. 9 yrs. ago) as I would be NOW be labeled to have “insufficient income” to qualify – LOL![/quote]

BG,

I think many, many people are in the same situation (couldn’t buy their own homes back at today’s prices). During the peak, about 80% of homeowners couldn’t buy back their own homes at those prices, yet they expect some foolish buyer to somehow manage to do it! That’s exactly why some of us are so bearish — prices are still too high in many areas.

[(former)FormerSanDiegan]

[quote=HomeShopping]To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.[/quote]

Yes, I was referring to loans above the Agency conforming limits (~697,500 in SD and up to 729K or so for LA), not the rate for the loan described by IT.MOM

[(former)FormerSanDiegan]

[quote=HomeShopping]To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.[/quote]

Yes, I was referring to loans above the Agency conforming limits (~697,500 in SD and up to 729K or so for LA), not the rate for the loan described by IT.MOM

[(former)FormerSanDiegan]

[quote=HomeShopping]To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.[/quote]

Yes, I was referring to loans above the Agency conforming limits (~697,500 in SD and up to 729K or so for LA), not the rate for the loan described by IT.MOM

[(former)FormerSanDiegan]

[quote=HomeShopping]To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.[/quote]

Yes, I was referring to loans above the Agency conforming limits (~697,500 in SD and up to 729K or so for LA), not the rate for the loan described by IT.MOM

[(former)FormerSanDiegan]

[quote=HomeShopping]To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.[/quote]

Yes, I was referring to loans above the Agency conforming limits (~697,500 in SD and up to 729K or so for LA), not the rate for the loan described by IT.MOM

[kcal09]

Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.

[kcal09]

Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.

[kcal09]

Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.

[kcal09]

Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.

[kcal09]

Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.

[(former)FormerSanDiegan]

[quote=kcal09]Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.[/quote]

48% debt to income is still extremely high. I would consider this to still be a very loose limit.

Traditional ratios of 28% DTI for housing debt and 36% DTI for ALL debt used to be the criteria thorugh the early 1990’s for conforming loans.
48% DTI is way to high for most budgets, unless of course there is difficult to document income or self employment income that “doesn’t count.”

Our household would not be able to keep to a household budget with 48% DTI. We were up around 42% DTI when we were covering two mortgages a number of years ago and that was extremely difficult.

[(former)FormerSanDiegan]

[quote=kcal09]Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.[/quote]

48% debt to income is still extremely high. I would consider this to still be a very loose limit.

Traditional ratios of 28% DTI for housing debt and 36% DTI for ALL debt used to be the criteria thorugh the early 1990’s for conforming loans.
48% DTI is way to high for most budgets, unless of course there is difficult to document income or self employment income that “doesn’t count.”

Our household would not be able to keep to a household budget with 48% DTI. We were up around 42% DTI when we were covering two mortgages a number of years ago and that was extremely difficult.

[(former)FormerSanDiegan]

[quote=kcal09]Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.[/quote]

48% debt to income is still extremely high. I would consider this to still be a very loose limit.

Traditional ratios of 28% DTI for housing debt and 36% DTI for ALL debt used to be the criteria thorugh the early 1990’s for conforming loans.
48% DTI is way to high for most budgets, unless of course there is difficult to document income or self employment income that “doesn’t count.”

Our household would not be able to keep to a household budget with 48% DTI. We were up around 42% DTI when we were covering two mortgages a number of years ago and that was extremely difficult.

[(former)FormerSanDiegan]

[quote=kcal09]Refinancing has become more difficult now. A debt/income ratio of less than 48% is required even with high equity. It used to be much less strict.[/quote]

48% debt to income is still extremely high. I would consider this to still be a very loose limit.

Traditional ratios of 28% DTI for housing debt and 36% DTI for ALL debt used to be the criteria thorugh the early 1990’s for conforming loans.
48% DTI is way to high for most budgets, unless of course there is difficult to document income or self employment income that “doesn’t count.”

Our household would not be able to keep to a household budget with 48% DTI. We were up around 42% DTI when we were covering two mortgages a number of years ago and that was extremely difficult.

[Author]

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