Why can I not get a loan?

[ncounty4]

My husband and I have great credit (800) and great income ($250+). We want to buy a home in $700-800k range, putting 10% down. We understand that we would need to either pay PMI or get a 2nd with this arrangement. However, no one will loan us the money. Apparently a jumbo 90% loan product no longer exists?? How can young couples that are great credit risks buy property these days??? I find it hard to believe that everyone else our age has 20%+ to put down on good homes. Please advise.

[blahblahblah]

My guess would be that banks expect further price declines of more than 10% on properties such as the ones you’re looking at. Consider yourself lucky that you can’t buy one and rent a nice place for the time being.

Lots of people have 20% down. Remember that there are many buyers who have sold houses here in which they had a lot of equity. There are also people with access to family money and just plain rich folks too.

Not everyone gets to own an $800K house in Encinitas. Lucky for folks like us we can rent them for $2500/mo 😛

[blahblahblah]

My guess would be that banks expect further price declines of more than 10% on properties such as the ones you’re looking at. Consider yourself lucky that you can’t buy one and rent a nice place for the time being.

Lots of people have 20% down. Remember that there are many buyers who have sold houses here in which they had a lot of equity. There are also people with access to family money and just plain rich folks too.

Not everyone gets to own an $800K house in Encinitas. Lucky for folks like us we can rent them for $2500/mo 😛

[blahblahblah]

My guess would be that banks expect further price declines of more than 10% on properties such as the ones you’re looking at. Consider yourself lucky that you can’t buy one and rent a nice place for the time being.

Lots of people have 20% down. Remember that there are many buyers who have sold houses here in which they had a lot of equity. There are also people with access to family money and just plain rich folks too.

Not everyone gets to own an $800K house in Encinitas. Lucky for folks like us we can rent them for $2500/mo 😛

[blahblahblah]

My guess would be that banks expect further price declines of more than 10% on properties such as the ones you’re looking at. Consider yourself lucky that you can’t buy one and rent a nice place for the time being.

Lots of people have 20% down. Remember that there are many buyers who have sold houses here in which they had a lot of equity. There are also people with access to family money and just plain rich folks too.

Not everyone gets to own an $800K house in Encinitas. Lucky for folks like us we can rent them for $2500/mo 😛

[blahblahblah]

My guess would be that banks expect further price declines of more than 10% on properties such as the ones you’re looking at. Consider yourself lucky that you can’t buy one and rent a nice place for the time being.

Lots of people have 20% down. Remember that there are many buyers who have sold houses here in which they had a lot of equity. There are also people with access to family money and just plain rich folks too.

Not everyone gets to own an $800K house in Encinitas. Lucky for folks like us we can rent them for $2500/mo 😛

[Eugene]

Median house price in San Diego is around 300k. 700-800k is well into the move-up land. There’s no good reason why you – or any other young couple – should be able to buy a house for 700-800k with 10% down. The way to go is to buy a cheaper house, build up some equity, save money, invest, then, when you’re closer to 50, you can get a 800k house with 50% down.

A 300-400k house can be had with 10% down or even less.

[Eugene]

Median house price in San Diego is around 300k. 700-800k is well into the move-up land. There’s no good reason why you – or any other young couple – should be able to buy a house for 700-800k with 10% down. The way to go is to buy a cheaper house, build up some equity, save money, invest, then, when you’re closer to 50, you can get a 800k house with 50% down.

A 300-400k house can be had with 10% down or even less.

[Eugene]

Median house price in San Diego is around 300k. 700-800k is well into the move-up land. There’s no good reason why you – or any other young couple – should be able to buy a house for 700-800k with 10% down. The way to go is to buy a cheaper house, build up some equity, save money, invest, then, when you’re closer to 50, you can get a 800k house with 50% down.

A 300-400k house can be had with 10% down or even less.

[Eugene]

Median house price in San Diego is around 300k. 700-800k is well into the move-up land. There’s no good reason why you – or any other young couple – should be able to buy a house for 700-800k with 10% down. The way to go is to buy a cheaper house, build up some equity, save money, invest, then, when you’re closer to 50, you can get a 800k house with 50% down.

A 300-400k house can be had with 10% down or even less.

[Eugene]

Median house price in San Diego is around 300k. 700-800k is well into the move-up land. There’s no good reason why you – or any other young couple – should be able to buy a house for 700-800k with 10% down. The way to go is to buy a cheaper house, build up some equity, save money, invest, then, when you’re closer to 50, you can get a 800k house with 50% down.

A 300-400k house can be had with 10% down or even less.

[jficquette]

20% down use to be the standard down payment for loans a generation ago.

If the Banks had required 20% down this housing bubble would have never happened.

John

[jficquette]

20% down use to be the standard down payment for loans a generation ago.

If the Banks had required 20% down this housing bubble would have never happened.

John

[jficquette]

20% down use to be the standard down payment for loans a generation ago.

If the Banks had required 20% down this housing bubble would have never happened.

John

[jficquette]

20% down use to be the standard down payment for loans a generation ago.

If the Banks had required 20% down this housing bubble would have never happened.

John

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