Home › Forums › Closed Forums › Buying and Selling RE › Why can I not get a loan?
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davelj.
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January 20, 2009 at 2:41 PM #332332January 20, 2009 at 2:41 PM #331812
blahblahblah
ParticipantThe problem is that 90% jumbo loans with PMI just don’t exist anymore, period. We haven’t even gotten far enough to disclose any of that information (sorry to burst your bubble DWACP). Nobody is carrying those mortgage products right now…which was exactly the issue I outlined in my OP.
If that’s true then North County is in trouble. ncounty4 sounds like a very high quality borrower and if they can’t get a loan then not many people will be able to. It will just be the move-up (or move-down) crowd buying. I’ll say it again ncounty4, renting for the next year or two may be the best option for your family. Good luck to you!
January 20, 2009 at 2:41 PM #332148ParticipantThe problem is that 90% jumbo loans with PMI just don’t exist anymore, period. We haven’t even gotten far enough to disclose any of that information (sorry to burst your bubble DWACP). Nobody is carrying those mortgage products right now…which was exactly the issue I outlined in my OP.
If that’s true then North County is in trouble. ncounty4 sounds like a very high quality borrower and if they can’t get a loan then not many people will be able to. It will just be the move-up (or move-down) crowd buying. I’ll say it again ncounty4, renting for the next year or two may be the best option for your family. Good luck to you!
January 20, 2009 at 2:41 PM #332225ParticipantThe problem is that 90% jumbo loans with PMI just don’t exist anymore, period. We haven’t even gotten far enough to disclose any of that information (sorry to burst your bubble DWACP). Nobody is carrying those mortgage products right now…which was exactly the issue I outlined in my OP.
If that’s true then North County is in trouble. ncounty4 sounds like a very high quality borrower and if they can’t get a loan then not many people will be able to. It will just be the move-up (or move-down) crowd buying. I’ll say it again ncounty4, renting for the next year or two may be the best option for your family. Good luck to you!
January 20, 2009 at 2:41 PM #332253ParticipantThe problem is that 90% jumbo loans with PMI just don’t exist anymore, period. We haven’t even gotten far enough to disclose any of that information (sorry to burst your bubble DWACP). Nobody is carrying those mortgage products right now…which was exactly the issue I outlined in my OP.
If that’s true then North County is in trouble. ncounty4 sounds like a very high quality borrower and if they can’t get a loan then not many people will be able to. It will just be the move-up (or move-down) crowd buying. I’ll say it again ncounty4, renting for the next year or two may be the best option for your family. Good luck to you!
January 20, 2009 at 2:41 PM #332337ParticipantThe problem is that 90% jumbo loans with PMI just don’t exist anymore, period. We haven’t even gotten far enough to disclose any of that information (sorry to burst your bubble DWACP). Nobody is carrying those mortgage products right now…which was exactly the issue I outlined in my OP.
If that’s true then North County is in trouble. ncounty4 sounds like a very high quality borrower and if they can’t get a loan then not many people will be able to. It will just be the move-up (or move-down) crowd buying. I’ll say it again ncounty4, renting for the next year or two may be the best option for your family. Good luck to you!
January 20, 2009 at 2:52 PM #331827sdduuuude
ParticipantRight-on, XBoxBoy. Great minds think alike.
PMI is going to cost $4K per year on a 800K house at 10% down. Putting another 80K down saves you 4K per year in after-tax expenditures.
That’s 5% AFTER TAX on the 80K. Who’s making that these days ?
January 20, 2009 at 2:52 PM #332162ParticipantRight-on, XBoxBoy. Great minds think alike.
PMI is going to cost $4K per year on a 800K house at 10% down. Putting another 80K down saves you 4K per year in after-tax expenditures.
That’s 5% AFTER TAX on the 80K. Who’s making that these days ?
January 20, 2009 at 2:52 PM #332240ParticipantRight-on, XBoxBoy. Great minds think alike.
PMI is going to cost $4K per year on a 800K house at 10% down. Putting another 80K down saves you 4K per year in after-tax expenditures.
That’s 5% AFTER TAX on the 80K. Who’s making that these days ?
January 20, 2009 at 2:52 PM #332269ParticipantRight-on, XBoxBoy. Great minds think alike.
PMI is going to cost $4K per year on a 800K house at 10% down. Putting another 80K down saves you 4K per year in after-tax expenditures.
That’s 5% AFTER TAX on the 80K. Who’s making that these days ?
January 20, 2009 at 2:52 PM #332352ParticipantRight-on, XBoxBoy. Great minds think alike.
PMI is going to cost $4K per year on a 800K house at 10% down. Putting another 80K down saves you 4K per year in after-tax expenditures.
That’s 5% AFTER TAX on the 80K. Who’s making that these days ?
January 20, 2009 at 2:57 PM #331832ParticipantDouble check that. Looks like PMI is deductable.
January 20, 2009 at 2:57 PM #332167ParticipantDouble check that. Looks like PMI is deductable.
January 20, 2009 at 2:57 PM #332245ParticipantDouble check that. Looks like PMI is deductable.
January 20, 2009 at 2:57 PM #332274ParticipantDouble check that. Looks like PMI is deductable.
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