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 2:57 PM #332357January 20, 2009 at 2:58 PM #331842
Misheloff
Participantncounty4,
Maybe you’re not telling the whole story, all I know as lenders looked at your file they said, “we’re no lending money to these deadbeats!”
Take a step back and realize that you aren’t owed anything by anybody. And it is not your right as a young couple to buy a $700,000 home.
Crap like you with the entitlement mentality is why America is having such problems.
January 20, 2009 at 2:58 PM #332178Misheloff
Participantncounty4,
Maybe you’re not telling the whole story, all I know as lenders looked at your file they said, “we’re no lending money to these deadbeats!”
Take a step back and realize that you aren’t owed anything by anybody. And it is not your right as a young couple to buy a $700,000 home.
Crap like you with the entitlement mentality is why America is having such problems.
January 20, 2009 at 2:58 PM #332255Misheloff
Participantncounty4,
Maybe you’re not telling the whole story, all I know as lenders looked at your file they said, “we’re no lending money to these deadbeats!”
Take a step back and realize that you aren’t owed anything by anybody. And it is not your right as a young couple to buy a $700,000 home.
Crap like you with the entitlement mentality is why America is having such problems.
January 20, 2009 at 2:58 PM #332284Misheloff
Participantncounty4,
Maybe you’re not telling the whole story, all I know as lenders looked at your file they said, “we’re no lending money to these deadbeats!”
Take a step back and realize that you aren’t owed anything by anybody. And it is not your right as a young couple to buy a $700,000 home.
Crap like you with the entitlement mentality is why America is having such problems.
January 20, 2009 at 2:58 PM #332367Misheloff
Participantncounty4,
Maybe you’re not telling the whole story, all I know as lenders looked at your file they said, “we’re no lending money to these deadbeats!”
Take a step back and realize that you aren’t owed anything by anybody. And it is not your right as a young couple to buy a $700,000 home.
Crap like you with the entitlement mentality is why America is having such problems.
January 20, 2009 at 3:05 PM #331847leucadiarenter
Participantnc4 – understood, but I think the issue is that you are just looking at ‘to much house’. I’m in the same income level/credit level as you, but after 2 kids, 2 cars, retirement, etc…no way am i looking for a 700K-800K house (even though we actually do have 20% down for that lower price range after selling our house in early 07). Sure you can find a loan (and eventually a house) where you don’t need PMI and can afford 20% down on a proper home. The last few years of this housing market have clouded our memory of how it should be.
January 20, 2009 at 3:05 PM #332182leucadiarenter
Participantnc4 – understood, but I think the issue is that you are just looking at ‘to much house’. I’m in the same income level/credit level as you, but after 2 kids, 2 cars, retirement, etc…no way am i looking for a 700K-800K house (even though we actually do have 20% down for that lower price range after selling our house in early 07). Sure you can find a loan (and eventually a house) where you don’t need PMI and can afford 20% down on a proper home. The last few years of this housing market have clouded our memory of how it should be.
January 20, 2009 at 3:05 PM #332260leucadiarenter
Participantnc4 – understood, but I think the issue is that you are just looking at ‘to much house’. I’m in the same income level/credit level as you, but after 2 kids, 2 cars, retirement, etc…no way am i looking for a 700K-800K house (even though we actually do have 20% down for that lower price range after selling our house in early 07). Sure you can find a loan (and eventually a house) where you don’t need PMI and can afford 20% down on a proper home. The last few years of this housing market have clouded our memory of how it should be.
January 20, 2009 at 3:05 PM #332289leucadiarenter
Participantnc4 – understood, but I think the issue is that you are just looking at ‘to much house’. I’m in the same income level/credit level as you, but after 2 kids, 2 cars, retirement, etc…no way am i looking for a 700K-800K house (even though we actually do have 20% down for that lower price range after selling our house in early 07). Sure you can find a loan (and eventually a house) where you don’t need PMI and can afford 20% down on a proper home. The last few years of this housing market have clouded our memory of how it should be.
January 20, 2009 at 3:05 PM #332372leucadiarenter
Participantnc4 – understood, but I think the issue is that you are just looking at ‘to much house’. I’m in the same income level/credit level as you, but after 2 kids, 2 cars, retirement, etc…no way am i looking for a 700K-800K house (even though we actually do have 20% down for that lower price range after selling our house in early 07). Sure you can find a loan (and eventually a house) where you don’t need PMI and can afford 20% down on a proper home. The last few years of this housing market have clouded our memory of how it should be.
January 20, 2009 at 3:12 PM #331852CA renter
ParticipantCrap like you with the entitlement mentality is why America is having such problems.
—————–Ok, guys…
While I agree with the regular Piggs that renting is by far the best option in the $800K range (as this range is most likely to take the biggest losses in the next few years), most of these homes are not really “high-end” homes. They were selling for ~$250K-$350K before the bubble.
It’s not that people were buying “too much house” that caused all the problems, but that people were taking on **too much debt** to buy those houses. There is a distinction.
The main problems, and the excessive “demand” during the boom came from the bottom — literally, people who were earning minimum wage getting mortgages for $400K to buy $100K houses. That money (the $300K difference between the new mortgage and the real value of these starter homes) is what pushed the prices up in the move-up and higher-end homes.
I agree with the poster, that a couple earning $250K DO “deserve” to live in a nice home (not a mansion) in a nice, middle-class neighborhood.
We needn’t be so extreme, guys. The message — don’t overpay and get into too much debt — is sometimes overwhelmed by the vitriol.
—————-Northcounty,
Forget about the sharp comments, but do pay attention to what these posters are saying. They know what they are talking about.
I also think the problem isn’t the 10% down, but the fact that you will be carrying two mortgages. From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
January 20, 2009 at 3:12 PM #332187CA renter
ParticipantCrap like you with the entitlement mentality is why America is having such problems.
—————–Ok, guys…
While I agree with the regular Piggs that renting is by far the best option in the $800K range (as this range is most likely to take the biggest losses in the next few years), most of these homes are not really “high-end” homes. They were selling for ~$250K-$350K before the bubble.
It’s not that people were buying “too much house” that caused all the problems, but that people were taking on **too much debt** to buy those houses. There is a distinction.
The main problems, and the excessive “demand” during the boom came from the bottom — literally, people who were earning minimum wage getting mortgages for $400K to buy $100K houses. That money (the $300K difference between the new mortgage and the real value of these starter homes) is what pushed the prices up in the move-up and higher-end homes.
I agree with the poster, that a couple earning $250K DO “deserve” to live in a nice home (not a mansion) in a nice, middle-class neighborhood.
We needn’t be so extreme, guys. The message — don’t overpay and get into too much debt — is sometimes overwhelmed by the vitriol.
—————-Northcounty,
Forget about the sharp comments, but do pay attention to what these posters are saying. They know what they are talking about.
I also think the problem isn’t the 10% down, but the fact that you will be carrying two mortgages. From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
January 20, 2009 at 3:12 PM #332266CA renter
ParticipantCrap like you with the entitlement mentality is why America is having such problems.
—————–Ok, guys…
While I agree with the regular Piggs that renting is by far the best option in the $800K range (as this range is most likely to take the biggest losses in the next few years), most of these homes are not really “high-end” homes. They were selling for ~$250K-$350K before the bubble.
It’s not that people were buying “too much house” that caused all the problems, but that people were taking on **too much debt** to buy those houses. There is a distinction.
The main problems, and the excessive “demand” during the boom came from the bottom — literally, people who were earning minimum wage getting mortgages for $400K to buy $100K houses. That money (the $300K difference between the new mortgage and the real value of these starter homes) is what pushed the prices up in the move-up and higher-end homes.
I agree with the poster, that a couple earning $250K DO “deserve” to live in a nice home (not a mansion) in a nice, middle-class neighborhood.
We needn’t be so extreme, guys. The message — don’t overpay and get into too much debt — is sometimes overwhelmed by the vitriol.
—————-Northcounty,
Forget about the sharp comments, but do pay attention to what these posters are saying. They know what they are talking about.
I also think the problem isn’t the 10% down, but the fact that you will be carrying two mortgages. From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
January 20, 2009 at 3:12 PM #332294CA renter
ParticipantCrap like you with the entitlement mentality is why America is having such problems.
—————–Ok, guys…
While I agree with the regular Piggs that renting is by far the best option in the $800K range (as this range is most likely to take the biggest losses in the next few years), most of these homes are not really “high-end” homes. They were selling for ~$250K-$350K before the bubble.
It’s not that people were buying “too much house” that caused all the problems, but that people were taking on **too much debt** to buy those houses. There is a distinction.
The main problems, and the excessive “demand” during the boom came from the bottom — literally, people who were earning minimum wage getting mortgages for $400K to buy $100K houses. That money (the $300K difference between the new mortgage and the real value of these starter homes) is what pushed the prices up in the move-up and higher-end homes.
I agree with the poster, that a couple earning $250K DO “deserve” to live in a nice home (not a mansion) in a nice, middle-class neighborhood.
We needn’t be so extreme, guys. The message — don’t overpay and get into too much debt — is sometimes overwhelmed by the vitriol.
—————-Northcounty,
Forget about the sharp comments, but do pay attention to what these posters are saying. They know what they are talking about.
I also think the problem isn’t the 10% down, but the fact that you will be carrying two mortgages. From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
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