Why can I not get a loan?

[sdduuuude]

ncounty4 – that’s just the Piggs making sure we only help people with tough skin.

But I do notice that you have replied to the nasty comments and not to those which are analytical in nature. (That is a pet peeve of mine with forums in general – people ignore the good and strike back at the bad, making the forum less useful and valuable.)

XBoxBoy and I show that this isn’t a wise decision, yet no comment from you on it.

Also, your question has been answered (You’re welcome, by the way)
– Because the banks expect the house price to drop.
– Because it is more house than you can afford.
– Two mortgages may raise a red flag.
– Because if it turns into a rental, you will not make enough rent to cover the mortgage.
– Because you aren’t putting enough down.
– Because the world is a different place than it was two years ago.

Scardy cat said it best. If the banks are scared of it, you should be, too.

[Eugene]

[quote=gn]
So, even if you can find a lender that offer 90% jumbo loans with PMI, once that lender learn about your current mortgage, it’ll require that you qualify for 2 mortgages. I realize that currently you only care about the first issue (90% loan), eventually, you’ll have to deal with the second issue (2 mortgages).[/quote]

With their income that is not a big issue. Worst-case scenario, 90% jumbo on a 800K house with big mello roos would result in 31% housing to gross income ratio. Could be even as low as 23%.

[Eugene]

[quote=gn]
So, even if you can find a lender that offer 90% jumbo loans with PMI, once that lender learn about your current mortgage, it’ll require that you qualify for 2 mortgages. I realize that currently you only care about the first issue (90% loan), eventually, you’ll have to deal with the second issue (2 mortgages).[/quote]

With their income that is not a big issue. Worst-case scenario, 90% jumbo on a 800K house with big mello roos would result in 31% housing to gross income ratio. Could be even as low as 23%.

[Eugene]

[quote=gn]
So, even if you can find a lender that offer 90% jumbo loans with PMI, once that lender learn about your current mortgage, it’ll require that you qualify for 2 mortgages. I realize that currently you only care about the first issue (90% loan), eventually, you’ll have to deal with the second issue (2 mortgages).[/quote]

With their income that is not a big issue. Worst-case scenario, 90% jumbo on a 800K house with big mello roos would result in 31% housing to gross income ratio. Could be even as low as 23%.

[Eugene]

[quote=gn]
So, even if you can find a lender that offer 90% jumbo loans with PMI, once that lender learn about your current mortgage, it’ll require that you qualify for 2 mortgages. I realize that currently you only care about the first issue (90% loan), eventually, you’ll have to deal with the second issue (2 mortgages).[/quote]

With their income that is not a big issue. Worst-case scenario, 90% jumbo on a 800K house with big mello roos would result in 31% housing to gross income ratio. Could be even as low as 23%.

[Eugene]

[quote=gn]
So, even if you can find a lender that offer 90% jumbo loans with PMI, once that lender learn about your current mortgage, it’ll require that you qualify for 2 mortgages. I realize that currently you only care about the first issue (90% loan), eventually, you’ll have to deal with the second issue (2 mortgages).[/quote]

With their income that is not a big issue. Worst-case scenario, 90% jumbo on a 800K house with big mello roos would result in 31% housing to gross income ratio. Could be even as low as 23%.

[davelj]

Rent for a while and save. Prices will decline and you’ll have more money for a down payment… getting to that magical 20% in fairly short order I imagine.

The markets and lending institutions don’t care what you think you deserve based on your lifestyle choices. They want collateral and plenty of it. And I support their newfound prudence.

You sound like you’ve been relatively responsible with your money, but I’m nevertheless reminded of the classic skit, “Don’t Buy Stuff You Can’t Afford.”

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[davelj]

Rent for a while and save. Prices will decline and you’ll have more money for a down payment… getting to that magical 20% in fairly short order I imagine.

The markets and lending institutions don’t care what you think you deserve based on your lifestyle choices. They want collateral and plenty of it. And I support their newfound prudence.

You sound like you’ve been relatively responsible with your money, but I’m nevertheless reminded of the classic skit, “Don’t Buy Stuff You Can’t Afford.”

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[davelj]

Rent for a while and save. Prices will decline and you’ll have more money for a down payment… getting to that magical 20% in fairly short order I imagine.

The markets and lending institutions don’t care what you think you deserve based on your lifestyle choices. They want collateral and plenty of it. And I support their newfound prudence.

You sound like you’ve been relatively responsible with your money, but I’m nevertheless reminded of the classic skit, “Don’t Buy Stuff You Can’t Afford.”

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[davelj]

Rent for a while and save. Prices will decline and you’ll have more money for a down payment… getting to that magical 20% in fairly short order I imagine.

The markets and lending institutions don’t care what you think you deserve based on your lifestyle choices. They want collateral and plenty of it. And I support their newfound prudence.

You sound like you’ve been relatively responsible with your money, but I’m nevertheless reminded of the classic skit, “Don’t Buy Stuff You Can’t Afford.”

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[davelj]

Rent for a while and save. Prices will decline and you’ll have more money for a down payment… getting to that magical 20% in fairly short order I imagine.

The markets and lending institutions don’t care what you think you deserve based on your lifestyle choices. They want collateral and plenty of it. And I support their newfound prudence.

You sound like you’ve been relatively responsible with your money, but I’m nevertheless reminded of the classic skit, “Don’t Buy Stuff You Can’t Afford.”

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[CDMA ENG]

Not to be rude…

But by the current terms of what is being granted for loans you simply can not afford this loan.

And for the record…

I wish I had your problem.

Good Luck…

I think you will have to wait for your dream house but will find it well worth it.

CE

[CDMA ENG]

Not to be rude…

But by the current terms of what is being granted for loans you simply can not afford this loan.

And for the record…

I wish I had your problem.

Good Luck…

I think you will have to wait for your dream house but will find it well worth it.

CE

[CDMA ENG]

Not to be rude…

But by the current terms of what is being granted for loans you simply can not afford this loan.

And for the record…

I wish I had your problem.

Good Luck…

I think you will have to wait for your dream house but will find it well worth it.

CE

[CDMA ENG]

Not to be rude…

But by the current terms of what is being granted for loans you simply can not afford this loan.

And for the record…

I wish I had your problem.

Good Luck…

I think you will have to wait for your dream house but will find it well worth it.

CE

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