Why can I not get a loan?

[Arraya]

You need to sit back watch the prices plummet. Seriously, any tax advantages will pale in comparison to the price declines. That is about as certain as it can get. Don’t let your emotions or a realtor fool you!

As you’re sitting back and enjoying what a good decision you made by waiting, you can calculate how much more home you can buy with each passing month and while you are at it, pray to god the financial institutions don’t completely destroy the country.

Cheers

PR-You nailed it!

[CA renter]

I’ll second what Daniel said, except we’re even older (40 this year), and have been renting since our mid-30s. We have three kids, and one was conceived and born while living in our rental.

We also have 800+ FICO scores, no debt, six-figure income, and assets which would enable us to buy a house cash if we liquidated them (mostly in cash vehicles at this point).

We are NOT buying. This decision has served us VERY well for the past few years, and we have no regrets. Your kids will not know, nor will they care about where your housing payments are going — a landlord or a mortgage servicer — unless YOU make it a big deal.

Whatever you decide, I wish you luck. But the other posters are correct: you do have other options.

[CA renter]

I’ll second what Daniel said, except we’re even older (40 this year), and have been renting since our mid-30s. We have three kids, and one was conceived and born while living in our rental.

We also have 800+ FICO scores, no debt, six-figure income, and assets which would enable us to buy a house cash if we liquidated them (mostly in cash vehicles at this point).

We are NOT buying. This decision has served us VERY well for the past few years, and we have no regrets. Your kids will not know, nor will they care about where your housing payments are going — a landlord or a mortgage servicer — unless YOU make it a big deal.

Whatever you decide, I wish you luck. But the other posters are correct: you do have other options.

[CA renter]

I’ll second what Daniel said, except we’re even older (40 this year), and have been renting since our mid-30s. We have three kids, and one was conceived and born while living in our rental.

We also have 800+ FICO scores, no debt, six-figure income, and assets which would enable us to buy a house cash if we liquidated them (mostly in cash vehicles at this point).

We are NOT buying. This decision has served us VERY well for the past few years, and we have no regrets. Your kids will not know, nor will they care about where your housing payments are going — a landlord or a mortgage servicer — unless YOU make it a big deal.

Whatever you decide, I wish you luck. But the other posters are correct: you do have other options.

[CA renter]

I’ll second what Daniel said, except we’re even older (40 this year), and have been renting since our mid-30s. We have three kids, and one was conceived and born while living in our rental.

We also have 800+ FICO scores, no debt, six-figure income, and assets which would enable us to buy a house cash if we liquidated them (mostly in cash vehicles at this point).

We are NOT buying. This decision has served us VERY well for the past few years, and we have no regrets. Your kids will not know, nor will they care about where your housing payments are going — a landlord or a mortgage servicer — unless YOU make it a big deal.

Whatever you decide, I wish you luck. But the other posters are correct: you do have other options.

[CA renter]

I’ll second what Daniel said, except we’re even older (40 this year), and have been renting since our mid-30s. We have three kids, and one was conceived and born while living in our rental.

We also have 800+ FICO scores, no debt, six-figure income, and assets which would enable us to buy a house cash if we liquidated them (mostly in cash vehicles at this point).

We are NOT buying. This decision has served us VERY well for the past few years, and we have no regrets. Your kids will not know, nor will they care about where your housing payments are going — a landlord or a mortgage servicer — unless YOU make it a big deal.

Whatever you decide, I wish you luck. But the other posters are correct: you do have other options.

[gverdi]

The reasons why you can’t get a loan are very simple:

-“actually already own a house that has declined in value”

-you will be buying a house which will decline in value

-no equity cushion

-DTI too high

You can’t afforded! You’ve been denied!

-gv

[gverdi]

The reasons why you can’t get a loan are very simple:

-“actually already own a house that has declined in value”

-you will be buying a house which will decline in value

-no equity cushion

-DTI too high

You can’t afforded! You’ve been denied!

-gv

[gverdi]

The reasons why you can’t get a loan are very simple:

-“actually already own a house that has declined in value”

-you will be buying a house which will decline in value

-no equity cushion

-DTI too high

You can’t afforded! You’ve been denied!

-gv

[gverdi]

The reasons why you can’t get a loan are very simple:

-“actually already own a house that has declined in value”

-you will be buying a house which will decline in value

-no equity cushion

-DTI too high

You can’t afforded! You’ve been denied!

-gv

[gverdi]

The reasons why you can’t get a loan are very simple:

-“actually already own a house that has declined in value”

-you will be buying a house which will decline in value

-no equity cushion

-DTI too high

You can’t afforded! You’ve been denied!

-gv

[CA renter]

sdnerd:

Here is snipped from an article about the anti “buy and bail” requirement. It mentions that Freddie Mac requires the 30% equity, but I’ve heard other lenders are also requiring it.

Under the new Fannie Mae guidelines, in most cases, a borrower now must have at least 30 percent equity in his house to buy another. Otherwise, he cannot use the rent he says he will get to prove he can support two homes. The deterrence is that no one would want to walk away from a house in which he had a large amount of equity.

Also, the rental income the borrower claims now must be fully documented.

http://www.pe.com/business/local/stories/PE_News_Local_S_cheaters31.45b183a.html

[CA renter]

sdnerd:

Here is snipped from an article about the anti “buy and bail” requirement. It mentions that Freddie Mac requires the 30% equity, but I’ve heard other lenders are also requiring it.

Under the new Fannie Mae guidelines, in most cases, a borrower now must have at least 30 percent equity in his house to buy another. Otherwise, he cannot use the rent he says he will get to prove he can support two homes. The deterrence is that no one would want to walk away from a house in which he had a large amount of equity.

Also, the rental income the borrower claims now must be fully documented.

http://www.pe.com/business/local/stories/PE_News_Local_S_cheaters31.45b183a.html

[CA renter]

sdnerd:

Here is snipped from an article about the anti “buy and bail” requirement. It mentions that Freddie Mac requires the 30% equity, but I’ve heard other lenders are also requiring it.

Under the new Fannie Mae guidelines, in most cases, a borrower now must have at least 30 percent equity in his house to buy another. Otherwise, he cannot use the rent he says he will get to prove he can support two homes. The deterrence is that no one would want to walk away from a house in which he had a large amount of equity.

Also, the rental income the borrower claims now must be fully documented.

http://www.pe.com/business/local/stories/PE_News_Local_S_cheaters31.45b183a.html

[CA renter]

sdnerd:

Here is snipped from an article about the anti “buy and bail” requirement. It mentions that Freddie Mac requires the 30% equity, but I’ve heard other lenders are also requiring it.

Under the new Fannie Mae guidelines, in most cases, a borrower now must have at least 30 percent equity in his house to buy another. Otherwise, he cannot use the rent he says he will get to prove he can support two homes. The deterrence is that no one would want to walk away from a house in which he had a large amount of equity.

Also, the rental income the borrower claims now must be fully documented.

http://www.pe.com/business/local/stories/PE_News_Local_S_cheaters31.45b183a.html

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