Why can I not get a loan?

[paramount]

From the OP: What makes a home bad?

Also, in this current economy generally no one is a good credit risk, much less a great one.

[Kilohana]

[quote=ncounty4]For the record, we don’t feel “entitled” to anything. At 30 years old, we have paid off $150k in educational, consumer and auto debt from our younger years. We have also saved $150k+ not including maxing out our retirement accounts.

We don’t spend money on travel, clothes or expensive dinners. We live an extremely frugal life centered on saving for our kids and ourselves.

But I guess that just makes me “crap.” Seems like most of the nasty comments seem to be generationally-motivated…older people can’t believe that we can actually afford the payments on a $700k home…easily! Guess we should just live in a hovel until we’re 50.[/quote]

So our only options are to buy an overpriced home now – or live in a hovel until we’re 50? Really?

I understand that you’re frustrated and you feel that you’re a prime borrower, but the truth is we’re all subprime now. The RE market is nowhere near done tanking and your proposed transaction is more risk than banks can afford to take on at this time. It really is that simple.

If you’re itching to move into a bigger/nicer home, go rent a palace in an upscale neighborhood and wait out this storm. This is the best advice you will receive here.

One last thing – in discussing finances, don’t assume you’re at the top of the food chain. Your situation is good, but not nearly as impressive as you think it is. Jealousy has nothing to do with the response you received here.

[Kilohana]

[quote=ncounty4]For the record, we don’t feel “entitled” to anything. At 30 years old, we have paid off $150k in educational, consumer and auto debt from our younger years. We have also saved $150k+ not including maxing out our retirement accounts.

We don’t spend money on travel, clothes or expensive dinners. We live an extremely frugal life centered on saving for our kids and ourselves.

But I guess that just makes me “crap.” Seems like most of the nasty comments seem to be generationally-motivated…older people can’t believe that we can actually afford the payments on a $700k home…easily! Guess we should just live in a hovel until we’re 50.[/quote]

So our only options are to buy an overpriced home now – or live in a hovel until we’re 50? Really?

I understand that you’re frustrated and you feel that you’re a prime borrower, but the truth is we’re all subprime now. The RE market is nowhere near done tanking and your proposed transaction is more risk than banks can afford to take on at this time. It really is that simple.

If you’re itching to move into a bigger/nicer home, go rent a palace in an upscale neighborhood and wait out this storm. This is the best advice you will receive here.

One last thing – in discussing finances, don’t assume you’re at the top of the food chain. Your situation is good, but not nearly as impressive as you think it is. Jealousy has nothing to do with the response you received here.

[Kilohana]

[quote=ncounty4]For the record, we don’t feel “entitled” to anything. At 30 years old, we have paid off $150k in educational, consumer and auto debt from our younger years. We have also saved $150k+ not including maxing out our retirement accounts.

We don’t spend money on travel, clothes or expensive dinners. We live an extremely frugal life centered on saving for our kids and ourselves.

But I guess that just makes me “crap.” Seems like most of the nasty comments seem to be generationally-motivated…older people can’t believe that we can actually afford the payments on a $700k home…easily! Guess we should just live in a hovel until we’re 50.[/quote]

So our only options are to buy an overpriced home now – or live in a hovel until we’re 50? Really?

I understand that you’re frustrated and you feel that you’re a prime borrower, but the truth is we’re all subprime now. The RE market is nowhere near done tanking and your proposed transaction is more risk than banks can afford to take on at this time. It really is that simple.

If you’re itching to move into a bigger/nicer home, go rent a palace in an upscale neighborhood and wait out this storm. This is the best advice you will receive here.

One last thing – in discussing finances, don’t assume you’re at the top of the food chain. Your situation is good, but not nearly as impressive as you think it is. Jealousy has nothing to do with the response you received here.

[Kilohana]

[quote=ncounty4]For the record, we don’t feel “entitled” to anything. At 30 years old, we have paid off $150k in educational, consumer and auto debt from our younger years. We have also saved $150k+ not including maxing out our retirement accounts.

We don’t spend money on travel, clothes or expensive dinners. We live an extremely frugal life centered on saving for our kids and ourselves.

But I guess that just makes me “crap.” Seems like most of the nasty comments seem to be generationally-motivated…older people can’t believe that we can actually afford the payments on a $700k home…easily! Guess we should just live in a hovel until we’re 50.[/quote]

So our only options are to buy an overpriced home now – or live in a hovel until we’re 50? Really?

I understand that you’re frustrated and you feel that you’re a prime borrower, but the truth is we’re all subprime now. The RE market is nowhere near done tanking and your proposed transaction is more risk than banks can afford to take on at this time. It really is that simple.

If you’re itching to move into a bigger/nicer home, go rent a palace in an upscale neighborhood and wait out this storm. This is the best advice you will receive here.

One last thing – in discussing finances, don’t assume you’re at the top of the food chain. Your situation is good, but not nearly as impressive as you think it is. Jealousy has nothing to do with the response you received here.

[Kilohana]

[quote=ncounty4]For the record, we don’t feel “entitled” to anything. At 30 years old, we have paid off $150k in educational, consumer and auto debt from our younger years. We have also saved $150k+ not including maxing out our retirement accounts.

We don’t spend money on travel, clothes or expensive dinners. We live an extremely frugal life centered on saving for our kids and ourselves.

But I guess that just makes me “crap.” Seems like most of the nasty comments seem to be generationally-motivated…older people can’t believe that we can actually afford the payments on a $700k home…easily! Guess we should just live in a hovel until we’re 50.[/quote]

So our only options are to buy an overpriced home now – or live in a hovel until we’re 50? Really?

I understand that you’re frustrated and you feel that you’re a prime borrower, but the truth is we’re all subprime now. The RE market is nowhere near done tanking and your proposed transaction is more risk than banks can afford to take on at this time. It really is that simple.

If you’re itching to move into a bigger/nicer home, go rent a palace in an upscale neighborhood and wait out this storm. This is the best advice you will receive here.

One last thing – in discussing finances, don’t assume you’re at the top of the food chain. Your situation is good, but not nearly as impressive as you think it is. Jealousy has nothing to do with the response you received here.

[waitingpatiently]

I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think.

[waitingpatiently]

I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think.

[waitingpatiently]

I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think.

[waitingpatiently]

I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think.

[waitingpatiently]

I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think.

[Kilohana]

[quote=waitingpatiently]I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think. [/quote]

I was thinking about how many folks here could buy that 800k house for cash if they wanted to – and yet, not one of them seems to think it’s a good idea. Now, why do you suppose that is? 😉

“A fool and his money are lucky enough to get together in the first place…” – Gordon Gecko

[Kilohana]

[quote=waitingpatiently]I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think. [/quote]

I was thinking about how many folks here could buy that 800k house for cash if they wanted to – and yet, not one of them seems to think it’s a good idea. Now, why do you suppose that is? 😉

“A fool and his money are lucky enough to get together in the first place…” – Gordon Gecko

[Kilohana]

[quote=waitingpatiently]I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think. [/quote]

I was thinking about how many folks here could buy that 800k house for cash if they wanted to – and yet, not one of them seems to think it’s a good idea. Now, why do you suppose that is? 😉

“A fool and his money are lucky enough to get together in the first place…” – Gordon Gecko

[Kilohana]

[quote=waitingpatiently]I am a little confused…If you got burned and lost all your equity in your current house why in the world would you buy another house in this market? What’s wrong with renting? And please don’t give me the “my kids need stability” bs.

And for the record…there are more 30 year old’s on this board that could buy the house for 800k with more than 20% down than you think. [/quote]

I was thinking about how many folks here could buy that 800k house for cash if they wanted to – and yet, not one of them seems to think it’s a good idea. Now, why do you suppose that is? 😉

“A fool and his money are lucky enough to get together in the first place…” – Gordon Gecko

[Author]

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