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 21, 2009 at 9:43 AM #332843January 21, 2009 at 9:50 AM #332326
jficquette
Participant[quote=4plexowner]I think this post shows why the top end will fall hard in the next year or two – the pool of potential buyers for houses requiring jumbo loans has shrunk dramatically
without cheap, fog-a-mirror jumbo loans the $700K+ market has a hard row to hoe[/quote]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.
John
January 21, 2009 at 9:50 AM #332660jficquette
Participant[quote=4plexowner]I think this post shows why the top end will fall hard in the next year or two – the pool of potential buyers for houses requiring jumbo loans has shrunk dramatically
without cheap, fog-a-mirror jumbo loans the $700K+ market has a hard row to hoe[/quote]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.
John
January 21, 2009 at 9:50 AM #332739jficquette
Participant[quote=4plexowner]I think this post shows why the top end will fall hard in the next year or two – the pool of potential buyers for houses requiring jumbo loans has shrunk dramatically
without cheap, fog-a-mirror jumbo loans the $700K+ market has a hard row to hoe[/quote]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.
John
January 21, 2009 at 9:50 AM #332767jficquette
Participant[quote=4plexowner]I think this post shows why the top end will fall hard in the next year or two – the pool of potential buyers for houses requiring jumbo loans has shrunk dramatically
without cheap, fog-a-mirror jumbo loans the $700K+ market has a hard row to hoe[/quote]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.
John
January 21, 2009 at 9:50 AM #332853jficquette
Participant[quote=4plexowner]I think this post shows why the top end will fall hard in the next year or two – the pool of potential buyers for houses requiring jumbo loans has shrunk dramatically
without cheap, fog-a-mirror jumbo loans the $700K+ market has a hard row to hoe[/quote]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.
John
January 21, 2009 at 9:59 AM #332331an
Participant[quote=jficquette]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.John
[/quote]
Are you talking about nominal dollar term? If so, I have a very simple for you… inflation. In 1999, gas was well under $1, milk, eggs, etc were all much much cheaper in 1995. Same can be said w/ income as well. Rates were much higher back then too.January 21, 2009 at 9:59 AM #332665an
Participant[quote=jficquette]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.John
[/quote]
Are you talking about nominal dollar term? If so, I have a very simple for you… inflation. In 1999, gas was well under $1, milk, eggs, etc were all much much cheaper in 1995. Same can be said w/ income as well. Rates were much higher back then too.January 21, 2009 at 9:59 AM #332744an
Participant[quote=jficquette]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.John
[/quote]
Are you talking about nominal dollar term? If so, I have a very simple for you… inflation. In 1999, gas was well under $1, milk, eggs, etc were all much much cheaper in 1995. Same can be said w/ income as well. Rates were much higher back then too.January 21, 2009 at 9:59 AM #332772an
Participant[quote=jficquette]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.John
[/quote]
Are you talking about nominal dollar term? If so, I have a very simple for you… inflation. In 1999, gas was well under $1, milk, eggs, etc were all much much cheaper in 1995. Same can be said w/ income as well. Rates were much higher back then too.January 21, 2009 at 9:59 AM #332858an
Participant[quote=jficquette]
I agree totally. There is no reason why houses should cost more then they did in 1995 which is the last time they were somewhat affordable.John
[/quote]
Are you talking about nominal dollar term? If so, I have a very simple for you… inflation. In 1999, gas was well under $1, milk, eggs, etc were all much much cheaper in 1995. Same can be said w/ income as well. Rates were much higher back then too.January 21, 2009 at 10:10 AM #332336cr
ParticipantAs to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.
Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.
All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.
January 21, 2009 at 10:10 AM #332670cr
ParticipantAs to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.
Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.
All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.
January 21, 2009 at 10:10 AM #332749cr
ParticipantAs to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.
Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.
All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.
January 21, 2009 at 10:10 AM #332777cr
ParticipantAs to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.
Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.
All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.
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