Why can I not get a loan?

[XBoxBoy]

[quote=esmith]If the house can be rented for 2500, buying does not make sense. If it can be rented for 3500, it’s a toss up.[/quote]

Provided the home doesn’t lose value or gain value.

But the point is not the details of the calculation, but the probably loss due to depreciation of the homes value overwhelms the tax savings very quickly. My numbers could easily be off, doesn’t matter, the probably loss on an 800k home in N County is gonna clobber those tax savings.

XBoxBoy

[jficquette]

[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

[jficquette]

[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

[jficquette]

[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

[jficquette]

[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

[jficquette]

[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

[an]

[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.

[an]

[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.

[an]

[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.

[an]

[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.

[an]

[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.

[cr]

As 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.

[cr]

As 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.

[cr]

As 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.

[cr]

As 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.

[Author]

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