Why can I not get a loan?

[j]

With 250K+ in income, you can save up for a larger down payment. I know this is novel to this generation, but it was the standard for decades. Oh, and when it was the standard, foreclosure rates were lower.

[sdduuuude]

You can’t get a loan because prices are too high and the banks know it.

[sdduuuude]

You can’t get a loan because prices are too high and the banks know it.

[sdduuuude]

You can’t get a loan because prices are too high and the banks know it.

[sdduuuude]

You can’t get a loan because prices are too high and the banks know it.

[sdduuuude]

You can’t get a loan because prices are too high and the banks know it.

[gn]

If you currently own a home, and want to buy before selling it, wouldn’t you have to qualify to carry both payments?

I agree with the above comments. Let me be more specific.

I don’t know how much you owe on the townhouse. But let’s say you owe $300k on your townhouse. Now, you want to buy a $750k house with 10% down (thus borrowing $675k). Since you have less than 30% equity on your townhouse, from the lender’s point of view, you have 2 options:

1. The lender will have to require you to have the income to qualify for the payment for the 2 loans ($300k + $675k = $957k). I’m not sure a $250k income will qualify for this.

2. Put your townhouse on the market. Once, you find a buyer for your townhouse & the buyer is in escrow, the lender will allow you to enter escrow for your new purchase. Then, the sale of the townhouse have to complete (close of escrow) before the lender allows you to close escrow on your new purchase.

[gn]

If you currently own a home, and want to buy before selling it, wouldn’t you have to qualify to carry both payments?

I agree with the above comments. Let me be more specific.

I don’t know how much you owe on the townhouse. But let’s say you owe $300k on your townhouse. Now, you want to buy a $750k house with 10% down (thus borrowing $675k). Since you have less than 30% equity on your townhouse, from the lender’s point of view, you have 2 options:

1. The lender will have to require you to have the income to qualify for the payment for the 2 loans ($300k + $675k = $957k). I’m not sure a $250k income will qualify for this.

2. Put your townhouse on the market. Once, you find a buyer for your townhouse & the buyer is in escrow, the lender will allow you to enter escrow for your new purchase. Then, the sale of the townhouse have to complete (close of escrow) before the lender allows you to close escrow on your new purchase.

[gn]

If you currently own a home, and want to buy before selling it, wouldn’t you have to qualify to carry both payments?

I agree with the above comments. Let me be more specific.

I don’t know how much you owe on the townhouse. But let’s say you owe $300k on your townhouse. Now, you want to buy a $750k house with 10% down (thus borrowing $675k). Since you have less than 30% equity on your townhouse, from the lender’s point of view, you have 2 options:

1. The lender will have to require you to have the income to qualify for the payment for the 2 loans ($300k + $675k = $957k). I’m not sure a $250k income will qualify for this.

2. Put your townhouse on the market. Once, you find a buyer for your townhouse & the buyer is in escrow, the lender will allow you to enter escrow for your new purchase. Then, the sale of the townhouse have to complete (close of escrow) before the lender allows you to close escrow on your new purchase.

[gn]

If you currently own a home, and want to buy before selling it, wouldn’t you have to qualify to carry both payments?

I agree with the above comments. Let me be more specific.

I don’t know how much you owe on the townhouse. But let’s say you owe $300k on your townhouse. Now, you want to buy a $750k house with 10% down (thus borrowing $675k). Since you have less than 30% equity on your townhouse, from the lender’s point of view, you have 2 options:

1. The lender will have to require you to have the income to qualify for the payment for the 2 loans ($300k + $675k = $957k). I’m not sure a $250k income will qualify for this.

2. Put your townhouse on the market. Once, you find a buyer for your townhouse & the buyer is in escrow, the lender will allow you to enter escrow for your new purchase. Then, the sale of the townhouse have to complete (close of escrow) before the lender allows you to close escrow on your new purchase.

[gn]

If you currently own a home, and want to buy before selling it, wouldn’t you have to qualify to carry both payments?

I agree with the above comments. Let me be more specific.

I don’t know how much you owe on the townhouse. But let’s say you owe $300k on your townhouse. Now, you want to buy a $750k house with 10% down (thus borrowing $675k). Since you have less than 30% equity on your townhouse, from the lender’s point of view, you have 2 options:

1. The lender will have to require you to have the income to qualify for the payment for the 2 loans ($300k + $675k = $957k). I’m not sure a $250k income will qualify for this.

2. Put your townhouse on the market. Once, you find a buyer for your townhouse & the buyer is in escrow, the lender will allow you to enter escrow for your new purchase. Then, the sale of the townhouse have to complete (close of escrow) before the lender allows you to close escrow on your new purchase.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[Author]

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