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bearishgurl
Participant[quote=Aecetia]Face it, just about everyone thinks El Cajon is a dump, and yet I bought a house there and continue to live happily ever after. I could never afford my house in La Jolla or Coronado, so I have a nice house in El Cajon and I would have had a condo. in La Jolla. . . . It works for me.[/quote]
Acetia, I love the properties in 92019, esp. Hidden Mesa and Vista Grande areas. Vista Grande Elem. is top notch and feeds into Valhalla HS, a VERY GOOD school. I looked into buying out there back in ’90 when a spec home builder who built a property for his family decided he didn’t want to occupy and had just finished a beautiful and very well-built 2350 sf ranch on 1/2 AC on Vista Grande w/central A/C and pool. He was willing to sell the property for $232K because he was behind in his take-out loan payments and just wanted to unload. It was BRAND NEW construction with stamped concrete portico d/w, clay tile roof, etc.
I even drove out there at 6:30 a.m. and tried to line up on the “Willow St.” ramp (2 cars per green lt) to commute to dtn. SD on Hwy 94 and it took 47 mins. to get dtn. with all the traffic and then I still had to park. I was used to getting downtown in 11-17 mins. and also would have had to p/u kids in daycare so vetoed buying it for that reason.
I would have withstood the heat for THAT PARTICULAR PROPERTY AT THAT PRICE and for THOSE SCHOOLS, but I simply couldn’t hang with the commute hassles. It was just too much for me.
I love the knotty pine ski-lodge look of A-frames and other unusual homey “lodge-style” homes on Mt. Helix (reminds me of Hwy 89 on the west side of Lake Tahoe). I just can’t go up and down those narrow roads with hairpin turns as a passenger because my vertigo would make me sick and I wouldn’t want to drive them in the dark. And I love the big boulders in the middle of the portico driveways (often partially covered) in Hidden Mesa 🙂 It’s like the homeowner just went out to Ocotillo, plucked them off, brought them back and sat them there!
Certainly, utilities all year round would be higher there, but parts of East County have a lot to offer.
Participant[quote=Aecetia]Face it, just about everyone thinks El Cajon is a dump, and yet I bought a house there and continue to live happily ever after. I could never afford my house in La Jolla or Coronado, so I have a nice house in El Cajon and I would have had a condo. in La Jolla. . . . It works for me.[/quote]
Acetia, I love the properties in 92019, esp. Hidden Mesa and Vista Grande areas. Vista Grande Elem. is top notch and feeds into Valhalla HS, a VERY GOOD school. I looked into buying out there back in ’90 when a spec home builder who built a property for his family decided he didn’t want to occupy and had just finished a beautiful and very well-built 2350 sf ranch on 1/2 AC on Vista Grande w/central A/C and pool. He was willing to sell the property for $232K because he was behind in his take-out loan payments and just wanted to unload. It was BRAND NEW construction with stamped concrete portico d/w, clay tile roof, etc.
I even drove out there at 6:30 a.m. and tried to line up on the “Willow St.” ramp (2 cars per green lt) to commute to dtn. SD on Hwy 94 and it took 47 mins. to get dtn. with all the traffic and then I still had to park. I was used to getting downtown in 11-17 mins. and also would have had to p/u kids in daycare so vetoed buying it for that reason.
I would have withstood the heat for THAT PARTICULAR PROPERTY AT THAT PRICE and for THOSE SCHOOLS, but I simply couldn’t hang with the commute hassles. It was just too much for me.
I love the knotty pine ski-lodge look of A-frames and other unusual homey “lodge-style” homes on Mt. Helix (reminds me of Hwy 89 on the west side of Lake Tahoe). I just can’t go up and down those narrow roads with hairpin turns as a passenger because my vertigo would make me sick and I wouldn’t want to drive them in the dark. And I love the big boulders in the middle of the portico driveways (often partially covered) in Hidden Mesa 🙂 It’s like the homeowner just went out to Ocotillo, plucked them off, brought them back and sat them there!
Certainly, utilities all year round would be higher there, but parts of East County have a lot to offer.
Participant[quote=HLS]. . . If a senior doesn’t have any debt other than their housing expense, they may be able to qualify for a Fannie/Freddie mortgage with SSI and take the cash out that they will need, and have low payments over time.
A 7YR ARM will offer a lower rate than a 30YR fixed but can be harder to qualify for. Depends on how much cash they need.
With a reverse OR F/F the debt remains upon death, but heirs wont lose the house as easily OR if a nursing home is involved.[/quote]
HLS, a F/F loan could take $4K or more to close. If the mom only needs a roof repair, paint, bathroom fixtures, bathroom floor, etc., she might only need a few thousand for these mat’ls. The rest is labor to install and elbow grease to clean up. Why pay to borrow money she doesn’t need?? If the heirs could get involved and help mom and perhaps contribute $1K to $2K each for these mat’ls and also get a copy of mom’s will and/or trust, this would be cheaper for everyone.
Maybe one heir who has the $$ but lives far away can visit and purchase the mat’ls and another heir who lives close and is handy could install the mat’ls or supervise them installed and do repairs or something like that.
This doesn’t seem like a case where mom needs a lot of $$ to fix these problems. This is just my .02.
Participant[quote=HLS]. . . If a senior doesn’t have any debt other than their housing expense, they may be able to qualify for a Fannie/Freddie mortgage with SSI and take the cash out that they will need, and have low payments over time.
A 7YR ARM will offer a lower rate than a 30YR fixed but can be harder to qualify for. Depends on how much cash they need.
With a reverse OR F/F the debt remains upon death, but heirs wont lose the house as easily OR if a nursing home is involved.[/quote]
HLS, a F/F loan could take $4K or more to close. If the mom only needs a roof repair, paint, bathroom fixtures, bathroom floor, etc., she might only need a few thousand for these mat’ls. The rest is labor to install and elbow grease to clean up. Why pay to borrow money she doesn’t need?? If the heirs could get involved and help mom and perhaps contribute $1K to $2K each for these mat’ls and also get a copy of mom’s will and/or trust, this would be cheaper for everyone.
Maybe one heir who has the $$ but lives far away can visit and purchase the mat’ls and another heir who lives close and is handy could install the mat’ls or supervise them installed and do repairs or something like that.
This doesn’t seem like a case where mom needs a lot of $$ to fix these problems. This is just my .02.
Participant[quote=HLS]. . . If a senior doesn’t have any debt other than their housing expense, they may be able to qualify for a Fannie/Freddie mortgage with SSI and take the cash out that they will need, and have low payments over time.
A 7YR ARM will offer a lower rate than a 30YR fixed but can be harder to qualify for. Depends on how much cash they need.
With a reverse OR F/F the debt remains upon death, but heirs wont lose the house as easily OR if a nursing home is involved.[/quote]
HLS, a F/F loan could take $4K or more to close. If the mom only needs a roof repair, paint, bathroom fixtures, bathroom floor, etc., she might only need a few thousand for these mat’ls. The rest is labor to install and elbow grease to clean up. Why pay to borrow money she doesn’t need?? If the heirs could get involved and help mom and perhaps contribute $1K to $2K each for these mat’ls and also get a copy of mom’s will and/or trust, this would be cheaper for everyone.
Maybe one heir who has the $$ but lives far away can visit and purchase the mat’ls and another heir who lives close and is handy could install the mat’ls or supervise them installed and do repairs or something like that.
This doesn’t seem like a case where mom needs a lot of $$ to fix these problems. This is just my .02.
Participant[quote=HLS]. . . If a senior doesn’t have any debt other than their housing expense, they may be able to qualify for a Fannie/Freddie mortgage with SSI and take the cash out that they will need, and have low payments over time.
A 7YR ARM will offer a lower rate than a 30YR fixed but can be harder to qualify for. Depends on how much cash they need.
With a reverse OR F/F the debt remains upon death, but heirs wont lose the house as easily OR if a nursing home is involved.[/quote]
HLS, a F/F loan could take $4K or more to close. If the mom only needs a roof repair, paint, bathroom fixtures, bathroom floor, etc., she might only need a few thousand for these mat’ls. The rest is labor to install and elbow grease to clean up. Why pay to borrow money she doesn’t need?? If the heirs could get involved and help mom and perhaps contribute $1K to $2K each for these mat’ls and also get a copy of mom’s will and/or trust, this would be cheaper for everyone.
Maybe one heir who has the $$ but lives far away can visit and purchase the mat’ls and another heir who lives close and is handy could install the mat’ls or supervise them installed and do repairs or something like that.
This doesn’t seem like a case where mom needs a lot of $$ to fix these problems. This is just my .02.
Participant[quote=HLS]. . . If a senior doesn’t have any debt other than their housing expense, they may be able to qualify for a Fannie/Freddie mortgage with SSI and take the cash out that they will need, and have low payments over time.
A 7YR ARM will offer a lower rate than a 30YR fixed but can be harder to qualify for. Depends on how much cash they need.
With a reverse OR F/F the debt remains upon death, but heirs wont lose the house as easily OR if a nursing home is involved.[/quote]
HLS, a F/F loan could take $4K or more to close. If the mom only needs a roof repair, paint, bathroom fixtures, bathroom floor, etc., she might only need a few thousand for these mat’ls. The rest is labor to install and elbow grease to clean up. Why pay to borrow money she doesn’t need?? If the heirs could get involved and help mom and perhaps contribute $1K to $2K each for these mat’ls and also get a copy of mom’s will and/or trust, this would be cheaper for everyone.
Maybe one heir who has the $$ but lives far away can visit and purchase the mat’ls and another heir who lives close and is handy could install the mat’ls or supervise them installed and do repairs or something like that.
This doesn’t seem like a case where mom needs a lot of $$ to fix these problems. This is just my .02.
Participant[quote=HLS] . . . There was no need for FHA loans prior to 2007 when 100% financing, stated income and 2nds were available. They were a tiny part of the financing market. Less than 5% (?) Recently I think that FHA is around 35%.[/quote]
HLS, I don’t recall putting ANYONE into an FHA in the late eighties to early nineties or early 2000’s or even a seller having an existing FHA loan in SD.
At some point since 2000, the FHA loan limit must have SOARED because the limits set by FHA were always too low to be of any use in this area.
I DO remember builder Lane Kuhn selling the entry-level “cottages” around Eastlake Shores in 1987/88 with FHA loans. The prices were $88K to 97K and some of my co-workers bought them and asked me to review their Reg-Z’s when they first went into escrow. At that time, the FHA loan limit was probably around 97,500 to 103,500 and FHA charged ALL the MMI up front which was about 4 pts. of a 93,600 loan. or $3744. the lump-sum MMI was wrapped into the loan, causing the 96.5% loan to be 100.5%. There were no monthly MMI payments. Most of these co-workers got rid of their MMI in the nineties by getting the property reappraised and received a portion of their up-front prem. back in the form of a rebate.
The “cottages” were the ONLY SFR built out there that qualified for “FHA” financing. Don’t know about the condo complexes but I think Villa Capri and Camelot did also, when they were new.
HLS, what is the purpose of obtaining an FHA loan if the MMI is so exorbitant that it adds several hundred dollars a month onto the mtg. payment without loaning any more money? In my mind, this is just a extra non-deductible expense like HOA or MR.
What happened to paying the MMI premium up front?? I haven’t been following FHA developments over the years.
Participant[quote=HLS] . . . There was no need for FHA loans prior to 2007 when 100% financing, stated income and 2nds were available. They were a tiny part of the financing market. Less than 5% (?) Recently I think that FHA is around 35%.[/quote]
HLS, I don’t recall putting ANYONE into an FHA in the late eighties to early nineties or early 2000’s or even a seller having an existing FHA loan in SD.
At some point since 2000, the FHA loan limit must have SOARED because the limits set by FHA were always too low to be of any use in this area.
I DO remember builder Lane Kuhn selling the entry-level “cottages” around Eastlake Shores in 1987/88 with FHA loans. The prices were $88K to 97K and some of my co-workers bought them and asked me to review their Reg-Z’s when they first went into escrow. At that time, the FHA loan limit was probably around 97,500 to 103,500 and FHA charged ALL the MMI up front which was about 4 pts. of a 93,600 loan. or $3744. the lump-sum MMI was wrapped into the loan, causing the 96.5% loan to be 100.5%. There were no monthly MMI payments. Most of these co-workers got rid of their MMI in the nineties by getting the property reappraised and received a portion of their up-front prem. back in the form of a rebate.
The “cottages” were the ONLY SFR built out there that qualified for “FHA” financing. Don’t know about the condo complexes but I think Villa Capri and Camelot did also, when they were new.
HLS, what is the purpose of obtaining an FHA loan if the MMI is so exorbitant that it adds several hundred dollars a month onto the mtg. payment without loaning any more money? In my mind, this is just a extra non-deductible expense like HOA or MR.
What happened to paying the MMI premium up front?? I haven’t been following FHA developments over the years.
Participant[quote=HLS] . . . There was no need for FHA loans prior to 2007 when 100% financing, stated income and 2nds were available. They were a tiny part of the financing market. Less than 5% (?) Recently I think that FHA is around 35%.[/quote]
HLS, I don’t recall putting ANYONE into an FHA in the late eighties to early nineties or early 2000’s or even a seller having an existing FHA loan in SD.
At some point since 2000, the FHA loan limit must have SOARED because the limits set by FHA were always too low to be of any use in this area.
I DO remember builder Lane Kuhn selling the entry-level “cottages” around Eastlake Shores in 1987/88 with FHA loans. The prices were $88K to 97K and some of my co-workers bought them and asked me to review their Reg-Z’s when they first went into escrow. At that time, the FHA loan limit was probably around 97,500 to 103,500 and FHA charged ALL the MMI up front which was about 4 pts. of a 93,600 loan. or $3744. the lump-sum MMI was wrapped into the loan, causing the 96.5% loan to be 100.5%. There were no monthly MMI payments. Most of these co-workers got rid of their MMI in the nineties by getting the property reappraised and received a portion of their up-front prem. back in the form of a rebate.
The “cottages” were the ONLY SFR built out there that qualified for “FHA” financing. Don’t know about the condo complexes but I think Villa Capri and Camelot did also, when they were new.
HLS, what is the purpose of obtaining an FHA loan if the MMI is so exorbitant that it adds several hundred dollars a month onto the mtg. payment without loaning any more money? In my mind, this is just a extra non-deductible expense like HOA or MR.
What happened to paying the MMI premium up front?? I haven’t been following FHA developments over the years.
Participant[quote=HLS] . . . There was no need for FHA loans prior to 2007 when 100% financing, stated income and 2nds were available. They were a tiny part of the financing market. Less than 5% (?) Recently I think that FHA is around 35%.[/quote]
HLS, I don’t recall putting ANYONE into an FHA in the late eighties to early nineties or early 2000’s or even a seller having an existing FHA loan in SD.
At some point since 2000, the FHA loan limit must have SOARED because the limits set by FHA were always too low to be of any use in this area.
I DO remember builder Lane Kuhn selling the entry-level “cottages” around Eastlake Shores in 1987/88 with FHA loans. The prices were $88K to 97K and some of my co-workers bought them and asked me to review their Reg-Z’s when they first went into escrow. At that time, the FHA loan limit was probably around 97,500 to 103,500 and FHA charged ALL the MMI up front which was about 4 pts. of a 93,600 loan. or $3744. the lump-sum MMI was wrapped into the loan, causing the 96.5% loan to be 100.5%. There were no monthly MMI payments. Most of these co-workers got rid of their MMI in the nineties by getting the property reappraised and received a portion of their up-front prem. back in the form of a rebate.
The “cottages” were the ONLY SFR built out there that qualified for “FHA” financing. Don’t know about the condo complexes but I think Villa Capri and Camelot did also, when they were new.
HLS, what is the purpose of obtaining an FHA loan if the MMI is so exorbitant that it adds several hundred dollars a month onto the mtg. payment without loaning any more money? In my mind, this is just a extra non-deductible expense like HOA or MR.
What happened to paying the MMI premium up front?? I haven’t been following FHA developments over the years.
Participant[quote=HLS] . . . There was no need for FHA loans prior to 2007 when 100% financing, stated income and 2nds were available. They were a tiny part of the financing market. Less than 5% (?) Recently I think that FHA is around 35%.[/quote]
HLS, I don’t recall putting ANYONE into an FHA in the late eighties to early nineties or early 2000’s or even a seller having an existing FHA loan in SD.
At some point since 2000, the FHA loan limit must have SOARED because the limits set by FHA were always too low to be of any use in this area.
I DO remember builder Lane Kuhn selling the entry-level “cottages” around Eastlake Shores in 1987/88 with FHA loans. The prices were $88K to 97K and some of my co-workers bought them and asked me to review their Reg-Z’s when they first went into escrow. At that time, the FHA loan limit was probably around 97,500 to 103,500 and FHA charged ALL the MMI up front which was about 4 pts. of a 93,600 loan. or $3744. the lump-sum MMI was wrapped into the loan, causing the 96.5% loan to be 100.5%. There were no monthly MMI payments. Most of these co-workers got rid of their MMI in the nineties by getting the property reappraised and received a portion of their up-front prem. back in the form of a rebate.
The “cottages” were the ONLY SFR built out there that qualified for “FHA” financing. Don’t know about the condo complexes but I think Villa Capri and Camelot did also, when they were new.
HLS, what is the purpose of obtaining an FHA loan if the MMI is so exorbitant that it adds several hundred dollars a month onto the mtg. payment without loaning any more money? In my mind, this is just a extra non-deductible expense like HOA or MR.
What happened to paying the MMI premium up front?? I haven’t been following FHA developments over the years.
June 13, 2010 at 9:07 PM in reply to: OT – anyone else having trouble keeping up with the former Scaredy’s user names #564331ParticipantI think walterwhite is most befitting of you, Scaredy. Go ahead and keep it. I have no problem with name changes. I understand everything. I’m as anal retentive as you are and can remember them all. If you can identify with walter the most, then keep it. Don’t let the job stress get to you and power to you, Scaredy!!
June 13, 2010 at 9:07 PM in reply to: OT – anyone else having trouble keeping up with the former Scaredy’s user names #564426ParticipantI think walterwhite is most befitting of you, Scaredy. Go ahead and keep it. I have no problem with name changes. I understand everything. I’m as anal retentive as you are and can remember them all. If you can identify with walter the most, then keep it. Don’t let the job stress get to you and power to you, Scaredy!!
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