[biggoldbear]

We don’t really have the equity, which would be the easiest route. We’re at ~90% LTV now, and lending is pretty tight. I think there’s definitely some programs out there, I’ll keep this post updated if I find anything good!

[biggoldbear]

We don’t really have the equity, which would be the easiest route. We’re at ~90% LTV now, and lending is pretty tight. I think there’s definitely some programs out there, I’ll keep this post updated if I find anything good!

[biggoldbear]

We don’t really have the equity, which would be the easiest route. We’re at ~90% LTV now, and lending is pretty tight. I think there’s definitely some programs out there, I’ll keep this post updated if I find anything good!

[biggoldbear]

We don’t really have the equity, which would be the easiest route. We’re at ~90% LTV now, and lending is pretty tight. I think there’s definitely some programs out there, I’ll keep this post updated if I find anything good!

[biggoldbear]

Well, the general idea would be to get a loan that is not a “mortgage” so the liability (numerator) wouldn’t change. I don’t know if a Title I loan fits this bill, or if that would effect my LTV on the first?

Current owed= 369k
Current Appraisal = 410k (~Jan09, market has gone up a little since then)
current sq ft~1300
Would like to add ~200 sq ft master suite (bedroom with attached bath)

Cost:?
Value Added?

Not really sure on the last two, I know my neighbor across the street built on a room a couple years ago for ~30k to add ~150sq ft.

[biggoldbear]

Well, the general idea would be to get a loan that is not a “mortgage” so the liability (numerator) wouldn’t change. I don’t know if a Title I loan fits this bill, or if that would effect my LTV on the first?

Current owed= 369k
Current Appraisal = 410k (~Jan09, market has gone up a little since then)
current sq ft~1300
Would like to add ~200 sq ft master suite (bedroom with attached bath)

Cost:?
Value Added?

Not really sure on the last two, I know my neighbor across the street built on a room a couple years ago for ~30k to add ~150sq ft.

[biggoldbear]

Well, the general idea would be to get a loan that is not a “mortgage” so the liability (numerator) wouldn’t change. I don’t know if a Title I loan fits this bill, or if that would effect my LTV on the first?

Current owed= 369k
Current Appraisal = 410k (~Jan09, market has gone up a little since then)
current sq ft~1300
Would like to add ~200 sq ft master suite (bedroom with attached bath)

Cost:?
Value Added?

Not really sure on the last two, I know my neighbor across the street built on a room a couple years ago for ~30k to add ~150sq ft.

[biggoldbear]

Well, the general idea would be to get a loan that is not a “mortgage” so the liability (numerator) wouldn’t change. I don’t know if a Title I loan fits this bill, or if that would effect my LTV on the first?

Current owed= 369k
Current Appraisal = 410k (~Jan09, market has gone up a little since then)
current sq ft~1300
Would like to add ~200 sq ft master suite (bedroom with attached bath)

Cost:?
Value Added?

Not really sure on the last two, I know my neighbor across the street built on a room a couple years ago for ~30k to add ~150sq ft.

[biggoldbear]

Well, the general idea would be to get a loan that is not a “mortgage” so the liability (numerator) wouldn’t change. I don’t know if a Title I loan fits this bill, or if that would effect my LTV on the first?

Current owed= 369k
Current Appraisal = 410k (~Jan09, market has gone up a little since then)
current sq ft~1300
Would like to add ~200 sq ft master suite (bedroom with attached bath)

Cost:?
Value Added?

Not really sure on the last two, I know my neighbor across the street built on a room a couple years ago for ~30k to add ~150sq ft.

[biggoldbear]

My guess is that prices have simply come down enough to where more people that have wanted to buy a house for a long time, can now finally afford to, not for an investment, to flip, etc.. but just to live in and enjoy. Maybe not the smartest thing right now in case their current income falters, since you can’t cover the mortgage with rent or sell within the next 7+ years without taking a loss, but that is a cost that a lot of people are willing to take to own a home. These are not stocks, and have an intrinsic and sentimental value beyond market price, and I’d guess the majority of those buying now are not doing so because they foresee a huge rise in prices as before, they simply want to own a house and can now finally afford it.

Just my 2 cents (a self admitted knife catcher… in escrow as we speak)

[biggoldbear]

My guess is that prices have simply come down enough to where more people that have wanted to buy a house for a long time, can now finally afford to, not for an investment, to flip, etc.. but just to live in and enjoy. Maybe not the smartest thing right now in case their current income falters, since you can’t cover the mortgage with rent or sell within the next 7+ years without taking a loss, but that is a cost that a lot of people are willing to take to own a home. These are not stocks, and have an intrinsic and sentimental value beyond market price, and I’d guess the majority of those buying now are not doing so because they foresee a huge rise in prices as before, they simply want to own a house and can now finally afford it.

Just my 2 cents (a self admitted knife catcher… in escrow as we speak)

[biggoldbear]

My guess is that prices have simply come down enough to where more people that have wanted to buy a house for a long time, can now finally afford to, not for an investment, to flip, etc.. but just to live in and enjoy. Maybe not the smartest thing right now in case their current income falters, since you can’t cover the mortgage with rent or sell within the next 7+ years without taking a loss, but that is a cost that a lot of people are willing to take to own a home. These are not stocks, and have an intrinsic and sentimental value beyond market price, and I’d guess the majority of those buying now are not doing so because they foresee a huge rise in prices as before, they simply want to own a house and can now finally afford it.

Just my 2 cents (a self admitted knife catcher… in escrow as we speak)

[biggoldbear]

My guess is that prices have simply come down enough to where more people that have wanted to buy a house for a long time, can now finally afford to, not for an investment, to flip, etc.. but just to live in and enjoy. Maybe not the smartest thing right now in case their current income falters, since you can’t cover the mortgage with rent or sell within the next 7+ years without taking a loss, but that is a cost that a lot of people are willing to take to own a home. These are not stocks, and have an intrinsic and sentimental value beyond market price, and I’d guess the majority of those buying now are not doing so because they foresee a huge rise in prices as before, they simply want to own a house and can now finally afford it.

Just my 2 cents (a self admitted knife catcher… in escrow as we speak)

[biggoldbear]

My guess is that prices have simply come down enough to where more people that have wanted to buy a house for a long time, can now finally afford to, not for an investment, to flip, etc.. but just to live in and enjoy. Maybe not the smartest thing right now in case their current income falters, since you can’t cover the mortgage with rent or sell within the next 7+ years without taking a loss, but that is a cost that a lot of people are willing to take to own a home. These are not stocks, and have an intrinsic and sentimental value beyond market price, and I’d guess the majority of those buying now are not doing so because they foresee a huge rise in prices as before, they simply want to own a house and can now finally afford it.

Just my 2 cents (a self admitted knife catcher… in escrow as we speak)

[biggoldbear]

My guess is that prices have simply come down enough to where more people that have wanted to buy a house for a long time, can now finally afford to, not for an investment, to flip, etc.. but just to live in and enjoy. Maybe not the smartest thing right now in case their current income falters, since you can’t cover the mortgage with rent or sell within the next 7+ years without taking a loss, but that is a cost that a lot of people are willing to take to own a home. These are not stocks, and have an intrinsic and sentimental value beyond market price, and I’d guess the majority of those buying now are not doing so because they foresee a huge rise in prices as before, they simply want to own a house and can now finally afford it.

Just my 2 cents (a self admitted knife catcher… in escrow as we speak)

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