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January 5, 2009 at 9:38 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324984January 5, 2009 at 9:38 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325065
HLS
ParticipantScarlett, you need to get qualified for a loan.
For loan amounts below $417K, at the moment, there are 95% FNMA loans available with a mid credit score of 700+ This can change at any time.
As far as I’m concerned, FHA loans are like assigned risk auto insurance. If you are willing to pay the price, they will deal with you.
They represent more risk and will cost you much more than if you have a larger down payment.
If the loan amount is $417K-$546K in San Diego County you will need at least 15% down for FNMA
or
3.5% down for FHA loans up to $546K in San Diego County..These are the guidelines for FNMA or FHA to buy the loans. I don’t know of lenders that make exceptions the way people seem to think.
Lenders/banks dont make money lending their money for 30 years on fixed mortgagges. They MUST meet the guidelines to be sold to FHA or FNMA. Then they are bundled into MBS.
Rates can be higher at banks, and programs or knowledge of the bank employee can be limited, the same applies to mortgage brokers.
You should find someone to work with regarding a loan. You need to KNOW that you qualify for a loan before you even start thinking about buying a house, not just assuming that you qualify.
Some of the guidelines are crazy. LOTS of people don’t qualify, but think that they do.I doubt that the chances will increase to lend to really risky borrowers again for a very long time; that’s what got the world into this mess.
The current guidelines already allow for people that probably shouldn’t be buying homes to buy them. Not as silly as a couple of years ago, but still pretty silly. …HLS
ParticipantGary, I didn’t say it was stupid to pay off low interest debt, nor did I say that money should be invested waiting for CD rates to rise.
The response you predicted isn’t the response at all.
You are mixing apples and oranges. Thinking that being debt free doesn’t have a cost is silly.
The only way that anybody pays off debt is by giving up cash in exchange. You pay interest on what you haven’t paid OR you collect interest on what you have.
When you are in a position that you can collect more on what you have than on what you are paying,
it’s a beautiful thing.I think it is foolish to simply say that being debt free is liberating.
If I can borrow money at less than I can lend it out for without any risk, I want to be in debt forever.Having a “greatly reduced cost of living” doesn’t mean you have to be debt free.
I’ve met people who have no mortgage and have little cash and worry every day. They gave up their cash to pay the mortgage so they would be debt free.
AN makes the point as well. It’s not a matter of right or wrong, it’s a matter of understanding what you are doing and more importantly why you are doing it… HLS
ParticipantGary, I didn’t say it was stupid to pay off low interest debt, nor did I say that money should be invested waiting for CD rates to rise.
The response you predicted isn’t the response at all.
You are mixing apples and oranges. Thinking that being debt free doesn’t have a cost is silly.
The only way that anybody pays off debt is by giving up cash in exchange. You pay interest on what you haven’t paid OR you collect interest on what you have.
When you are in a position that you can collect more on what you have than on what you are paying,
it’s a beautiful thing.I think it is foolish to simply say that being debt free is liberating.
If I can borrow money at less than I can lend it out for without any risk, I want to be in debt forever.Having a “greatly reduced cost of living” doesn’t mean you have to be debt free.
I’ve met people who have no mortgage and have little cash and worry every day. They gave up their cash to pay the mortgage so they would be debt free.
AN makes the point as well. It’s not a matter of right or wrong, it’s a matter of understanding what you are doing and more importantly why you are doing it… HLS
ParticipantGary, I didn’t say it was stupid to pay off low interest debt, nor did I say that money should be invested waiting for CD rates to rise.
The response you predicted isn’t the response at all.
You are mixing apples and oranges. Thinking that being debt free doesn’t have a cost is silly.
The only way that anybody pays off debt is by giving up cash in exchange. You pay interest on what you haven’t paid OR you collect interest on what you have.
When you are in a position that you can collect more on what you have than on what you are paying,
it’s a beautiful thing.I think it is foolish to simply say that being debt free is liberating.
If I can borrow money at less than I can lend it out for without any risk, I want to be in debt forever.Having a “greatly reduced cost of living” doesn’t mean you have to be debt free.
I’ve met people who have no mortgage and have little cash and worry every day. They gave up their cash to pay the mortgage so they would be debt free.
AN makes the point as well. It’s not a matter of right or wrong, it’s a matter of understanding what you are doing and more importantly why you are doing it… HLS
ParticipantGary, I didn’t say it was stupid to pay off low interest debt, nor did I say that money should be invested waiting for CD rates to rise.
The response you predicted isn’t the response at all.
You are mixing apples and oranges. Thinking that being debt free doesn’t have a cost is silly.
The only way that anybody pays off debt is by giving up cash in exchange. You pay interest on what you haven’t paid OR you collect interest on what you have.
When you are in a position that you can collect more on what you have than on what you are paying,
it’s a beautiful thing.I think it is foolish to simply say that being debt free is liberating.
If I can borrow money at less than I can lend it out for without any risk, I want to be in debt forever.Having a “greatly reduced cost of living” doesn’t mean you have to be debt free.
I’ve met people who have no mortgage and have little cash and worry every day. They gave up their cash to pay the mortgage so they would be debt free.
AN makes the point as well. It’s not a matter of right or wrong, it’s a matter of understanding what you are doing and more importantly why you are doing it… HLS
ParticipantGary, I didn’t say it was stupid to pay off low interest debt, nor did I say that money should be invested waiting for CD rates to rise.
The response you predicted isn’t the response at all.
You are mixing apples and oranges. Thinking that being debt free doesn’t have a cost is silly.
The only way that anybody pays off debt is by giving up cash in exchange. You pay interest on what you haven’t paid OR you collect interest on what you have.
When you are in a position that you can collect more on what you have than on what you are paying,
it’s a beautiful thing.I think it is foolish to simply say that being debt free is liberating.
If I can borrow money at less than I can lend it out for without any risk, I want to be in debt forever.Having a “greatly reduced cost of living” doesn’t mean you have to be debt free.
I’ve met people who have no mortgage and have little cash and worry every day. They gave up their cash to pay the mortgage so they would be debt free.
AN makes the point as well. It’s not a matter of right or wrong, it’s a matter of understanding what you are doing and more importantly why you are doing it… HLS
ParticipantThread,,
You may want to get legal advice. I am not an attorney.My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
In the case of a disability or long term health issues, your desires may not be met.Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.
Last thing is that CP isn’t recognized in all states but Joint Tenancy is.
ParticipantThread,,
You may want to get legal advice. I am not an attorney.My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
In the case of a disability or long term health issues, your desires may not be met.Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.
Last thing is that CP isn’t recognized in all states but Joint Tenancy is.
ParticipantThread,,
You may want to get legal advice. I am not an attorney.My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
In the case of a disability or long term health issues, your desires may not be met.Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.
Last thing is that CP isn’t recognized in all states but Joint Tenancy is.
ParticipantThread,,
You may want to get legal advice. I am not an attorney.My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
In the case of a disability or long term health issues, your desires may not be met.Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.
Last thing is that CP isn’t recognized in all states but Joint Tenancy is.
ParticipantThread,,
You may want to get legal advice. I am not an attorney.My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
In the case of a disability or long term health issues, your desires may not be met.Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.
Last thing is that CP isn’t recognized in all states but Joint Tenancy is.
ParticipantYou may need to wait 6 months+ to use a value higher than purchase price,so you have 20%+ equity and avoid mortg ins..otherwise it’s a 90% loan,however you have done improvements.
Common sense is gone. They don’t lend on equity.It’s an automated underwriting system.
For self employed, you probably need 2 years tax returns of steady income. W-2 wage earner with pay stubs may get by with less.
For the numbers you are talking, you will probably need $2000-$2500 a month minimum income.
Are you in CA ?? you can contact me directly if you want for more info.. [email protected]
ParticipantYou may need to wait 6 months+ to use a value higher than purchase price,so you have 20%+ equity and avoid mortg ins..otherwise it’s a 90% loan,however you have done improvements.
Common sense is gone. They don’t lend on equity.It’s an automated underwriting system.
For self employed, you probably need 2 years tax returns of steady income. W-2 wage earner with pay stubs may get by with less.
For the numbers you are talking, you will probably need $2000-$2500 a month minimum income.
Are you in CA ?? you can contact me directly if you want for more info.. [email protected]
ParticipantYou may need to wait 6 months+ to use a value higher than purchase price,so you have 20%+ equity and avoid mortg ins..otherwise it’s a 90% loan,however you have done improvements.
Common sense is gone. They don’t lend on equity.It’s an automated underwriting system.
For self employed, you probably need 2 years tax returns of steady income. W-2 wage earner with pay stubs may get by with less.
For the numbers you are talking, you will probably need $2000-$2500 a month minimum income.
Are you in CA ?? you can contact me directly if you want for more info.. [email protected]
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