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HLS
ParticipantThe fact is that many people can still get approved with a back end debt ratio of 60% of their GROSS income…
I constantly tell people that just becuase they can get approved, doesn’t mean that they should buy a house…
esp when it’s cheaper to rent.The spin marketing in America has led people to believe that renting is throwing money away. It’s sickening, propaganda brought to you by the NAR and builders assn.
“it’s always a great time to buy reale estate” (Barf)There is a time when buying makes sense, but it’s still not that time in most areas of SD.
I have sent millions of dollars in loans away by telling people that I don’t think that they should buy, even when they are approved.
ParticipantDH,
Being in the mortgage biz, I am on the consumers side. Most people in my industry aren’t, and I am vocal about it.
Many are/were overcompensated salespeople and nothing more.Breeze, it wasn’t the “pros” that “led” people into the mess. It WAS the assholes. They were accomplices. Nobody forced the greedy buyer/speculator to sign loan docs, but many WERE misled, lied to and screwed by friends, family members and neighbors on their loans.
There are few real advocates out there, but I am one. Believe what you will. I have chased more business away by telling people the truth, and I don’t care. (Some people don’t want to listen OR hear the truth)
It’s not a surprise that you have the attitude that you do.
DH, the fact is that many people just cannot be helped. They have fallen off a cliff, but have not landed yet.
Foreclosure will be the best option for many, but they refuse to accept it, until it’s forced on them.
None of the “govt/lender sponsored help lines” actually encourage people to walk away, that I know of.The ignorance of so many people about their financial situation is beyond what you would imagine.
I work with them one on one.ParticipantDH,
Being in the mortgage biz, I am on the consumers side. Most people in my industry aren’t, and I am vocal about it.
Many are/were overcompensated salespeople and nothing more.Breeze, it wasn’t the “pros” that “led” people into the mess. It WAS the assholes. They were accomplices. Nobody forced the greedy buyer/speculator to sign loan docs, but many WERE misled, lied to and screwed by friends, family members and neighbors on their loans.
There are few real advocates out there, but I am one. Believe what you will. I have chased more business away by telling people the truth, and I don’t care. (Some people don’t want to listen OR hear the truth)
It’s not a surprise that you have the attitude that you do.
DH, the fact is that many people just cannot be helped. They have fallen off a cliff, but have not landed yet.
Foreclosure will be the best option for many, but they refuse to accept it, until it’s forced on them.
None of the “govt/lender sponsored help lines” actually encourage people to walk away, that I know of.The ignorance of so many people about their financial situation is beyond what you would imagine.
I work with them one on one.ParticipantDH,
Being in the mortgage biz, I am on the consumers side. Most people in my industry aren’t, and I am vocal about it.
Many are/were overcompensated salespeople and nothing more.Breeze, it wasn’t the “pros” that “led” people into the mess. It WAS the assholes. They were accomplices. Nobody forced the greedy buyer/speculator to sign loan docs, but many WERE misled, lied to and screwed by friends, family members and neighbors on their loans.
There are few real advocates out there, but I am one. Believe what you will. I have chased more business away by telling people the truth, and I don’t care. (Some people don’t want to listen OR hear the truth)
It’s not a surprise that you have the attitude that you do.
DH, the fact is that many people just cannot be helped. They have fallen off a cliff, but have not landed yet.
Foreclosure will be the best option for many, but they refuse to accept it, until it’s forced on them.
None of the “govt/lender sponsored help lines” actually encourage people to walk away, that I know of.The ignorance of so many people about their financial situation is beyond what you would imagine.
I work with them one on one.ParticipantDH,
Being in the mortgage biz, I am on the consumers side. Most people in my industry aren’t, and I am vocal about it.
Many are/were overcompensated salespeople and nothing more.Breeze, it wasn’t the “pros” that “led” people into the mess. It WAS the assholes. They were accomplices. Nobody forced the greedy buyer/speculator to sign loan docs, but many WERE misled, lied to and screwed by friends, family members and neighbors on their loans.
There are few real advocates out there, but I am one. Believe what you will. I have chased more business away by telling people the truth, and I don’t care. (Some people don’t want to listen OR hear the truth)
It’s not a surprise that you have the attitude that you do.
DH, the fact is that many people just cannot be helped. They have fallen off a cliff, but have not landed yet.
Foreclosure will be the best option for many, but they refuse to accept it, until it’s forced on them.
None of the “govt/lender sponsored help lines” actually encourage people to walk away, that I know of.The ignorance of so many people about their financial situation is beyond what you would imagine.
I work with them one on one.ParticipantDH,
Being in the mortgage biz, I am on the consumers side. Most people in my industry aren’t, and I am vocal about it.
Many are/were overcompensated salespeople and nothing more.Breeze, it wasn’t the “pros” that “led” people into the mess. It WAS the assholes. They were accomplices. Nobody forced the greedy buyer/speculator to sign loan docs, but many WERE misled, lied to and screwed by friends, family members and neighbors on their loans.
There are few real advocates out there, but I am one. Believe what you will. I have chased more business away by telling people the truth, and I don’t care. (Some people don’t want to listen OR hear the truth)
It’s not a surprise that you have the attitude that you do.
DH, the fact is that many people just cannot be helped. They have fallen off a cliff, but have not landed yet.
Foreclosure will be the best option for many, but they refuse to accept it, until it’s forced on them.
None of the “govt/lender sponsored help lines” actually encourage people to walk away, that I know of.The ignorance of so many people about their financial situation is beyond what you would imagine.
I work with them one on one.ParticipantRanjan….
I have been quite busy, and haven’t read these posts lately, sorry. I didn’t read this entire thread, it’s 50+ posts now.
Believe it or not, there are still programs for 100% purchases, and there are still stated income loans,
IF you qualify…The current comforming loan of $417K and under are conditioned by FNMA and FreddieMac. They didn’t offer 100% financing, only 95%. The talk of raised conf loan amounts hasn’t been addressed yet.
As of late, certain areas have been determined to be “areas of declining value” and any property in that class is automatically reduced by 5%, so the the old 95% loan is now only 90%.
FHA still has 97% financing (3% down) but the costs/fees are too high IMO.
Loans over 80% still require mortgage insurance.
If you would like my contact info, please email me at [email protected] and I will send you my contact info.
Please post that you have sent me an email, as I don’t check that address unless prompted.Will be happy to provide any information that I can.
ParticipantRanjan….
I have been quite busy, and haven’t read these posts lately, sorry. I didn’t read this entire thread, it’s 50+ posts now.
Believe it or not, there are still programs for 100% purchases, and there are still stated income loans,
IF you qualify…The current comforming loan of $417K and under are conditioned by FNMA and FreddieMac. They didn’t offer 100% financing, only 95%. The talk of raised conf loan amounts hasn’t been addressed yet.
As of late, certain areas have been determined to be “areas of declining value” and any property in that class is automatically reduced by 5%, so the the old 95% loan is now only 90%.
FHA still has 97% financing (3% down) but the costs/fees are too high IMO.
Loans over 80% still require mortgage insurance.
If you would like my contact info, please email me at [email protected] and I will send you my contact info.
Please post that you have sent me an email, as I don’t check that address unless prompted.Will be happy to provide any information that I can.
ParticipantRanjan….
I have been quite busy, and haven’t read these posts lately, sorry. I didn’t read this entire thread, it’s 50+ posts now.
Believe it or not, there are still programs for 100% purchases, and there are still stated income loans,
IF you qualify…The current comforming loan of $417K and under are conditioned by FNMA and FreddieMac. They didn’t offer 100% financing, only 95%. The talk of raised conf loan amounts hasn’t been addressed yet.
As of late, certain areas have been determined to be “areas of declining value” and any property in that class is automatically reduced by 5%, so the the old 95% loan is now only 90%.
FHA still has 97% financing (3% down) but the costs/fees are too high IMO.
Loans over 80% still require mortgage insurance.
If you would like my contact info, please email me at [email protected] and I will send you my contact info.
Please post that you have sent me an email, as I don’t check that address unless prompted.Will be happy to provide any information that I can.
ParticipantRanjan….
I have been quite busy, and haven’t read these posts lately, sorry. I didn’t read this entire thread, it’s 50+ posts now.
Believe it or not, there are still programs for 100% purchases, and there are still stated income loans,
IF you qualify…The current comforming loan of $417K and under are conditioned by FNMA and FreddieMac. They didn’t offer 100% financing, only 95%. The talk of raised conf loan amounts hasn’t been addressed yet.
As of late, certain areas have been determined to be “areas of declining value” and any property in that class is automatically reduced by 5%, so the the old 95% loan is now only 90%.
FHA still has 97% financing (3% down) but the costs/fees are too high IMO.
Loans over 80% still require mortgage insurance.
If you would like my contact info, please email me at [email protected] and I will send you my contact info.
Please post that you have sent me an email, as I don’t check that address unless prompted.Will be happy to provide any information that I can.
ParticipantRanjan….
I have been quite busy, and haven’t read these posts lately, sorry. I didn’t read this entire thread, it’s 50+ posts now.
Believe it or not, there are still programs for 100% purchases, and there are still stated income loans,
IF you qualify…The current comforming loan of $417K and under are conditioned by FNMA and FreddieMac. They didn’t offer 100% financing, only 95%. The talk of raised conf loan amounts hasn’t been addressed yet.
As of late, certain areas have been determined to be “areas of declining value” and any property in that class is automatically reduced by 5%, so the the old 95% loan is now only 90%.
FHA still has 97% financing (3% down) but the costs/fees are too high IMO.
Loans over 80% still require mortgage insurance.
If you would like my contact info, please email me at [email protected] and I will send you my contact info.
Please post that you have sent me an email, as I don’t check that address unless prompted.Will be happy to provide any information that I can.
ParticipantJP, stop paying attention to the “median” it’s a meaningless, misleading statistic.
People with median incomes may have no interest in living in a median priced neighborhood.
San Diego is currently in the top 10 of unaffordable cities, based on income and cost of housing ownership.You shouldn’t have a mortgage for more than 4x-5x your gross income, depending on your other debts.
When you know how to use cash and leverage, you will never be screwed by having money.
Lenders start with your credit score. They put you into a box whether you deserve to be there or not. One late minimum credit card payment (even $20 and an hones mistake) can whack your score 30 or 40 points. Doesn’t make you a bad person, but to FNMA you just became a bigger risk if you score falls below 680.
Realtor commissions are paid by the seller through the selling price. Nobody is getting 5.50% 100% loans today, except for one possible program which may not exist anymore.
You need that down payment, you also need additional financial reserves, and you better hope that you don’t lose your job.
Why does buying a house have to equate to getting ahead ?
It’s not in the Declaration of Independence that people are entitled to afford a house.
In Europe, for generations, people have rented. They have smaller apts/homes, but many have higher standards of living, including education, culture and travel/vacations, and they work less and enjoy life more. They never own a home.
America has been duped by marketing and Wall Street.
Many people have been weaned on propaganda from the govt and the media about what is the right thing to do throughout your life, except you do it with your money, if you have any. The American dream = owning a home ?
That’s MARKETING.Even homeless people need $5 for Starbucks now, the 50c coffee isn’t good enough anymore. We’ve become a sick society, based upon the greater fool theory.
Why don’t people buy Rolls Royces or fly first class ?
Usually because they can’t afford it; but when people couldn’t really afford to buy houses, they went ahead and bought them anyway, and now there is outrage because they are losing what they never should have bought in the first place, that they cannot afford, and the govt wants to save them ??We NEED a huge economic correction harder than the 1930’s depression to get the country back on track.
Maybe it will happen, maybe it won’t. Those that are prepared will survive just fine.
Thank the administration for the few good boom years of the decade, there is a price to pay for the excess, corruption and greed, and the average worker will carry afair part of this burden.
Be a happy renter instead of a miserable homeowner until you are ready and can afford what you are comfortable with.
You can borrow more money than is wise for a house as a % of your income. Just because you can get approved for 55%-60% of your gross income for your debts, doesn’t mean that you have to do it.
ParticipantJP, stop paying attention to the “median” it’s a meaningless, misleading statistic.
People with median incomes may have no interest in living in a median priced neighborhood.
San Diego is currently in the top 10 of unaffordable cities, based on income and cost of housing ownership.You shouldn’t have a mortgage for more than 4x-5x your gross income, depending on your other debts.
When you know how to use cash and leverage, you will never be screwed by having money.
Lenders start with your credit score. They put you into a box whether you deserve to be there or not. One late minimum credit card payment (even $20 and an hones mistake) can whack your score 30 or 40 points. Doesn’t make you a bad person, but to FNMA you just became a bigger risk if you score falls below 680.
Realtor commissions are paid by the seller through the selling price. Nobody is getting 5.50% 100% loans today, except for one possible program which may not exist anymore.
You need that down payment, you also need additional financial reserves, and you better hope that you don’t lose your job.
Why does buying a house have to equate to getting ahead ?
It’s not in the Declaration of Independence that people are entitled to afford a house.
In Europe, for generations, people have rented. They have smaller apts/homes, but many have higher standards of living, including education, culture and travel/vacations, and they work less and enjoy life more. They never own a home.
America has been duped by marketing and Wall Street.
Many people have been weaned on propaganda from the govt and the media about what is the right thing to do throughout your life, except you do it with your money, if you have any. The American dream = owning a home ?
That’s MARKETING.Even homeless people need $5 for Starbucks now, the 50c coffee isn’t good enough anymore. We’ve become a sick society, based upon the greater fool theory.
Why don’t people buy Rolls Royces or fly first class ?
Usually because they can’t afford it; but when people couldn’t really afford to buy houses, they went ahead and bought them anyway, and now there is outrage because they are losing what they never should have bought in the first place, that they cannot afford, and the govt wants to save them ??We NEED a huge economic correction harder than the 1930’s depression to get the country back on track.
Maybe it will happen, maybe it won’t. Those that are prepared will survive just fine.
Thank the administration for the few good boom years of the decade, there is a price to pay for the excess, corruption and greed, and the average worker will carry afair part of this burden.
Be a happy renter instead of a miserable homeowner until you are ready and can afford what you are comfortable with.
You can borrow more money than is wise for a house as a % of your income. Just because you can get approved for 55%-60% of your gross income for your debts, doesn’t mean that you have to do it.
ParticipantJP, stop paying attention to the “median” it’s a meaningless, misleading statistic.
People with median incomes may have no interest in living in a median priced neighborhood.
San Diego is currently in the top 10 of unaffordable cities, based on income and cost of housing ownership.You shouldn’t have a mortgage for more than 4x-5x your gross income, depending on your other debts.
When you know how to use cash and leverage, you will never be screwed by having money.
Lenders start with your credit score. They put you into a box whether you deserve to be there or not. One late minimum credit card payment (even $20 and an hones mistake) can whack your score 30 or 40 points. Doesn’t make you a bad person, but to FNMA you just became a bigger risk if you score falls below 680.
Realtor commissions are paid by the seller through the selling price. Nobody is getting 5.50% 100% loans today, except for one possible program which may not exist anymore.
You need that down payment, you also need additional financial reserves, and you better hope that you don’t lose your job.
Why does buying a house have to equate to getting ahead ?
It’s not in the Declaration of Independence that people are entitled to afford a house.
In Europe, for generations, people have rented. They have smaller apts/homes, but many have higher standards of living, including education, culture and travel/vacations, and they work less and enjoy life more. They never own a home.
America has been duped by marketing and Wall Street.
Many people have been weaned on propaganda from the govt and the media about what is the right thing to do throughout your life, except you do it with your money, if you have any. The American dream = owning a home ?
That’s MARKETING.Even homeless people need $5 for Starbucks now, the 50c coffee isn’t good enough anymore. We’ve become a sick society, based upon the greater fool theory.
Why don’t people buy Rolls Royces or fly first class ?
Usually because they can’t afford it; but when people couldn’t really afford to buy houses, they went ahead and bought them anyway, and now there is outrage because they are losing what they never should have bought in the first place, that they cannot afford, and the govt wants to save them ??We NEED a huge economic correction harder than the 1930’s depression to get the country back on track.
Maybe it will happen, maybe it won’t. Those that are prepared will survive just fine.
Thank the administration for the few good boom years of the decade, there is a price to pay for the excess, corruption and greed, and the average worker will carry afair part of this burden.
Be a happy renter instead of a miserable homeowner until you are ready and can afford what you are comfortable with.
You can borrow more money than is wise for a house as a % of your income. Just because you can get approved for 55%-60% of your gross income for your debts, doesn’t mean that you have to do it.
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