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More on Lower Loan Limits

JTR had a post recently on the new lower limits.

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More on Lower Loan Limits

JTR had a post recently on the new lower limits.

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[quote=SavvyShopper]But what do you think about waiting past Sept. 30 when the eEconomic stimulus plan expires, so does the larger Jumbo Conforming loans. By waiting I am concerned we will be paying more for the loan both in down payment and interest rates. And on top of all the extras at Toll Brothers, this could get very expensive (150k + more in costs than Serenity) plus a higher interest rate? Not sure it thats the smart thing to do. What do you think?[/quote]

Well, it depends on your financial status. If you barely qualifies right now, it prob is to your benefit to get the deal done now. But if you got rock solid numbers, it may be to your advantage to wait pass that date. The lower limit on jumbos might actually help you get rid of some competition. Of course, i’m not a loan guy so you will be better of talking to someone in the industry.

My point is this: Toll is going to attract away a lot of your current competition, especially folks who will be able to qualify for the new jumbo range just fine. The only reason serenity has been able to sell at their current pricing point is because there has not been any viable competition nearby. And seriously, serenity homes on lots with deficiencies asking for around $900k? Just not a good deal, period.

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[quote=SavvyShopper]But what do you think about waiting past Sept. 30 when the eEconomic stimulus plan expires, so does the larger Jumbo Conforming loans. By waiting I am concerned we will be paying more for the loan both in down payment and interest rates. And on top of all the extras at Toll Brothers, this could get very expensive (150k + more in costs than Serenity) plus a higher interest rate? Not sure it thats the smart thing to do. What do you think?[/quote]

Well, it depends on your financial status. If you barely qualifies right now, it prob is to your benefit to get the deal done now. But if you got rock solid numbers, it may be to your advantage to wait pass that date. The lower limit on jumbos might actually help you get rid of some competition. Of course, i’m not a loan guy so you will be better of talking to someone in the industry.

My point is this: Toll is going to attract away a lot of your current competition, especially folks who will be able to qualify for the new jumbo range just fine. The only reason serenity has been able to sell at their current pricing point is because there has not been any viable competition nearby. And seriously, serenity homes on lots with deficiencies asking for around $900k? Just not a good deal, period.

[ocrenter]

[quote=SavvyShopper]But what do you think about waiting past Sept. 30 when the eEconomic stimulus plan expires, so does the larger Jumbo Conforming loans. By waiting I am concerned we will be paying more for the loan both in down payment and interest rates. And on top of all the extras at Toll Brothers, this could get very expensive (150k + more in costs than Serenity) plus a higher interest rate? Not sure it thats the smart thing to do. What do you think?[/quote]

Well, it depends on your financial status. If you barely qualifies right now, it prob is to your benefit to get the deal done now. But if you got rock solid numbers, it may be to your advantage to wait pass that date. The lower limit on jumbos might actually help you get rid of some competition. Of course, i’m not a loan guy so you will be better of talking to someone in the industry.

My point is this: Toll is going to attract away a lot of your current competition, especially folks who will be able to qualify for the new jumbo range just fine. The only reason serenity has been able to sell at their current pricing point is because there has not been any viable competition nearby. And seriously, serenity homes on lots with deficiencies asking for around $900k? Just not a good deal, period.

[ocrenter]

[quote=SavvyShopper]But what do you think about waiting past Sept. 30 when the eEconomic stimulus plan expires, so does the larger Jumbo Conforming loans. By waiting I am concerned we will be paying more for the loan both in down payment and interest rates. And on top of all the extras at Toll Brothers, this could get very expensive (150k + more in costs than Serenity) plus a higher interest rate? Not sure it thats the smart thing to do. What do you think?[/quote]

Well, it depends on your financial status. If you barely qualifies right now, it prob is to your benefit to get the deal done now. But if you got rock solid numbers, it may be to your advantage to wait pass that date. The lower limit on jumbos might actually help you get rid of some competition. Of course, i’m not a loan guy so you will be better of talking to someone in the industry.

My point is this: Toll is going to attract away a lot of your current competition, especially folks who will be able to qualify for the new jumbo range just fine. The only reason serenity has been able to sell at their current pricing point is because there has not been any viable competition nearby. And seriously, serenity homes on lots with deficiencies asking for around $900k? Just not a good deal, period.

[ocrenter]

[quote=SavvyShopper]But what do you think about waiting past Sept. 30 when the eEconomic stimulus plan expires, so does the larger Jumbo Conforming loans. By waiting I am concerned we will be paying more for the loan both in down payment and interest rates. And on top of all the extras at Toll Brothers, this could get very expensive (150k + more in costs than Serenity) plus a higher interest rate? Not sure it thats the smart thing to do. What do you think?[/quote]

Well, it depends on your financial status. If you barely qualifies right now, it prob is to your benefit to get the deal done now. But if you got rock solid numbers, it may be to your advantage to wait pass that date. The lower limit on jumbos might actually help you get rid of some competition. Of course, i’m not a loan guy so you will be better of talking to someone in the industry.

My point is this: Toll is going to attract away a lot of your current competition, especially folks who will be able to qualify for the new jumbo range just fine. The only reason serenity has been able to sell at their current pricing point is because there has not been any viable competition nearby. And seriously, serenity homes on lots with deficiencies asking for around $900k? Just not a good deal, period.

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there will always be weight variations amongst folks as there will always be genetic variations. this is a fact and this is not what is being discussed here.

but statistics do not lie. we went from less than 10% obesity rate in this country to over 33% obesity rate within a single generation. (and we went from less than 33% overweight to greater than 67% overweight).

every time the obesity issue is brought up, time and time again folks will bring up how there are personal variations of metabolism.

but remember, that same low metabolism genetic factor may have led to just overweightness (BMI of 25 to 29) in the 50’s. and that same low metabolism genetic factor is now creating obesity (BMI of >30). meanwhile, the folks with genetics for obesity at BMI of 32 in the 50’s are probably now sitting at severe morbid obesity with BMI of 45.

that is the main issue here.

the discussion really need to be redirected here.

so why did the yardstick move? bottomline is still the food. And remember, I’ve never said the food industry is 100% responsible. But they are at least 50% responsible IMHO. And it is my belief that it is only after one fully understand how dangerous it is out there that they will start to pay attention to what they put in their mouths.

[ocrenter]

there will always be weight variations amongst folks as there will always be genetic variations. this is a fact and this is not what is being discussed here.

but statistics do not lie. we went from less than 10% obesity rate in this country to over 33% obesity rate within a single generation. (and we went from less than 33% overweight to greater than 67% overweight).

every time the obesity issue is brought up, time and time again folks will bring up how there are personal variations of metabolism.

but remember, that same low metabolism genetic factor may have led to just overweightness (BMI of 25 to 29) in the 50’s. and that same low metabolism genetic factor is now creating obesity (BMI of >30). meanwhile, the folks with genetics for obesity at BMI of 32 in the 50’s are probably now sitting at severe morbid obesity with BMI of 45.

that is the main issue here.

the discussion really need to be redirected here.

so why did the yardstick move? bottomline is still the food. And remember, I’ve never said the food industry is 100% responsible. But they are at least 50% responsible IMHO. And it is my belief that it is only after one fully understand how dangerous it is out there that they will start to pay attention to what they put in their mouths.

[ocrenter]

there will always be weight variations amongst folks as there will always be genetic variations. this is a fact and this is not what is being discussed here.

but statistics do not lie. we went from less than 10% obesity rate in this country to over 33% obesity rate within a single generation. (and we went from less than 33% overweight to greater than 67% overweight).

every time the obesity issue is brought up, time and time again folks will bring up how there are personal variations of metabolism.

but remember, that same low metabolism genetic factor may have led to just overweightness (BMI of 25 to 29) in the 50’s. and that same low metabolism genetic factor is now creating obesity (BMI of >30). meanwhile, the folks with genetics for obesity at BMI of 32 in the 50’s are probably now sitting at severe morbid obesity with BMI of 45.

that is the main issue here.

the discussion really need to be redirected here.

so why did the yardstick move? bottomline is still the food. And remember, I’ve never said the food industry is 100% responsible. But they are at least 50% responsible IMHO. And it is my belief that it is only after one fully understand how dangerous it is out there that they will start to pay attention to what they put in their mouths.

[ocrenter]

there will always be weight variations amongst folks as there will always be genetic variations. this is a fact and this is not what is being discussed here.

but statistics do not lie. we went from less than 10% obesity rate in this country to over 33% obesity rate within a single generation. (and we went from less than 33% overweight to greater than 67% overweight).

every time the obesity issue is brought up, time and time again folks will bring up how there are personal variations of metabolism.

but remember, that same low metabolism genetic factor may have led to just overweightness (BMI of 25 to 29) in the 50’s. and that same low metabolism genetic factor is now creating obesity (BMI of >30). meanwhile, the folks with genetics for obesity at BMI of 32 in the 50’s are probably now sitting at severe morbid obesity with BMI of 45.

that is the main issue here.

the discussion really need to be redirected here.

so why did the yardstick move? bottomline is still the food. And remember, I’ve never said the food industry is 100% responsible. But they are at least 50% responsible IMHO. And it is my belief that it is only after one fully understand how dangerous it is out there that they will start to pay attention to what they put in their mouths.

[ocrenter]

there will always be weight variations amongst folks as there will always be genetic variations. this is a fact and this is not what is being discussed here.

but statistics do not lie. we went from less than 10% obesity rate in this country to over 33% obesity rate within a single generation. (and we went from less than 33% overweight to greater than 67% overweight).

every time the obesity issue is brought up, time and time again folks will bring up how there are personal variations of metabolism.

but remember, that same low metabolism genetic factor may have led to just overweightness (BMI of 25 to 29) in the 50’s. and that same low metabolism genetic factor is now creating obesity (BMI of >30). meanwhile, the folks with genetics for obesity at BMI of 32 in the 50’s are probably now sitting at severe morbid obesity with BMI of 45.

that is the main issue here.

the discussion really need to be redirected here.

so why did the yardstick move? bottomline is still the food. And remember, I’ve never said the food industry is 100% responsible. But they are at least 50% responsible IMHO. And it is my belief that it is only after one fully understand how dangerous it is out there that they will start to pay attention to what they put in their mouths.

[ocrenter]

[quote=familyguy]You could definitely be right ocr, my only point was that the landscaping itself seemed nicely done, well above the level one would expect to get from the builder.

Of course, as we know the majority of the landscaping that means anything is underground…who knows what schedule PVC they used, how the footers on the hardscaping were done, etc.[/quote]

I do agree with that. And while they are better than the typical “free” builder included landscape, they are still quite pedestrian and relatively inexpensive.

I will also say this about Serenity. it may very well still be a viable alternative for buyers, but savvyshopper should really use Toll to exert pressure on Serenity to get the pricing down.

For example, in all likelihood the offerings from Toll will prove to be of better standard and quality. Take a Toll model at $850k on a lot without premium. And compare to Serenity’s offering with the front yard landscaped for $880k. Subtract the $30k extra, which is basically the front yard and the kitchen upgrades, I would still say the serenity home is not worth $850k. More like $800k or even high 700k for those two lots prior to the dress up.

So if savvyshopper is willing, I say wait for the Toll models to be built. You’ll be able to see for yourself that Toll may be of better quality, and use Toll to drive down the serenity prices by $50k.

[ocrenter]

[quote=familyguy]You could definitely be right ocr, my only point was that the landscaping itself seemed nicely done, well above the level one would expect to get from the builder.

Of course, as we know the majority of the landscaping that means anything is underground…who knows what schedule PVC they used, how the footers on the hardscaping were done, etc.[/quote]

I do agree with that. And while they are better than the typical “free” builder included landscape, they are still quite pedestrian and relatively inexpensive.

I will also say this about Serenity. it may very well still be a viable alternative for buyers, but savvyshopper should really use Toll to exert pressure on Serenity to get the pricing down.

For example, in all likelihood the offerings from Toll will prove to be of better standard and quality. Take a Toll model at $850k on a lot without premium. And compare to Serenity’s offering with the front yard landscaped for $880k. Subtract the $30k extra, which is basically the front yard and the kitchen upgrades, I would still say the serenity home is not worth $850k. More like $800k or even high 700k for those two lots prior to the dress up.

So if savvyshopper is willing, I say wait for the Toll models to be built. You’ll be able to see for yourself that Toll may be of better quality, and use Toll to drive down the serenity prices by $50k.

[ocrenter]

[quote=familyguy]You could definitely be right ocr, my only point was that the landscaping itself seemed nicely done, well above the level one would expect to get from the builder.

Of course, as we know the majority of the landscaping that means anything is underground…who knows what schedule PVC they used, how the footers on the hardscaping were done, etc.[/quote]

I do agree with that. And while they are better than the typical “free” builder included landscape, they are still quite pedestrian and relatively inexpensive.

I will also say this about Serenity. it may very well still be a viable alternative for buyers, but savvyshopper should really use Toll to exert pressure on Serenity to get the pricing down.

For example, in all likelihood the offerings from Toll will prove to be of better standard and quality. Take a Toll model at $850k on a lot without premium. And compare to Serenity’s offering with the front yard landscaped for $880k. Subtract the $30k extra, which is basically the front yard and the kitchen upgrades, I would still say the serenity home is not worth $850k. More like $800k or even high 700k for those two lots prior to the dress up.

So if savvyshopper is willing, I say wait for the Toll models to be built. You’ll be able to see for yourself that Toll may be of better quality, and use Toll to drive down the serenity prices by $50k.

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