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PKMAN
Participant[quote=ncounty4]My husband and I have great credit (800) and great income ($250+). We want to buy a home in $700-800k range, putting 10% down. We understand that we would need to either pay PMI or get a 2nd with this arrangement. However, no one will loan us the money. Apparently a jumbo 90% loan product no longer exists?? How can young couples that are great credit risks buy property these days??? I find it hard to believe that everyone else our age has 20%+ to put down on good homes. Please advise. [/quote]
Yes – 90% jumbo loans just don’t exist anymore…even if you make $500K+ it would be very very hard. Banks will automatically assume that the value of your property (especially in North County) will depreciate by 20% or more before it creeps back up. Thus lending you 90% just doesn’t make sense right now.
Young couples with great credit scores can buy property with more down payment…at least 20%.
You can if you save at least 30% of your combined monthly take home for just a few years and you’d get your 20%+ down payment. We did (and our salaries are nowhere close to yours), why couldn’t you? Now we’re buying a home with at least 40% down and get the absolutely lowest possible rate, while you’re wondering why no one will lend you the money. It doesn’t take an Einstein to figure out your problems.
Participant[quote=ncounty4]My husband and I have great credit (800) and great income ($250+). We want to buy a home in $700-800k range, putting 10% down. We understand that we would need to either pay PMI or get a 2nd with this arrangement. However, no one will loan us the money. Apparently a jumbo 90% loan product no longer exists?? How can young couples that are great credit risks buy property these days??? I find it hard to believe that everyone else our age has 20%+ to put down on good homes. Please advise. [/quote]
Yes – 90% jumbo loans just don’t exist anymore…even if you make $500K+ it would be very very hard. Banks will automatically assume that the value of your property (especially in North County) will depreciate by 20% or more before it creeps back up. Thus lending you 90% just doesn’t make sense right now.
Young couples with great credit scores can buy property with more down payment…at least 20%.
You can if you save at least 30% of your combined monthly take home for just a few years and you’d get your 20%+ down payment. We did (and our salaries are nowhere close to yours), why couldn’t you? Now we’re buying a home with at least 40% down and get the absolutely lowest possible rate, while you’re wondering why no one will lend you the money. It doesn’t take an Einstein to figure out your problems.
Participant[quote=ncounty4]My husband and I have great credit (800) and great income ($250+). We want to buy a home in $700-800k range, putting 10% down. We understand that we would need to either pay PMI or get a 2nd with this arrangement. However, no one will loan us the money. Apparently a jumbo 90% loan product no longer exists?? How can young couples that are great credit risks buy property these days??? I find it hard to believe that everyone else our age has 20%+ to put down on good homes. Please advise. [/quote]
Yes – 90% jumbo loans just don’t exist anymore…even if you make $500K+ it would be very very hard. Banks will automatically assume that the value of your property (especially in North County) will depreciate by 20% or more before it creeps back up. Thus lending you 90% just doesn’t make sense right now.
Young couples with great credit scores can buy property with more down payment…at least 20%.
You can if you save at least 30% of your combined monthly take home for just a few years and you’d get your 20%+ down payment. We did (and our salaries are nowhere close to yours), why couldn’t you? Now we’re buying a home with at least 40% down and get the absolutely lowest possible rate, while you’re wondering why no one will lend you the money. It doesn’t take an Einstein to figure out your problems.
Participant[quote=ncounty4]My husband and I have great credit (800) and great income ($250+). We want to buy a home in $700-800k range, putting 10% down. We understand that we would need to either pay PMI or get a 2nd with this arrangement. However, no one will loan us the money. Apparently a jumbo 90% loan product no longer exists?? How can young couples that are great credit risks buy property these days??? I find it hard to believe that everyone else our age has 20%+ to put down on good homes. Please advise. [/quote]
Yes – 90% jumbo loans just don’t exist anymore…even if you make $500K+ it would be very very hard. Banks will automatically assume that the value of your property (especially in North County) will depreciate by 20% or more before it creeps back up. Thus lending you 90% just doesn’t make sense right now.
Young couples with great credit scores can buy property with more down payment…at least 20%.
You can if you save at least 30% of your combined monthly take home for just a few years and you’d get your 20%+ down payment. We did (and our salaries are nowhere close to yours), why couldn’t you? Now we’re buying a home with at least 40% down and get the absolutely lowest possible rate, while you’re wondering why no one will lend you the money. It doesn’t take an Einstein to figure out your problems.
Participant[quote=esmith]It seems to me that it’s a lot easier to find bargains in places where Asians aren’t looking.[/quote]
If you’re implying that we Asians are capable to raising property value, then I’ll take that as a compliment!!
But more typically we are just good savers and, at least in my case, save 15% – 30% of monthly income. We are also typically more cynical about the economy and more cautious on how we use our money. While I’m sure many Asians got caught up during the crazy time and are now suffering, more Asians probably just sat by the sideline (like me), waiting for the bubble to burst and their time to step in.
Anyway, Asians are good neighbors for many reasons and (as you’ve implied) good for the home value.
Participant[quote=esmith]It seems to me that it’s a lot easier to find bargains in places where Asians aren’t looking.[/quote]
If you’re implying that we Asians are capable to raising property value, then I’ll take that as a compliment!!
But more typically we are just good savers and, at least in my case, save 15% – 30% of monthly income. We are also typically more cynical about the economy and more cautious on how we use our money. While I’m sure many Asians got caught up during the crazy time and are now suffering, more Asians probably just sat by the sideline (like me), waiting for the bubble to burst and their time to step in.
Anyway, Asians are good neighbors for many reasons and (as you’ve implied) good for the home value.
Participant[quote=esmith]It seems to me that it’s a lot easier to find bargains in places where Asians aren’t looking.[/quote]
If you’re implying that we Asians are capable to raising property value, then I’ll take that as a compliment!!
But more typically we are just good savers and, at least in my case, save 15% – 30% of monthly income. We are also typically more cynical about the economy and more cautious on how we use our money. While I’m sure many Asians got caught up during the crazy time and are now suffering, more Asians probably just sat by the sideline (like me), waiting for the bubble to burst and their time to step in.
Anyway, Asians are good neighbors for many reasons and (as you’ve implied) good for the home value.
Participant[quote=esmith]It seems to me that it’s a lot easier to find bargains in places where Asians aren’t looking.[/quote]
If you’re implying that we Asians are capable to raising property value, then I’ll take that as a compliment!!
But more typically we are just good savers and, at least in my case, save 15% – 30% of monthly income. We are also typically more cynical about the economy and more cautious on how we use our money. While I’m sure many Asians got caught up during the crazy time and are now suffering, more Asians probably just sat by the sideline (like me), waiting for the bubble to burst and their time to step in.
Anyway, Asians are good neighbors for many reasons and (as you’ve implied) good for the home value.
Participant[quote=esmith]It seems to me that it’s a lot easier to find bargains in places where Asians aren’t looking.[/quote]
If you’re implying that we Asians are capable to raising property value, then I’ll take that as a compliment!!
But more typically we are just good savers and, at least in my case, save 15% – 30% of monthly income. We are also typically more cynical about the economy and more cautious on how we use our money. While I’m sure many Asians got caught up during the crazy time and are now suffering, more Asians probably just sat by the sideline (like me), waiting for the bubble to burst and their time to step in.
Anyway, Asians are good neighbors for many reasons and (as you’ve implied) good for the home value.
ParticipantI never understood why people working in SD would want to live in Temecula. It has nothing to do with the town but all about the commute. I know a guy who leaves home at 7:30am every workday to make it to work at 9am. He’s a senior manager making about $120K annually. He bought cheap before it got crazy and says he doesn’t mind the 3 hours daily commute. But just look at the numbers:
He spends 2 extra hours per day than average San Diegans on commute. At 120K, he makes about $57/hour. Thus it costs him $15K more per year to commute ($57 x 22 work days per month x 12 months) from Temecula.
He gas up twice a week, where the rest of us do so about every 1.5 weeks. The extra gas he pays + the extra time he spent at the gas station probably add another $3K – $5K annually.
He puts more than 30K miles on his car annually, making leasing virtually impossible and after just 3 years of ownership he car would have 100K+ miles, whereas typical used cars would be around 50K miles or less. The lost residual value + extra monies spent on maintenance and consumable parts (brake pads, tires, etc.) would cost him at least another $5K annually.
In all, I estimate that he’s losing $20K annually by living in Temecula. Worse is that because of the long commute, he has turned into a complete couch potato, and a grouchy one, after work, with very little interaction with his family on weekdays.
So for those of you working in SD but thinking about buying in Temecula to once again take advantage of the much lower home price, be sure to weigh in all the pros and cons before you commit.
ParticipantI never understood why people working in SD would want to live in Temecula. It has nothing to do with the town but all about the commute. I know a guy who leaves home at 7:30am every workday to make it to work at 9am. He’s a senior manager making about $120K annually. He bought cheap before it got crazy and says he doesn’t mind the 3 hours daily commute. But just look at the numbers:
He spends 2 extra hours per day than average San Diegans on commute. At 120K, he makes about $57/hour. Thus it costs him $15K more per year to commute ($57 x 22 work days per month x 12 months) from Temecula.
He gas up twice a week, where the rest of us do so about every 1.5 weeks. The extra gas he pays + the extra time he spent at the gas station probably add another $3K – $5K annually.
He puts more than 30K miles on his car annually, making leasing virtually impossible and after just 3 years of ownership he car would have 100K+ miles, whereas typical used cars would be around 50K miles or less. The lost residual value + extra monies spent on maintenance and consumable parts (brake pads, tires, etc.) would cost him at least another $5K annually.
In all, I estimate that he’s losing $20K annually by living in Temecula. Worse is that because of the long commute, he has turned into a complete couch potato, and a grouchy one, after work, with very little interaction with his family on weekdays.
So for those of you working in SD but thinking about buying in Temecula to once again take advantage of the much lower home price, be sure to weigh in all the pros and cons before you commit.
ParticipantI never understood why people working in SD would want to live in Temecula. It has nothing to do with the town but all about the commute. I know a guy who leaves home at 7:30am every workday to make it to work at 9am. He’s a senior manager making about $120K annually. He bought cheap before it got crazy and says he doesn’t mind the 3 hours daily commute. But just look at the numbers:
He spends 2 extra hours per day than average San Diegans on commute. At 120K, he makes about $57/hour. Thus it costs him $15K more per year to commute ($57 x 22 work days per month x 12 months) from Temecula.
He gas up twice a week, where the rest of us do so about every 1.5 weeks. The extra gas he pays + the extra time he spent at the gas station probably add another $3K – $5K annually.
He puts more than 30K miles on his car annually, making leasing virtually impossible and after just 3 years of ownership he car would have 100K+ miles, whereas typical used cars would be around 50K miles or less. The lost residual value + extra monies spent on maintenance and consumable parts (brake pads, tires, etc.) would cost him at least another $5K annually.
In all, I estimate that he’s losing $20K annually by living in Temecula. Worse is that because of the long commute, he has turned into a complete couch potato, and a grouchy one, after work, with very little interaction with his family on weekdays.
So for those of you working in SD but thinking about buying in Temecula to once again take advantage of the much lower home price, be sure to weigh in all the pros and cons before you commit.
ParticipantI never understood why people working in SD would want to live in Temecula. It has nothing to do with the town but all about the commute. I know a guy who leaves home at 7:30am every workday to make it to work at 9am. He’s a senior manager making about $120K annually. He bought cheap before it got crazy and says he doesn’t mind the 3 hours daily commute. But just look at the numbers:
He spends 2 extra hours per day than average San Diegans on commute. At 120K, he makes about $57/hour. Thus it costs him $15K more per year to commute ($57 x 22 work days per month x 12 months) from Temecula.
He gas up twice a week, where the rest of us do so about every 1.5 weeks. The extra gas he pays + the extra time he spent at the gas station probably add another $3K – $5K annually.
He puts more than 30K miles on his car annually, making leasing virtually impossible and after just 3 years of ownership he car would have 100K+ miles, whereas typical used cars would be around 50K miles or less. The lost residual value + extra monies spent on maintenance and consumable parts (brake pads, tires, etc.) would cost him at least another $5K annually.
In all, I estimate that he’s losing $20K annually by living in Temecula. Worse is that because of the long commute, he has turned into a complete couch potato, and a grouchy one, after work, with very little interaction with his family on weekdays.
So for those of you working in SD but thinking about buying in Temecula to once again take advantage of the much lower home price, be sure to weigh in all the pros and cons before you commit.
ParticipantI never understood why people working in SD would want to live in Temecula. It has nothing to do with the town but all about the commute. I know a guy who leaves home at 7:30am every workday to make it to work at 9am. He’s a senior manager making about $120K annually. He bought cheap before it got crazy and says he doesn’t mind the 3 hours daily commute. But just look at the numbers:
He spends 2 extra hours per day than average San Diegans on commute. At 120K, he makes about $57/hour. Thus it costs him $15K more per year to commute ($57 x 22 work days per month x 12 months) from Temecula.
He gas up twice a week, where the rest of us do so about every 1.5 weeks. The extra gas he pays + the extra time he spent at the gas station probably add another $3K – $5K annually.
He puts more than 30K miles on his car annually, making leasing virtually impossible and after just 3 years of ownership he car would have 100K+ miles, whereas typical used cars would be around 50K miles or less. The lost residual value + extra monies spent on maintenance and consumable parts (brake pads, tires, etc.) would cost him at least another $5K annually.
In all, I estimate that he’s losing $20K annually by living in Temecula. Worse is that because of the long commute, he has turned into a complete couch potato, and a grouchy one, after work, with very little interaction with his family on weekdays.
So for those of you working in SD but thinking about buying in Temecula to once again take advantage of the much lower home price, be sure to weigh in all the pros and cons before you commit.
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