[SDEngineer]

[quote=jpinpb]Thanks, Huckleberry. It didn’t make sense and I had a very time believing any of it. But since nothing is making sense to me lately, well, I just didn’t know what to think. [/quote]

Don’t know about hedge funds and the like, but there have been reports in a number of media sites that I’ve seen reporting that “vulture” groups have been forming and are buying these blocks of inventory.

Probably not possible to know how large a slice of the market it is yet, but this would be the time that vulture groups would deem ripe – banks have so much inventory on their books with more on the way that they would be likely to consider that dumping them en masse to an investor group at a steep markdown may be cheaper to them than attempting to market and sell them all (at what is still a steep markdown, although a lesser one) on a market already saturated with foreclosures, while picking up the monthly carrying costs and performing all the needed repairs on their own dime.

[SDEngineer]

[quote=jpinpb][quote=SDEngineer]FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.
[/quote]

Is that right?! 685k?

And I forgot the debt to income. Great if you don’t have any car payments, student loans, etc. And we all know that the US consumer never uses their credit cards.
[/quote]

Yup. They raised the FHA cap the same time they raised the Fannie/Freddie conforming cap.

They do a pretty good job enforcing the DTI’s though, so if you get a FHA loan, it’s a payment that you can almost certainly afford.

BTW, according to my LO, there are still prime conforming loans available with less than 20% down, even in declining areas.

Even if it was 450K though, you’re covering a lot of ground at that price level – just not the most desireable high end areas (coastal, 4S, CV, etc) – but those areas have the furthest yet to fall, as a lot of people there still seem to think they’re “immune” despite now costing 2x+ as much ppsf than their less desireable cousins inland and in north and south county areas.

[SDEngineer]

[quote=jpinpb][quote=SDEngineer]FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.
[/quote]

Is that right?! 685k?

And I forgot the debt to income. Great if you don’t have any car payments, student loans, etc. And we all know that the US consumer never uses their credit cards.
[/quote]

Yup. They raised the FHA cap the same time they raised the Fannie/Freddie conforming cap.

They do a pretty good job enforcing the DTI’s though, so if you get a FHA loan, it’s a payment that you can almost certainly afford.

BTW, according to my LO, there are still prime conforming loans available with less than 20% down, even in declining areas.

Even if it was 450K though, you’re covering a lot of ground at that price level – just not the most desireable high end areas (coastal, 4S, CV, etc) – but those areas have the furthest yet to fall, as a lot of people there still seem to think they’re “immune” despite now costing 2x+ as much ppsf than their less desireable cousins inland and in north and south county areas.

[SDEngineer]

[quote=jpinpb][quote=SDEngineer]FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.
[/quote]

Is that right?! 685k?

And I forgot the debt to income. Great if you don’t have any car payments, student loans, etc. And we all know that the US consumer never uses their credit cards.
[/quote]

Yup. They raised the FHA cap the same time they raised the Fannie/Freddie conforming cap.

They do a pretty good job enforcing the DTI’s though, so if you get a FHA loan, it’s a payment that you can almost certainly afford.

BTW, according to my LO, there are still prime conforming loans available with less than 20% down, even in declining areas.

Even if it was 450K though, you’re covering a lot of ground at that price level – just not the most desireable high end areas (coastal, 4S, CV, etc) – but those areas have the furthest yet to fall, as a lot of people there still seem to think they’re “immune” despite now costing 2x+ as much ppsf than their less desireable cousins inland and in north and south county areas.

[SDEngineer]

[quote=jpinpb][quote=SDEngineer]FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.
[/quote]

Is that right?! 685k?

And I forgot the debt to income. Great if you don’t have any car payments, student loans, etc. And we all know that the US consumer never uses their credit cards.
[/quote]

Yup. They raised the FHA cap the same time they raised the Fannie/Freddie conforming cap.

They do a pretty good job enforcing the DTI’s though, so if you get a FHA loan, it’s a payment that you can almost certainly afford.

BTW, according to my LO, there are still prime conforming loans available with less than 20% down, even in declining areas.

Even if it was 450K though, you’re covering a lot of ground at that price level – just not the most desireable high end areas (coastal, 4S, CV, etc) – but those areas have the furthest yet to fall, as a lot of people there still seem to think they’re “immune” despite now costing 2x+ as much ppsf than their less desireable cousins inland and in north and south county areas.

[SDEngineer]

[quote=jpinpb][quote=SDEngineer]FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.
[/quote]

Is that right?! 685k?

And I forgot the debt to income. Great if you don’t have any car payments, student loans, etc. And we all know that the US consumer never uses their credit cards.
[/quote]

Yup. They raised the FHA cap the same time they raised the Fannie/Freddie conforming cap.

They do a pretty good job enforcing the DTI’s though, so if you get a FHA loan, it’s a payment that you can almost certainly afford.

BTW, according to my LO, there are still prime conforming loans available with less than 20% down, even in declining areas.

Even if it was 450K though, you’re covering a lot of ground at that price level – just not the most desireable high end areas (coastal, 4S, CV, etc) – but those areas have the furthest yet to fall, as a lot of people there still seem to think they’re “immune” despite now costing 2x+ as much ppsf than their less desireable cousins inland and in north and south county areas.

[SDEngineer]

[quote=jpinpb]SDR – good to know about FHA and only 620 score. But nevertheless, there is a cap on how much of a loan you can get w/FHA. [/quote]

Only a problem in the high end inventory.

FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.

They do, however, enforce reasonably conservative limits on your income (31/43 DTI ratios are their standard, although with someone with substantial reserves it can go a bit higher), so you’d need about 200K of provable income to qualify for their max.

[SDEngineer]

[quote=jpinpb]SDR – good to know about FHA and only 620 score. But nevertheless, there is a cap on how much of a loan you can get w/FHA. [/quote]

Only a problem in the high end inventory.

FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.

They do, however, enforce reasonably conservative limits on your income (31/43 DTI ratios are their standard, although with someone with substantial reserves it can go a bit higher), so you’d need about 200K of provable income to qualify for their max.

[SDEngineer]

[quote=jpinpb]SDR – good to know about FHA and only 620 score. But nevertheless, there is a cap on how much of a loan you can get w/FHA. [/quote]

Only a problem in the high end inventory.

FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.

They do, however, enforce reasonably conservative limits on your income (31/43 DTI ratios are their standard, although with someone with substantial reserves it can go a bit higher), so you’d need about 200K of provable income to qualify for their max.

[SDEngineer]

[quote=jpinpb]SDR – good to know about FHA and only 620 score. But nevertheless, there is a cap on how much of a loan you can get w/FHA. [/quote]

Only a problem in the high end inventory.

FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.

They do, however, enforce reasonably conservative limits on your income (31/43 DTI ratios are their standard, although with someone with substantial reserves it can go a bit higher), so you’d need about 200K of provable income to qualify for their max.

[SDEngineer]

[quote=jpinpb]SDR – good to know about FHA and only 620 score. But nevertheless, there is a cap on how much of a loan you can get w/FHA. [/quote]

Only a problem in the high end inventory.

FHA limits in San Diego County are around $685K, so pretty much everything in the low and mid range inventory qualifies.

They do, however, enforce reasonably conservative limits on your income (31/43 DTI ratios are their standard, although with someone with substantial reserves it can go a bit higher), so you’d need about 200K of provable income to qualify for their max.

[SDEngineer]

The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

[SDEngineer]

The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

[SDEngineer]

The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

[SDEngineer]

The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

[Author]

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