[sdnerd]

[quote=CA renter]From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
[/quote]

Is this really the case? Never heard that before. Having to quality for both payments would make sense though. I hope I don’t have to pay down to 30% before buying something bigger.

Northcounty,

It’s clear you are frustrated.

For whatever it’s worth, I’m in a relatively similar situation as yourself. I know it’s frustrating as hell, especially with a growing family.

As you are seeing, this forum has a lively mix of people. The trick is to filter out the doom and gloomers, the grumps, and the cheerleaders. In the middle of those are some really insightful people, with truly invaluable information and insight.

While nobody knows exactly what is going to happen, I would agree with the majority that the most likely outcome is that the $800k homes of today are going to be falling. The question is how fast, and how soon and that’s an answer nobody can give you.

I’d stay put or rent for another year to re-assess just that. At least that’s my plan of action.

[sdnerd]

[quote=CA renter]From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
[/quote]

Is this really the case? Never heard that before. Having to quality for both payments would make sense though. I hope I don’t have to pay down to 30% before buying something bigger.

Northcounty,

It’s clear you are frustrated.

For whatever it’s worth, I’m in a relatively similar situation as yourself. I know it’s frustrating as hell, especially with a growing family.

As you are seeing, this forum has a lively mix of people. The trick is to filter out the doom and gloomers, the grumps, and the cheerleaders. In the middle of those are some really insightful people, with truly invaluable information and insight.

While nobody knows exactly what is going to happen, I would agree with the majority that the most likely outcome is that the $800k homes of today are going to be falling. The question is how fast, and how soon and that’s an answer nobody can give you.

I’d stay put or rent for another year to re-assess just that. At least that’s my plan of action.

[sdnerd]

[quote=CA renter]From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
[/quote]

Is this really the case? Never heard that before. Having to quality for both payments would make sense though. I hope I don’t have to pay down to 30% before buying something bigger.

Northcounty,

It’s clear you are frustrated.

For whatever it’s worth, I’m in a relatively similar situation as yourself. I know it’s frustrating as hell, especially with a growing family.

As you are seeing, this forum has a lively mix of people. The trick is to filter out the doom and gloomers, the grumps, and the cheerleaders. In the middle of those are some really insightful people, with truly invaluable information and insight.

While nobody knows exactly what is going to happen, I would agree with the majority that the most likely outcome is that the $800k homes of today are going to be falling. The question is how fast, and how soon and that’s an answer nobody can give you.

I’d stay put or rent for another year to re-assess just that. At least that’s my plan of action.

[sdnerd]

[quote=CA renter]From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
[/quote]

Is this really the case? Never heard that before. Having to quality for both payments would make sense though. I hope I don’t have to pay down to 30% before buying something bigger.

Northcounty,

It’s clear you are frustrated.

For whatever it’s worth, I’m in a relatively similar situation as yourself. I know it’s frustrating as hell, especially with a growing family.

As you are seeing, this forum has a lively mix of people. The trick is to filter out the doom and gloomers, the grumps, and the cheerleaders. In the middle of those are some really insightful people, with truly invaluable information and insight.

While nobody knows exactly what is going to happen, I would agree with the majority that the most likely outcome is that the $800k homes of today are going to be falling. The question is how fast, and how soon and that’s an answer nobody can give you.

I’d stay put or rent for another year to re-assess just that. At least that’s my plan of action.

[sdnerd]

[quote=CA renter]From what I understand, if a borrower does not have 30% equity in an existing home, they will not qualify for a new loan; and that is a perfectly reasonable response to the actions of borrowers over the past few years.
[/quote]

Is this really the case? Never heard that before. Having to quality for both payments would make sense though. I hope I don’t have to pay down to 30% before buying something bigger.

Northcounty,

It’s clear you are frustrated.

For whatever it’s worth, I’m in a relatively similar situation as yourself. I know it’s frustrating as hell, especially with a growing family.

As you are seeing, this forum has a lively mix of people. The trick is to filter out the doom and gloomers, the grumps, and the cheerleaders. In the middle of those are some really insightful people, with truly invaluable information and insight.

While nobody knows exactly what is going to happen, I would agree with the majority that the most likely outcome is that the $800k homes of today are going to be falling. The question is how fast, and how soon and that’s an answer nobody can give you.

I’d stay put or rent for another year to re-assess just that. At least that’s my plan of action.

[sdnerd]

We went there over the weekend, along with several other areas just for fun.

I don’t recall exactly, but if my memory is correct I believe the sales lady said nothing until October. That may have been one of the other divisions though.

There were far more people looking then I anticipated, and something that did peek my curiosity was the fact that every single couple/family looking was Asian (~20 families/couples)

One thing my memory is not fuzzy on is the prices – still way over priced considering the MR, HOA, etc.

[sdnerd]

We went there over the weekend, along with several other areas just for fun.

I don’t recall exactly, but if my memory is correct I believe the sales lady said nothing until October. That may have been one of the other divisions though.

There were far more people looking then I anticipated, and something that did peek my curiosity was the fact that every single couple/family looking was Asian (~20 families/couples)

One thing my memory is not fuzzy on is the prices – still way over priced considering the MR, HOA, etc.

[sdnerd]

We went there over the weekend, along with several other areas just for fun.

I don’t recall exactly, but if my memory is correct I believe the sales lady said nothing until October. That may have been one of the other divisions though.

There were far more people looking then I anticipated, and something that did peek my curiosity was the fact that every single couple/family looking was Asian (~20 families/couples)

One thing my memory is not fuzzy on is the prices – still way over priced considering the MR, HOA, etc.

[sdnerd]

We went there over the weekend, along with several other areas just for fun.

I don’t recall exactly, but if my memory is correct I believe the sales lady said nothing until October. That may have been one of the other divisions though.

There were far more people looking then I anticipated, and something that did peek my curiosity was the fact that every single couple/family looking was Asian (~20 families/couples)

One thing my memory is not fuzzy on is the prices – still way over priced considering the MR, HOA, etc.

[sdnerd]

We went there over the weekend, along with several other areas just for fun.

I don’t recall exactly, but if my memory is correct I believe the sales lady said nothing until October. That may have been one of the other divisions though.

There were far more people looking then I anticipated, and something that did peek my curiosity was the fact that every single couple/family looking was Asian (~20 families/couples)

One thing my memory is not fuzzy on is the prices – still way over priced considering the MR, HOA, etc.

[sdnerd]

Do you have 6-12 months emergency cash fund in addition to that $15k?

[sdnerd]

Do you have 6-12 months emergency cash fund in addition to that $15k?

[sdnerd]

Do you have 6-12 months emergency cash fund in addition to that $15k?

[sdnerd]

Do you have 6-12 months emergency cash fund in addition to that $15k?

[sdnerd]

Do you have 6-12 months emergency cash fund in addition to that $15k?

[Author]

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