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temeculaguy
ParticipantFHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.
Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.
ParticipantFHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.
Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.
ParticipantFHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.
Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.
ParticipantCompletely irrational, you will regret it. Do you actually know anyone who has gotten a bailout or loan mod? I do, and after reading the terms it isn’t what they thought it was, in three cases this has been true. In other cases, no bailout came, they didn’t qualify for a mod, their lender said no or a host of other reasons. For the most part, mods were only available to people who’s proprty lost significant value, not that they could no longer pay. Most programs are for those that got caught with their pants down, not those that want to pull their pants down.
Let’s break down the scenario you presented. You still need at least 10% down, if not 20%. So you will have 80-160k skin in the game, lets use 20% for argumnents sake. the 640k loan has a 4k P&I, probably over 5k with impounds and 6k with utils. At 125k, your take home is less than what it takes to pay for the house and keep the lights on.
Bailout and loan mods take two routes, refinance the current value and hold back the remaining principal for a few years or until it is sold or refinanced, this is designed to get you through a few years and amounts to nothing more than a neg am. The second is using your new income to factor your affordable payment, it’s risky that they would even let you do it, and it’s a 160k risk that you are taking. Either way, you do not build any wealth, you just rent, but pay more than rent.
I don’t know the percentages but I’ll bet more people lose their houses than are bailed out, take that 160k to a casino, play a single hand of blackjack, I think those are better odds.
ParticipantCompletely irrational, you will regret it. Do you actually know anyone who has gotten a bailout or loan mod? I do, and after reading the terms it isn’t what they thought it was, in three cases this has been true. In other cases, no bailout came, they didn’t qualify for a mod, their lender said no or a host of other reasons. For the most part, mods were only available to people who’s proprty lost significant value, not that they could no longer pay. Most programs are for those that got caught with their pants down, not those that want to pull their pants down.
Let’s break down the scenario you presented. You still need at least 10% down, if not 20%. So you will have 80-160k skin in the game, lets use 20% for argumnents sake. the 640k loan has a 4k P&I, probably over 5k with impounds and 6k with utils. At 125k, your take home is less than what it takes to pay for the house and keep the lights on.
Bailout and loan mods take two routes, refinance the current value and hold back the remaining principal for a few years or until it is sold or refinanced, this is designed to get you through a few years and amounts to nothing more than a neg am. The second is using your new income to factor your affordable payment, it’s risky that they would even let you do it, and it’s a 160k risk that you are taking. Either way, you do not build any wealth, you just rent, but pay more than rent.
I don’t know the percentages but I’ll bet more people lose their houses than are bailed out, take that 160k to a casino, play a single hand of blackjack, I think those are better odds.
ParticipantCompletely irrational, you will regret it. Do you actually know anyone who has gotten a bailout or loan mod? I do, and after reading the terms it isn’t what they thought it was, in three cases this has been true. In other cases, no bailout came, they didn’t qualify for a mod, their lender said no or a host of other reasons. For the most part, mods were only available to people who’s proprty lost significant value, not that they could no longer pay. Most programs are for those that got caught with their pants down, not those that want to pull their pants down.
Let’s break down the scenario you presented. You still need at least 10% down, if not 20%. So you will have 80-160k skin in the game, lets use 20% for argumnents sake. the 640k loan has a 4k P&I, probably over 5k with impounds and 6k with utils. At 125k, your take home is less than what it takes to pay for the house and keep the lights on.
Bailout and loan mods take two routes, refinance the current value and hold back the remaining principal for a few years or until it is sold or refinanced, this is designed to get you through a few years and amounts to nothing more than a neg am. The second is using your new income to factor your affordable payment, it’s risky that they would even let you do it, and it’s a 160k risk that you are taking. Either way, you do not build any wealth, you just rent, but pay more than rent.
I don’t know the percentages but I’ll bet more people lose their houses than are bailed out, take that 160k to a casino, play a single hand of blackjack, I think those are better odds.
ParticipantCompletely irrational, you will regret it. Do you actually know anyone who has gotten a bailout or loan mod? I do, and after reading the terms it isn’t what they thought it was, in three cases this has been true. In other cases, no bailout came, they didn’t qualify for a mod, their lender said no or a host of other reasons. For the most part, mods were only available to people who’s proprty lost significant value, not that they could no longer pay. Most programs are for those that got caught with their pants down, not those that want to pull their pants down.
Let’s break down the scenario you presented. You still need at least 10% down, if not 20%. So you will have 80-160k skin in the game, lets use 20% for argumnents sake. the 640k loan has a 4k P&I, probably over 5k with impounds and 6k with utils. At 125k, your take home is less than what it takes to pay for the house and keep the lights on.
Bailout and loan mods take two routes, refinance the current value and hold back the remaining principal for a few years or until it is sold or refinanced, this is designed to get you through a few years and amounts to nothing more than a neg am. The second is using your new income to factor your affordable payment, it’s risky that they would even let you do it, and it’s a 160k risk that you are taking. Either way, you do not build any wealth, you just rent, but pay more than rent.
I don’t know the percentages but I’ll bet more people lose their houses than are bailed out, take that 160k to a casino, play a single hand of blackjack, I think those are better odds.
ParticipantCompletely irrational, you will regret it. Do you actually know anyone who has gotten a bailout or loan mod? I do, and after reading the terms it isn’t what they thought it was, in three cases this has been true. In other cases, no bailout came, they didn’t qualify for a mod, their lender said no or a host of other reasons. For the most part, mods were only available to people who’s proprty lost significant value, not that they could no longer pay. Most programs are for those that got caught with their pants down, not those that want to pull their pants down.
Let’s break down the scenario you presented. You still need at least 10% down, if not 20%. So you will have 80-160k skin in the game, lets use 20% for argumnents sake. the 640k loan has a 4k P&I, probably over 5k with impounds and 6k with utils. At 125k, your take home is less than what it takes to pay for the house and keep the lights on.
Bailout and loan mods take two routes, refinance the current value and hold back the remaining principal for a few years or until it is sold or refinanced, this is designed to get you through a few years and amounts to nothing more than a neg am. The second is using your new income to factor your affordable payment, it’s risky that they would even let you do it, and it’s a 160k risk that you are taking. Either way, you do not build any wealth, you just rent, but pay more than rent.
I don’t know the percentages but I’ll bet more people lose their houses than are bailed out, take that 160k to a casino, play a single hand of blackjack, I think those are better odds.
ParticipantCome on Rt.66, take on my fundamentals, take on my data, my math,my examples, something other than plattitudes like “tsuinami is coming,” “the banks are all in a conspiracy,” what else you got, that stuff is tired.
ParticipantCome on Rt.66, take on my fundamentals, take on my data, my math,my examples, something other than plattitudes like “tsuinami is coming,” “the banks are all in a conspiracy,” what else you got, that stuff is tired.
ParticipantCome on Rt.66, take on my fundamentals, take on my data, my math,my examples, something other than plattitudes like “tsuinami is coming,” “the banks are all in a conspiracy,” what else you got, that stuff is tired.
ParticipantCome on Rt.66, take on my fundamentals, take on my data, my math,my examples, something other than plattitudes like “tsuinami is coming,” “the banks are all in a conspiracy,” what else you got, that stuff is tired.
ParticipantCome on Rt.66, take on my fundamentals, take on my data, my math,my examples, something other than plattitudes like “tsuinami is coming,” “the banks are all in a conspiracy,” what else you got, that stuff is tired.
Participantdude, enough with the faulty data, my fingers are tired from typing all the problems with realty trac, it’s a scam.
http://piggington.com/business_data_point_in_temecula#comment-115805
Try it, look at the realty trac map, then compare it with a redfin map, pick a street with a bank owned or two on realty trac but not on redfin, make it a small street with just a couple of houses on it, then drive over there and knock on the doors. Realty trac will be wrong more often than not
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