[vizcaya]

HLS, thanks for the info.

I am waiting for this market to overcorrect, and pick up a rental home, or even a MFR. I have never been a Landlord. Would this disqualify me from getting a loan from this bank, even if I could make all the other requirements?

[vizcaya]

HLS, thanks for the info.

I am waiting for this market to overcorrect, and pick up a rental home, or even a MFR. I have never been a Landlord. Would this disqualify me from getting a loan from this bank, even if I could make all the other requirements?

[vizcaya]

The ratio that I approved on was 1 to 3.75. Or a mortage of 300k loan from a 80k annual salary. For me, I would not want to try to go any higher than that ratio. We have to be able to live, and enjoy life. It would suck to be a slave to your house.

Banks will be forced to bring those ratios down, otherwise people will continue to goto into default.

[vizcaya]

The ratio that I approved on was 1 to 3.75. Or a mortage of 300k loan from a 80k annual salary. For me, I would not want to try to go any higher than that ratio. We have to be able to live, and enjoy life. It would suck to be a slave to your house.

Banks will be forced to bring those ratios down, otherwise people will continue to goto into default.

[vizcaya]

The ratio that I approved on was 1 to 3.75. Or a mortage of 300k loan from a 80k annual salary. For me, I would not want to try to go any higher than that ratio. We have to be able to live, and enjoy life. It would suck to be a slave to your house.

Banks will be forced to bring those ratios down, otherwise people will continue to goto into default.

[vizcaya]

The ratio that I approved on was 1 to 3.75. Or a mortage of 300k loan from a 80k annual salary. For me, I would not want to try to go any higher than that ratio. We have to be able to live, and enjoy life. It would suck to be a slave to your house.

Banks will be forced to bring those ratios down, otherwise people will continue to goto into default.

[vizcaya]

The ratio that I approved on was 1 to 3.75. Or a mortage of 300k loan from a 80k annual salary. For me, I would not want to try to go any higher than that ratio. We have to be able to live, and enjoy life. It would suck to be a slave to your house.

Banks will be forced to bring those ratios down, otherwise people will continue to goto into default.

[vizcaya]

I have freinds that took money out, and since they didn’t sell last year when I told them to, now they are stuck with a first mortage, and Heloc, and a home that is valued less than what they owe. Now they will be unable to take advantage of the crash, and possibly move up. They will be “Stuck” to that home for many years.

My freind’s reason for not selling when I put my home on the Market early last year, was the homes will appreciate to 500k within a few years. Which was the reason the Heloc seemed like a good idea.

[vizcaya]

I have freinds that took money out, and since they didn’t sell last year when I told them to, now they are stuck with a first mortage, and Heloc, and a home that is valued less than what they owe. Now they will be unable to take advantage of the crash, and possibly move up. They will be “Stuck” to that home for many years.

My freind’s reason for not selling when I put my home on the Market early last year, was the homes will appreciate to 500k within a few years. Which was the reason the Heloc seemed like a good idea.

[vizcaya]

I have freinds that took money out, and since they didn’t sell last year when I told them to, now they are stuck with a first mortage, and Heloc, and a home that is valued less than what they owe. Now they will be unable to take advantage of the crash, and possibly move up. They will be “Stuck” to that home for many years.

My freind’s reason for not selling when I put my home on the Market early last year, was the homes will appreciate to 500k within a few years. Which was the reason the Heloc seemed like a good idea.

[vizcaya]

I have freinds that took money out, and since they didn’t sell last year when I told them to, now they are stuck with a first mortage, and Heloc, and a home that is valued less than what they owe. Now they will be unable to take advantage of the crash, and possibly move up. They will be “Stuck” to that home for many years.

My freind’s reason for not selling when I put my home on the Market early last year, was the homes will appreciate to 500k within a few years. Which was the reason the Heloc seemed like a good idea.

[vizcaya]

I have freinds that took money out, and since they didn’t sell last year when I told them to, now they are stuck with a first mortage, and Heloc, and a home that is valued less than what they owe. Now they will be unable to take advantage of the crash, and possibly move up. They will be “Stuck” to that home for many years.

My freind’s reason for not selling when I put my home on the Market early last year, was the homes will appreciate to 500k within a few years. Which was the reason the Heloc seemed like a good idea.

[vizcaya]

I did my research last year, and in Septmember I guessed the the bottom would be about %35 from peak. I listened to many on here, and others came to the same conclusion. Now in my area(92508), the the drop has hit 35%. I am now re-adjusting my prediction that it may be up to 50% possible more in less desireable areas.
Since there were many homes sold in 2005, I am expecting many to walk away rather than keep thier home. Even if they can afford it. From what I see, these newer developments are almost like ghost towns, with overgrown lawns, and vacant homes. Not exactly what I would call a place to live, no matter how nice the house is. I am glad we chose to live in a established neighborhood. It was tempting to look at these newer model homes and get locked into buying into a new community.

[vizcaya]

I did my research last year, and in Septmember I guessed the the bottom would be about %35 from peak. I listened to many on here, and others came to the same conclusion. Now in my area(92508), the the drop has hit 35%. I am now re-adjusting my prediction that it may be up to 50% possible more in less desireable areas.
Since there were many homes sold in 2005, I am expecting many to walk away rather than keep thier home. Even if they can afford it. From what I see, these newer developments are almost like ghost towns, with overgrown lawns, and vacant homes. Not exactly what I would call a place to live, no matter how nice the house is. I am glad we chose to live in a established neighborhood. It was tempting to look at these newer model homes and get locked into buying into a new community.

[vizcaya]

I did my research last year, and in Septmember I guessed the the bottom would be about %35 from peak. I listened to many on here, and others came to the same conclusion. Now in my area(92508), the the drop has hit 35%. I am now re-adjusting my prediction that it may be up to 50% possible more in less desireable areas.
Since there were many homes sold in 2005, I am expecting many to walk away rather than keep thier home. Even if they can afford it. From what I see, these newer developments are almost like ghost towns, with overgrown lawns, and vacant homes. Not exactly what I would call a place to live, no matter how nice the house is. I am glad we chose to live in a established neighborhood. It was tempting to look at these newer model homes and get locked into buying into a new community.

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