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I'm part of their estimates. Course, I could get my basement permitted and prolly pull myself out.
Don't want to. More taxes.
Can rent this place out for the cost of my mortgage, so this is irrelevant.
That's why I bought less than I was told I could afford in 2007. If I did have to sell instead of rent it like we plan to do once we find a bigger house, we could permit the basement and/or eat the difference. Should be less than 5k easy. Not worried about it. Will be saving on the new place when we consider what we would've spent on a home that size in 2007.
Btw, I see nothing wrong with buying a house for zero down. Maybe I'd rather keep my money in the bank.
How is that any different than the people who put down 30%, then HELOCed their way to
125% LTV? Geez.
What I do see as problematic is people overextending themselves with high monthly payments and/or crazy ARMs.
That's just plain stupid.
If the mortgage itself is really affordable, a home can be rented out if people must transfer and cannot sell right away.
Whether one loses money via equity or money via their savings when selling in this market, it's still money.
I see nothing wrong with 100% funding either. It just is NOT for everyone. It is great that you made a choice with your eyes open and that you were operating from a position of financial strength.
100% funding for people with no financial strength? I.e., no money in the bank?
Risky for them, but payday for everyone else around the closing table.
And there is a lot of "Buyer urgency" creation going on in the real estate industry.
I agree but it's a chicken and egg problem we have.
Defense spending accounts for 20% of our budget. Healthcare spending accounts for the other 20% of our budget. You cut defense or health spending, that trickles down to job cuts. You will deal with more unemployment coming from those sectors.
.
Not quite chicken and egg. Like somebody said:the government should not arrange Christmas all year round just to help keep Santa's their jobs.
Employment should come from healthy industries creating jobs INSIDE the country, not from artificially created jobs from the government.
I see nothing wrong with 100% funding either. It just is NOT for everyone. It is great that you made a choice with your eyes open and that you were operating from a position of financial strength.
100% funding for people with no financial strength? I.e., no money in the bank?
Risky for them, but payday for everyone else around the closing table.
And there is a lot of "Buyer urgency" creation going on in the real estate industry.
I agree, Mike.
When I bought the townhouse, I did FHA. The rates were good at the time. I've even done a streamline refi since.
While shopping for our new home, we've been doing it based on my husband's income alone. We aren't even counting mine, even though it would make a big difference even IF our lender made me factor in the mortgage on the townhome.
I think that if someone can buy at 100%, for a modest home with payments lower than what they'd spend renting a similar home, there's no reason not to.
Especially if it can be one in one loan with no PMI.
We are fortunate to have a couple of credit unions where we can do this.
When I bought the townhouse, I did FHA. The rates were good at the time. I've even done a streamline refi since.
While shopping for our new home, we've been doing it based on my husband's income alone. We aren't even counting mine, even though it would make a big difference even IF our lender made me factor in the mortgage on the townhome.
I think that if someone can buy at 100%, for a modest home with payments lower than what they'd spend renting a similar home, there's no reason not to.
Especially if it can be one in one loan with no PMI.
We are fortunate to have a couple of credit unions where we can do this.
One even does 100% up to 650k.
100% up to 650,000 is readily available. For physicians who have completed residency in the last 10 years.
100% up to $417,000 for residents fellows and interns.
100% up to 650,000 is readily available. For physicians who have completed residency in the last 10 years.
100% up to $417,000 for residents fellows and interns.
Oh,
Quote:
Originally Posted by le roi
what program is that?
SunTrust Doctor Loan Program
The point being, that doctors are still expected to generate dependable revenue, at least gross revenue, and SunTrust would hope to get their book of business, I think.
Thank you for including at least a perfunctory nod to the FACT that properties need to be mortgaged to be underwater.
See, it is all over the blogosphere that 28 to 33 per cent of HOMEOWNERS are underwater, when that is obviously crap.
Now. How is the underwater number material to everyday life in the real estate market?
Although funding and banking liquidity function across the bigger picture, I like this chart, which strongly indicates, except for those who prefer big honking misleading headlines, that market dynamics are a local function: Calculated Risk Chart Gallery
How do you know 28% aren't underwater? There is another big foreclosure peak upcoming in 2012 according to the international big bankers.
There are a lot of people who bought after the crisis and they are upside down. Many people are so upside down that even if they can afford to keep paying their mortgage, it doesn't make any sense to and are simply deciding to stop paying their mortgage payments. They know that the banks are taking forever to get around to foreclosing on them and even longer to kicking them out. So they end up living in their house for a few years without paying any mortgage payments.
(Then we the taxpayers bail out the banks as Ben Bernanke continues to make secret bailouts). The only people that get screwed are the honest ethical ones who pay their bills and try to save money. We get screwed as we see purchasing power of the dollar declining on a daily basis due to the expansion of the money supply by the FED. The Federal Reserve may as well be extracting 20% of our saving or more and giving it to the banks and corporations.
How do you know 28% aren't underwater? There is another big foreclosure peak upcoming in 2012 according to the international big bankers.
There are a lot of people who bought after the crisis and they are upside down. Many people are so upside down that even if they can afford to keep paying their mortgage, it doesn't make any sense to and are simply deciding to stop paying their mortgage payments. They know that the banks are taking forever to get around to foreclosing on them and even longer to kicking them out. So they end up living in their house for a few years without paying any mortgage payments.
(Then we the taxpayers bail out the banks as Ben Bernanke continues to make secret bailouts). The only people that get screwed are the honest ethical ones who pay their bills and try to save money. We get screwed as we see purchasing power of the dollar declining on a daily basis due to the expansion of the money supply by the FED. The Federal Reserve may as well be extracting 20% of our saving or more and giving it to the banks and corporations.
Do you understand that statistically, there's a huge difference between 28% of all homeowners and 28% of homeowners with a mortgage, right?
I'd just like clarification from you that you're clear that there's a pretty big difference between the two.
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