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Started By
Message
just heard from a realtor friend that soon BR will qualify for 100% financing...
Posted on 10/13/14 at 10:53 am
Posted on 10/13/14 at 10:53 am
I guess like rural development with no money down..
Would this be a good or bad thing for baton rouge??
Would this be a good or bad thing for baton rouge??
8
Posted on 10/13/14 at 10:55 am to CENLALSUFAN
quote:Which part?
Would this be a good or bad thing for baton rouge??
Posted on 10/13/14 at 10:55 am to CENLALSUFAN
This will be great. I can't wait for the colorful foreclosure signs posted all around town
Posted on 10/13/14 at 10:57 am to upgrayedd
quote:
I can't wait for the colorful foreclosure signs posted all around town
Posted on 10/13/14 at 10:58 am to CENLALSUFAN
We are repeating all the things that caused the last crisis, giving money to people that cant pay it back, so dumb.
Posted on 10/13/14 at 11:00 am to Cosmo
quote:
We are repeating all the things that caused the last crisis, giving money to people that cant pay it back, so dumb.
How do we know this? Link from OP?
Posted on 10/13/14 at 11:02 am to Cosmo
quote:
We are repeating all the things that caused the last crisis, giving money to people that cant pay it back, so dumb.
This.
Then the slightly more wealthy buy up the foreclosures and turn them into rentals. That always improves neighborhoods.
Posted on 10/13/14 at 11:04 am to Cosmo
Yup
Saw a thread where a house went for 100k over asking price
In New Orleans
Saw a thread where a house went for 100k over asking price
In New Orleans
Posted on 10/13/14 at 11:06 am to CENLALSUFAN
This is not good.
Posted on 10/13/14 at 11:06 am to Cosmo
You'd still have to qualify for the loan right? Why would it make such a big difference compared to the 95% conventional and 97% (I think) fha options? Serious question.. I don't know much about a RD loan.
Posted on 10/13/14 at 11:08 am to yellowfin
"It's not my fault I didn't read the fine print on my loan!!!! The banks are bad for telling me I can afford it!!! Don't take away my 6,000 sqft house!! I'm asking my manager at McDonalds for a raise tomorrow then maybe I can keep my mansion!!"
Posted on 10/13/14 at 11:08 am to upgrayedd
quote:
This will be great. I can't wait for the colorful foreclosure signs posted all around town
Posted on 10/13/14 at 11:11 am to Cosmo
quote:
We are repeating all the things that caused the last crisis, giving money to people that cant pay it back, so dumb.
This. I went in to get a 30% of value loan for addition/renovation on a home that I own outright and was turned down because I own my own (successful) business. They couldn't "verify" income. Meanwhile, $40 thousandaires are getting $500,000 zero down interest only loans to buy homes three times what they should be buying. I told the mortgage lender that this was why there is trouble in the market. He had nothing to say.
Posted on 10/13/14 at 11:17 am to CENLALSUFAN
Depends. My wife and I needed 100% when we bought our house but just refinanced on Friday. Worked out great for us but I'm allergic to debt and most people seem perfectly fine with spending beyond their means.
Posted on 10/13/14 at 11:24 am to jbgleason
Show a little income on your tax returns. You cheat the gubment and you get stuck in this situation.
Edit to add. The mortgage crisis was deeply impacted by "no income verification" loans. All the successful business owners that claimed to make more than they actually did buying $500K homes.
Edit to add. The mortgage crisis was deeply impacted by "no income verification" loans. All the successful business owners that claimed to make more than they actually did buying $500K homes.
This post was edited on 10/13/14 at 11:31 am
Posted on 10/13/14 at 11:35 am to CENLALSUFAN
quote:
Would this be a good or bad thing for baton rouge??
Step 1: Wait for houses to inevitably foreclose.
Step 2: Buy cheap.
Step 3: ???
Step 4: Profit.
Posted on 10/13/14 at 11:40 am to LT
quote:
no income verification
NINA: No income, NO asset verification up to 95% LTV at the height of the mortgage bubble. I don't remember what credit score was necessary, but I think it was around 680 or higher. Crazy.
Posted on 10/13/14 at 11:41 am to CENLALSUFAN
It's only "St. George", Zachary, Baker, and other unincorporated areas. Houses inside the city limits does not qualify and there are income restrictions.
Posted on 10/13/14 at 11:45 am to mark65mc
Did they just expand areas that qualify for Rural Development?
Posted on 10/13/14 at 12:09 pm to tigeraddict
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