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Question for those in the home mortgage industry...
Posted on 3/26/09 at 2:07 pm
Posted on 3/26/09 at 2:07 pm
Can anyone tell me what the latest is on getting a home loan these days? I am looking at moving up to a little bigger house in the next year or so. We own a house right now and have about 30K in equity, but we want to move to maybe a 300K to 400K house, so we may only have about 10% down payment. We have good credit (around 800). We are looking in the Houston suburbs where we currently live. Will I be able to get a loan with less than 20% down?
3
Posted on 3/26/09 at 2:13 pm to Melleaux Tiger
This is a joke right??
Posted on 3/26/09 at 2:19 pm to UnTamedTiger
quote:
This is a joke right??
What's the joke? When we bought our current house, we were able to get in with only 5% down. We got a 80% 30-year mortgage and 15% 15 year which is now almost paid off. I am just wondering if there is any of that still going on or do you have to have 20% even if you have good credit. I honestly don't know what it's like out there right now.
Posted on 3/26/09 at 2:19 pm to Melleaux Tiger
quote:
next year or so
quote:
joke right?
Actually, the next year or so might be the best time ever to buy. 8-12 months from now could look pretty sweet.
Posted on 3/26/09 at 2:58 pm to Melleaux Tiger
quote:
good credit (around 800)
quote:most certainly, so long as your income-loan ratio isn't too low and you don't have lots of other debt
Will I be able to get a loan with less than 20% down
Posted on 3/26/09 at 2:59 pm to Melleaux Tiger
quote:
What's the joke?
The joke is that people getting into homes with little or nothing down is how you end up with little, no, or negative equity when the housing market swings a little (which is what got us in this mess now).
You have 30% equity now, and you are willing to give that up so you can live in a big house that you really can't afford just to keep up with the Jones's. Thinking and acting like that is what got us here.
I know you are going to say 'well I can afford it'... well if you truly can, put down 30%+ then. Doing so will make it easier for you to get a loan and get you a lower rate as well.
Posted on 3/26/09 at 3:12 pm to MikeBRLA
Just asking here, but according to you, the only people in this country who should own a home are those that have 30 - 100K to put down? I don't see how that will help fix the situation we are in one bit. You want to limit home ownership to about 5-10% of the adult population of this country? I understand making sure the borrowers can afford all the payments, but that seems a bit severe to me.
This post was edited on 3/26/09 at 3:13 pm
Posted on 3/26/09 at 3:13 pm to MikeBRLA
quote:
getting into homes with little or nothing down
I wouldn't say 10% is little to nothing, especially when the mortgage note would be well within my means.
quote:
just to keep up with the Jones's
You don't know my motivations, so I don't think it's fair to label me that way. If I can afford it, why are you concerned about how big my house is?
quote:
I know you are going to say 'well I can afford it'
Well, the truth is honestly I can. My current home is well below the average for someone with my income. So, again, why are you concerned? This is America, right?
quote:
well if you truly can, put down 30%+ then
I am fairly young and I would like to get into a house that I will live in for the rest of my life. If now is a good time to buy and I have a good steady income that will easily cover the note, why should I wait? So interest rates can go back up on me?
Posted on 3/26/09 at 3:14 pm to Melleaux Tiger
you have to put a 10% down if you want a non fha loan. and by the size of the house you cant do FHA . also you debt to income ratio cannot be over 41%..
Posted on 3/26/09 at 3:16 pm to bignate76
quote:
debt to income ratio cannot be over 41%
Thanks for the info. I should be fine as far as the 41% is concerned.
Posted on 3/26/09 at 3:28 pm to Melleaux Tiger
quote:
why are you concerned about how big my house is?
B/C the government steals from me to bail people out who bought homes they couldn't afford. If people would have put more money down in the first place, they wouldn't have negative equity, fall into foreclosure, and have the responsible taxpayer bail them out. I'm not saying you did, or you even will, but this happened. The government rewarded the irresponsible and punished the responsible.
quote:
Well, the truth is honestly I can.
Well then save a few months and put 30% down then.
quote:
I am fairly young and I would like to get into a house that I will live in for the rest of my life.
Good, then you have time to save for a bigger down payment then.
quote:
So interest rates can go back up on me?
Housing prices fluctuate adversely with the interest rates, so it really is a wash.
Take right now for example,,, the government is artificially pushing interest rates down to keep home prices up so people who didn't put enough down (or cashed out their equity) don't end up with negative equity and foreclose. If people had put more of their own money (rather than borrowed money) into their property, this wouldn't happen.
Posted on 3/26/09 at 3:41 pm to MikeBRLA
quote:
B/C the government steals from me to bail people out who bought homes they couldn't afford.
I agree, but I don't fit into that category. You should be rooting for people like me who want to buy a house they can afford and will help this market. I wouldn't buy a home that I knew I couldn't afford.
quote:
Well then save a few months and put 30% down then.
I'm sorry, but if I want to put 30% down on a 300K house and I only have 30K available, I won't be able to save 60K in "a few months". Since when do you need 30% down to be considered for home ownership anyway?
quote:
Good, then you have time to save for a bigger down payment then.
You are right. I don't plan on buying tomorrow, so my down payment should improve. But, not to 30%
quote:
Housing prices fluctuate adversely with the interest rates, so it really is a wash.
Maybe so, but prices here in Houston seem to be pretty sticky right now, even with the downturn.
Posted on 3/26/09 at 4:09 pm to Melleaux Tiger
Well, I decided I would never buy a house without at least 20% down, and I would never finance one for more than 15 years.
Unfortunately, I also decided to have a pile of kids, move to a town with expensive real estate, and have a stay at home wife so now, even with a nice income, I am going to need about 40% down to keep my mortgage to income ratio where I want it. I don't see a new home purchase in my future any time soon.
Unfortunately, I also decided to have a pile of kids, move to a town with expensive real estate, and have a stay at home wife so now, even with a nice income, I am going to need about 40% down to keep my mortgage to income ratio where I want it. I don't see a new home purchase in my future any time soon.
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