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re: Current housing surge vs. last decade's housing surge
Posted on 7/21/14 at 6:33 am to C
Posted on 7/21/14 at 6:33 am to C
The no-income-no-asset, payment option ARM type loans are nowhere to be found. Jumbo/Alt-A lending is thriving but crazy loans like the Non-Owner-Occupied 80% LTV from places like Lehman simply don't exist any longer.
There was a time where Wells would underwrite you with a simple written rental agreement and consider it income as a part of refinancing and income documentation. They would not ever call to verify, ask for stubs from rent, etc.
4506's from the IRS used to be requested, instead of 4506-T's. Much much different. Folks could use stated income loans and qualify for 100% financing with verification they held an hourly wage on a simple call to their employer. No provision of their checkstub. With a 580 credit score.
We live in a different lending universe today.
There was a time where Wells would underwrite you with a simple written rental agreement and consider it income as a part of refinancing and income documentation. They would not ever call to verify, ask for stubs from rent, etc.
4506's from the IRS used to be requested, instead of 4506-T's. Much much different. Folks could use stated income loans and qualify for 100% financing with verification they held an hourly wage on a simple call to their employer. No provision of their checkstub. With a 580 credit score.
We live in a different lending universe today.
This post was edited on 7/21/14 at 6:36 am
2
Posted on 7/21/14 at 1:26 pm to GFunk
quote:
We live in a different lending universe today.
This is what I understood as well, I just don't know a lot of the details about that other than it is harder to get a loan.
quote:
Just a quick search shows that the median household income is around $65,000 in Seattle. So do you think a median single family home price of $430,000 is sustainable? Do you think there is much room for values to keep climbing in the near future? I don't.
This is where my logic takes me. I don't understand how people are affording these homes based on what reported income is. It seems to me like it's almost at the point where it just can't get any higher because people just flat out can't afford them.
Posted on 7/21/14 at 2:28 pm to GFunk
Gfunk........ 80% LTV non owner occupied DO exist!!! I've bought them my friend.
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