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Started By
Message
re: Housing prices are alarming
Posted on 6/10/19 at 9:00 am to SDVTiger
Posted on 6/10/19 at 9:00 am to SDVTiger
quote:
Fha has been the subprime lender
I am in the foreclosure industry and deal with FHA homes. I have also been in real estate and construction for 19 years now. Yes they loan subprime but it's not nearly like it was pre 08' so not sure why you're
ing . There will always be subprime but my point is it's not crazy stuff like 110% LTV loans, no doc/stated income loans, etc.
This post was edited on 6/10/19 at 9:05 am
2
Posted on 6/10/19 at 9:06 am to stout
quote:
Yes they loan subprime it's not nearly like it was pre 08' so not sure why you're ing .
Ive been in the mortgage game since 03
Im laughing cause people dont realize its FHA who has been subprime some go down to 500 fico
quote:
no doc/stated income loans, etc.
These are all back for Self Employed borrowers and investment property owners
Not 110% crazy but they are back
This post was edited on 6/10/19 at 9:07 am
Posted on 6/10/19 at 9:11 am to stout
Home prices are outpacing wages nationally. The national average of home price to wage is 4.1. Growing up the rule of thumb was 2 to 2.5. Either wages need to catch up (not likely) or prices need to come down. I guess the only difference is in 2008 many people had put 0% down so they were instantly upside down. That is unlikely nowadays so people won't be as stuck as they were before because less should be upside down.
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