irvinesinglemom_IHB
New member
I have a strong urge to click a couple dozen times on this forum topic right now to see it hit 20,000!
MOST IMPORTANT POST EVER
- Thread starter lendingmaestro_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
IrvineCommuter_IHB
New member
I think it would be dangerous to raise the exemption in California because of the number of buyers in the state.
Trooper_IHB
New member
Wow...that's a lotta views ! Apparently, people are paying attention.
J
Janet_IHB
Guest
<p>I'll check, but I believe they have sources (non-agency, that is) for ALT-A jumbo as well. </p>
<p>My take is that this helps them part of the way, but not all.</p>
<p>That info was in my mailbox from them.</p>
<p>If everything is true, they will own the market - at least for now.</p>
<p>Big kaching!</p>
<p> </p>
<p>My take is that this helps them part of the way, but not all.</p>
<p>That info was in my mailbox from them.</p>
<p>If everything is true, they will own the market - at least for now.</p>
<p>Big kaching!</p>
<p> </p>
J
Janet_IHB
Guest
<p>I've used IndyMac since way back when, and they really do have it together.</p>
<p>I've always thought the e-mits system was the hands-down best too.</p>
<p>I guess that's why they're being trusted with this.</p>
<p>I've always thought the e-mits system was the hands-down best too.</p>
<p>I guess that's why they're being trusted with this.</p>
irvinesinglemom_IHB
New member
Yowza, we passed the 20k mark on this topic 60 hits ago!
J
Janet_IHB
Guest
<p>OK - ran a few scenarios.</p>
<p>I don't have the written guidelines, so all I can do is make-up something and see if it flies.</p>
<p>1. 80% to $500,000/Purchase/Primary/SFR/Stated - 30 Year Fixed is 8.875% @ Par</p>
<p>2. 80% to $500,000/Purchase/Primary/SFR/Stated - 5/1ARM is 8.50% @ Par</p>
<p>3. 80% to $500,000/Purchase/Primary/SFR/FullDoc - 8.625% @ Par</p>
<p>Gotta run, so that's all I could do.</p>
<p>Not great rates, but at least it's product that is available.</p>
<p>Interesting that the bump for stated beween #1 & #3 is .25. Pretty much what is has always been.</p>
<p>The bad news is I used a 700 FICO assumption!</p>
<p>Yikes.</p>
<p> </p>
<p>I don't have the written guidelines, so all I can do is make-up something and see if it flies.</p>
<p>1. 80% to $500,000/Purchase/Primary/SFR/Stated - 30 Year Fixed is 8.875% @ Par</p>
<p>2. 80% to $500,000/Purchase/Primary/SFR/Stated - 5/1ARM is 8.50% @ Par</p>
<p>3. 80% to $500,000/Purchase/Primary/SFR/FullDoc - 8.625% @ Par</p>
<p>Gotta run, so that's all I could do.</p>
<p>Not great rates, but at least it's product that is available.</p>
<p>Interesting that the bump for stated beween #1 & #3 is .25. Pretty much what is has always been.</p>
<p>The bad news is I used a 700 FICO assumption!</p>
<p>Yikes.</p>
<p> </p>
IrvineCommuter_IHB
New member
<p>With 20% down, the lender should give you anything. . . they get a 20% margin of error. . .and the buyer is much less inclined to walk away.</p>
<p> </p>
<p> </p>
J
Janet_IHB
Guest
<p>Caveat:</p>
<p>This should technically be pricing from Wednesday (old guidelines).</p>
<p>The announcement came out after-hours.</p>
<p>The pricing may, or may not, be better tomorrow.</p>
<p>This should technically be pricing from Wednesday (old guidelines).</p>
<p>The announcement came out after-hours.</p>
<p>The pricing may, or may not, be better tomorrow.</p>
Trooper_IHB
New member
Yeah, but how many people have 120K liquid to plunk down ? My guess is 10 % of current buyers. NIR ? Who else has insight.
effenheimer_IHB
New member
Trooper, Jim often <a href="http://www.bubbleinfo.com/">analyzes</a> the financing used on recent sales in his area. He's seeing some large down payments here-and-there.
J
Janet_IHB
Guest
<p>Trooper,</p>
<p>Good question.</p>
<p>I would love to know that answer!</p>
<p>I put down 25% in December, then added that much again in after-market re-do's.</p>
<p>I don't think that's as unusual as you do.</p>
<p>It might just come down to the difference between a FTHB and a move-up buyer - move-up's have Monopoly money to play with!</p>
<p> </p>
<p>Good question.</p>
<p>I would love to know that answer!</p>
<p>I put down 25% in December, then added that much again in after-market re-do's.</p>
<p>I don't think that's as unusual as you do.</p>
<p>It might just come down to the difference between a FTHB and a move-up buyer - move-up's have Monopoly money to play with!</p>
<p> </p>
Trooper_IHB
New member
<p>Janet,</p>
<p>I was just guessing that the buyers that might have that much liquid, had probably already bought and were hunkered down....ok, screwed. </p>
<p>I was just guessing that the buyers that might have that much liquid, had probably already bought and were hunkered down....ok, screwed. </p>
J
Janet_IHB
Guest
I resemble that remark!
effenheimer_IHB
New member
<p>These buyers bringing in bubble equity from their old property still have to sell that old property. That's where the lockup occurs.</p>
<p>No segment of the market is safe, IMHO. </p>
<p>No segment of the market is safe, IMHO. </p>
Trooper_IHB
New member
<p>No offense Janet....</p>
<p>oc, I looked on Jim's blog (Now look what you've done....I have to devour that one now too !) But no stats on plunk down amount. I'll look harder later. Any lenders here have a rough estimate ? Maestro ?</p>
<p>oc, I looked on Jim's blog (Now look what you've done....I have to devour that one now too !) But no stats on plunk down amount. I'll look harder later. Any lenders here have a rough estimate ? Maestro ?</p>
J
Janet_IHB
Guest
<p>ocf,</p>
<p>That's right.</p>
<p>I am expecting to have to hunker down for awhile.</p>
<p>Safety doesn't exist anymore - in anything.</p>
<p>So many clouds on the horizon.</p>
<p>Considering the world's on the verge of armegeddon, I guess I'm just thankful for another day in bedroom-community-paradise!</p>
<p> </p>
<p> </p>
<p> </p>
<p>That's right.</p>
<p>I am expecting to have to hunker down for awhile.</p>
<p>Safety doesn't exist anymore - in anything.</p>
<p>So many clouds on the horizon.</p>
<p>Considering the world's on the verge of armegeddon, I guess I'm just thankful for another day in bedroom-community-paradise!</p>
<p> </p>
<p> </p>
<p> </p>
J
Janet_IHB
Guest
<p>Trooper,</p>
<p>Even if you find many have large downpayments, that does not diminish the potential damage.</p>
<p>No one wants to get wiped-out.</p>
<p>I will not argue that we are in a bad place.</p>
<p> </p>
<p>Even if you find many have large downpayments, that does not diminish the potential damage.</p>
<p>No one wants to get wiped-out.</p>
<p>I will not argue that we are in a bad place.</p>
<p> </p>
effenheimer_IHB
New member
Trooper, Jim has a search box... Search on "LTV". He hasn't posted anything on the topic since the crunch, I don't believe. Except in <a href="http://www.bubbleinfo.com/journal/thank-you-robert.html">this post</a>.