Danielson, is the loan business really going to dry out?

[Alex23]

Rumor goes that in a couple of weeks,  no one without a 20%+ deposit will be able to qualify, even with a 720+ score.

True or  panic?

[danielson]

Rumor goes that in a couple of weeks,  no one without a 20%+ deposit will be able to qualify, even with a 720+ score.

True or  panic?

That's false. It's harder to obtain a mortgage now, but it's not that hard.

[windsor88]

That's false. It's harder to obtain a mortgage now, but it's not that hard.

The people that work in the service industry will suffer I would think.  How would they ever get a loan to get a house or car if on paper they only make 15,000 a year when in reality they may make 50,000.

[BFP]

Rumor goes that in a couple of weeks,  no one without a 20%+ deposit will be able to qualify, even with a 720+ score.

True or  panic?

SWEET JEEBUS! 

Jason

[Alex23]

That's false. It's harder to obtain a mortgage now, but it's not that hard.

I'm thinking of buying another rental property. I don't feel like shedding 100k in cashdown on a 500k loan.

Could I get away with 10% down with a FICO score around 720-730?

[Zaphod]

I'm thinking of buying another rental property. I don't feel like shedding 100k in cashdown on a 500k loan.

Could I get away with 10% down with a FICO score around 720-730?

Would you go with a five year fixed? I'm no expert, but it worked out for us. It's past the five years but it's locked into a structured increase rate so it's still pretty good.

[bigbobs]

Danielson, are you a mortgage broker?

[danielson]

I'm thinking of buying another rental property. I don't feel like shedding 100k in cashdown on a 500k loan.

Could I get away with 10% down with a FICO score around 720-730?

Probably, it depends on how far away it is from your primary residence, guidelines are easier if the home is 36 miles away, then you can consider it a second home and not an investment home.  I work for CW now, not sure we would do it on an investment home, but there is a bank out there that would. Tbh with you, CW is a Prime lender so it's practices haven't changed a whole lot, with the exception of no more 100% loans, in Mi. anyway. I don't deal with other banks anymore so I am not really sure about how tight they have gotten on investments in California especially considering I don't deal with California loans. My advise is to call your broker, that's his job, he will not be mad at you for calling and asking, trust me.

[SinCitysmallGUY]

Probably, it depends on how far away it is from your primary residence, guidelines are easier if the home is 36 miles away, then you can consider it a second home and not an investment home.  I work for CW now, not sure we would do it on an investment home, but there is a bank out there that would. Tbh with you, CW is a Prime lender so it's practices haven't changed a whole lot, with the exception of no more 100% loans, in Mi. anyway. I don't deal with other banks anymore so I am not really sure about how tight they have gotten on investments in California especially considering I don't deal with California loans. My advise is to call your broker, that's his job, he will not be mad at you for calling and asking, trust me.

This is no lie, we are looking at doing some things and I have bugged the shit out of our lender, but she is more then happy to be bugged because she is going to make more money. Put that fucker to work Alex and get yoru money's worth.