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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (574)8/29/2001 8:59:05 PM
From: Geof HollingsworthRead Replies (1) | Respond to of 306849
 
Are you living in some parallel universe? If they had the cash cushion, they wouldn't have needed the 90% loan, and lenders out here have not required that cushion for decades (although they do require PMI, as Ramsey pointed out). In an area where 40 year old 3BR 2 bath 2500 square foot tract houses in average school districts with kelley green kitchens and cottage cheese asbestos ceilings go for $400K, you think first time buyers have been coming up with $40K plus closing costs plus furnishing capex, making the nut on a $350K mortgage, and still have a pile of cash to fall back on?

I believe Ramsey's scenario is all too realistic, especially in today's environment



To: Tradelite who wrote (574)8/29/2001 9:00:17 PM
From: stomperRead Replies (1) | Respond to of 306849
 
Are you certain this scenario is realistic today?

You're kidding me right? Wells Fargo, BAC, Norwest. All three of these lenders have done 90 to 95% deals with acquaintances of mine whose financial/personal situations are far more suspect than those in Ramsey's example.

-dave


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