Posted on 01/27/2008 5:03:23 PM PST by traumer
See that the FEDS are getting ready to bail out the sub-prime/housing mess.
FHA loan limits to over $600K...coming soon to a mortgage lender near you! LOL!
Well I think that’s Fannie and Freddie going to 600k+ ...not sure what they’re doing with FHA. Either way it’s better than Hillary’s proposal, FWIW...the “30-day foreclosure freeze” she is considering.
Real Estate...in many pockets around the country is just not affordable...for the average household income to support.
Along comes the FEDS, with an instrument (FHA-government backed loans) to entice the lenders to loosen the mortgage money.
BTW...MIP insurance has to be pretty expensive on a $600K loan. ;^)
Also, guess they will increase the LTV to 125%...for just refi's...in order to help some of these borrowers currently 'upside down' on the mortgages.
Ok. I knew they were going up, but I wasn’t sure how much. I don’t do FHA at this firm - but we will be in March. Not sure about the LTV thing though...LOL...
For MIP insurance, if they use the same “formula” they always have for FHA, it will be about $300 a month on $600k.
ROFL
Rusty: "Do you think these guys know The Commodores?"
Looks like a nice town from Google Earth.
looks to me like alot of big homes on nice leafy streets. (But thats from above)
for some reason Chagrin St did not come up in goog earth, only Chagrin Blvd.
Here's a free clue:
Don't ever, ever sign a legal document you have not read or do not understand!
That movie is too politically incorrect to fly nowadays...but it’s a CLASSIC!
In my area that's armed robbery for a townhome.
I used to live 15-20 minutes from Shaker Hts. There is no “9422 Chagrin Street” and never was. What other crap did the author of this atricle make up?
Anything under 200k here is either:
-A condo so small you could stand at the front door and take a piss out the back window
or
-In a horrible neighborhood that you don’t walk around in the daytime unarmed in
Doesn’t to me.....
The vast majority of crime is committed by the same small subset of people, regardless of what community you are in. When you have a vaccuum like this, they fill it quickly.
Takes only a couple of handfulls of folks like this to devastate a community.
You can have a nice calm place with 2000 residence and very little crime.... you can have the same neighborhood only have 200 people and have the crime rate go up 1000%.
That dude could have appealed to the auditor. If you can prove the true market value is is really $54k, they may reduce the tax. If there are a lot of low price sales that are not due to foreclosure or failure to pay taxes, you stand a better chance.
wow....certainly NOT the Shaker Heights I knew.
“All you needed was a pulse to buy a house. Some loans were written with no money down, no proof of buyer’s incomes. They did not even check what people were saying. Most of those folks were jobless,” he said in an interview.
And no Social Security number either. Wonder how many who “left in the night” have already purchased a new identity/number and how many squatters will be purchasing the same.
Anything under $200K in my neck of the woods means sleeping with Rats and chasing crackheads out of your doorway.
Thanks zillow.com is one useful site!
Nice work! Weird that such an easily refutable story would be published. People really don’t read newspapers anymore!
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