"Buying a beach house? Bring Cash"

Shel

You didn't address the cross dresser remark. I have no problem with cross dressing since I only wear moo moos after my evening meal !!

Oh, aren't they just divine?




.

"For lenders the mantra today is don't trust, verify. Stated income loans, popularly known as liars' loans, are history. Expect to be asked to produce proof of your income. When it comes to affordability, lenders want to see that you earn enough to sustain payments on two loans - and don't want to see your total housing payments (first and vacation) top 40 percent of your income. At the height of the boom, that cap was more like 55 percent.

On top of that, says Michael Lefevre, chief executive of the National Association of Mortgage Professionals, you may have to show that you have six months' worth of home payments in reserve in case you lose a job or have any kind of financial calamity."

"If you need to rent out your home to afford it, count on lenders taking a hard look at how much you plan to charge. You may have to spend $500 to $1,000 for an appraiser to do a rental analysis to make sure your assumptions are reasonable."




There go the investulators.


.

There are plenty of stated programs available, from Wells Fargo on down. Where are you getting your info? EndofWorld.com?

There are plenty of stated programs available, from Wells Fargo on down. Where are you getting your info? EndofWorld.com?

:scratch:


How about Wellsfargo.com?




From Wells Fargo's Q3, 2007 Company Earnings Conference Call (Oct 16, 2007):

Wells Fargo Financial has not originated any interest-only, stated income, option ARMs or negative amortizing residential real estate loans. All U.S.-based debt consolidation loans are originated by Wells Fargo Financial team members. We do not use any brokers or correspondents in this business.

Wells Fargo Financial does not do any national advertising campaigns. New real estate customers primarily come from outbound calling to customers with an existing Wells Fargo relationship and where we can clearly demonstrate a tangible benefit for our customers by improving their financial situations through debt consolidation. We conservatively underwrite these loans with full documentation and require income verification. The average FICO score on this portfolio was 642 and 64% of the portfolio had a FICO above 620.

- HOWARD ATKINS, SENIOR EVP AND CFO, WELLS FARGO & CO

https://www.wellsfargo.com/pdf/press/3Q07_Recorded_Comments.pdf

.

:scratch:


How about Wellsfargo.com?




From Wells Fargo's Q3, 2007 Company Earnings Conference Call (Oct 16, 2007):

Wells Fargo Financial has not originated any interest-only, stated income, option ARMs or negative amortizing residential real estate loans. All U.S.-based debt consolidation loans are originated by Wells Fargo Financial team members. We do not use any brokers or correspondents in this business.

Wells Fargo Financial does not do any national advertising campaigns. New real estate customers primarily come from outbound calling to customers with an existing Wells Fargo relationship and where we can clearly demonstrate a tangible benefit for our customers by improving their financial situations through debt consolidation. We conservatively underwrite these loans with full documentation and require income verification. The average FICO score on this portfolio was 642 and 64% of the portfolio had a FICO above 620.

- HOWARD ATKINS, SENIOR EVP AND CFO, WELLS FARGO & CO

https://www.wellsfargo.com/pdf/press/3Q07_Recorded_Comments.pdf

.

Thats scary when a 620 is a good benchmark for a loan portfolio.

Thats scary when a 620 is a good benchmark for a loan portfolio.

....and what if they were to recompute that benchmark with the "Loanower's" current FICO scores?


.

Oh, aren't they just divine?




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Shel

You are so funny !! With the writers strike still on you could make a fortune. I love your humor !!

Shel

You didn't address the cross dresser remark. I have no problem with cross dressing since I only wear moo moos after my evening meal !!

Oh, aren't they just divine?




.

Shel

You are so funny !! With the writers strike still on you could make a fortune. I love your humor !!

Shel
I love your humor !!

Goofer,

Ya gotta have a sense of humor.....especially with the shellacking the markets are taking today.

So, you say that there are lots of great buys out there right now and this is a great time to invest. Do you consider a great buy one that will double in 4 to 5 years? If so, are you predicting that if someone takes one of these great buys, that they will double their money in no more than 5 years? If you answer yes, please point me in the direction of these properties so I can take a hard look at them. I would certainly like to double my money on another piece of RE.

Fisher, I hope most of you pro formas for real estate investment return at least 20%. (doubling roughly 4 1/2 years.) Granted "results my vary" but I don't think I have invested in any RE transaction that didn't forecast at least a 20% return.

As to Shelly's forecasting ability, if complaining was a virtue, she'd be a saint. She'd be a good investor if she sold short a couple of years ago. Even a broken clock is right twice a day.

"..As to Shelly's forecasting ability, if complaining was a virtue, she'd be a saint. She'd be a good investor if she sold short a couple of years ago..."



I haven't noticed Shelly complaining.

"..As to Shelly's forecasting ability, if complaining was a virtue, she'd be a saint. She'd be a good investor if she sold short a couple of years ago..."



I haven't noticed Shelly complaining.

Guilty! It's about the snacks--or absence thereof...right?


.

Fisher, I hope most of you pro formas for real estate investment return at least 20%. (doubling roughly 4 1/2 years.) Granted "results my vary" but I don't think I have invested in any RE transaction that didn't forecast at least a 20% return.

As to Shelly's forecasting ability, if complaining was a virtue, she'd be a saint. She'd be a good investor if she sold short a couple of years ago. Even a broken clock is right twice a day.

Rule of 72 no longer apply? big difference in 16% and 20% compounded.

Goofer,

Ya gotta have a sense of humor.....especially with the shellacking the markets are taking today.

At some point this too shall pass.

At some point this too shall pass.

....said the doctor to his patient with gallstones. :roll:


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Shel

You didn't address the cross dresser remark. I have no problem with cross dressing since I only wear moo moos after my evening meal !!

Oh, aren't they just divine?




.

HEY! HEY! HEY! You boys stay out of my closet! :nono1: Goofer....I thought I could trust you with that key!

HEY! HEY! HEY! You boys stay out of my closet! :nono1: Goofer....I thought I could trust with that key!

He is a self confessed panty sniffer.

....bring yet more cash...



http://tinyurl.com/37rxez


Nov. 20 (Bloomberg) -- Freddie Mac, the second-largest source of money for U.S. home loans, said its third-quarter loss almost tripled as rising home foreclosures sliced the value of its mortgage holdings....


...The company said it may cut its dividend in half and has hired Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. to help it raise capital. ..



How do you loan money if you are having trouble borrowing money yourself?

So, you say that there are lots of great buys out there right now and this is a great time to invest. Do you consider a great buy one that will double in 4 to 5 years? If so, are you predicting that if someone takes one of these great buys, that they will double their money in no more than 5 years? If you answer yes, please point me in the direction of these properties so I can take a hard look at them. I would certainly like to double my money on another piece of RE.

Fisher, its not that difficult cause its a buyers market. First you need a RE agent that fits your goals and ambitions. Decide if you are wanting something to rent or personally use. Do you want beach front, beach view, or water front. There is a lot of junk construction down there, and I would try to limit your search to homes built after 2002. Also, find out who the builder is and check his record on www.myflorida.com Properties built after 2002 have a much better chance of obtaining a lower insurance rate. If you are looking at condo's, only consider concret and steel structures, and on-site management. Also, if you are buying a condo, get association minutes for the past two years to see what building issues may be going on that your realitor is not even aware off. If you can not get annual association minutes, then call the President of the HOA. I would do the same if I was buying a home in any HOA. Don't look at comps that are selling today, but what similar properties were selling back in 2002-03. Your in a buyers market, so take advantage of it and don't worry about hurting a sellers feelings. Don't buy something you can't afford.

"...Don't buy something you can't afford..."



Something a lot of people have over looked

"...Don't buy something you can't afford..."



Something a lot of people have over looked

Well, that is high school economic's 101. I guess some folks skipped that class.