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Forum » House Prices to Drop 30-50% next year.
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Thread: House Prices to Drop 30-50% next year.

post 1642434153 07-08-2021, 03:12 PM
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Fukkin sky is always falling on the misc
post 1642434443 07-08-2021, 03:16 PM
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itsNotFreeRealEstate.mov
post 1642434533 07-08-2021, 03:17 PM
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Originally Posted By rectifryer⏩
Apply for it and see for yourself. I was able to obtain one in a similar manner. Its up to the bank whether or not they can sell the loan, and the gov't is buying all mortgage backed securities

I've been trying to tell you *******s this for months....but every time some rando loan originator who works in a specific part of the industry thinks they have insight in the whole industry -- can't see the forest for the trees.
$6k/month won't cover the mortgage on that at 3% not including property taxes or insurance. And no, I'm not going to apply for a loan that would make me shell out that kind of cash monthly, I don't like having large bills.
post 1642434573 07-08-2021, 03:18 PM
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Originally Posted By Anachron⏩
No reputable financial institution will take projected income in that scenario.
My mortgage agent said I can use projected rent as part of the calculation in applying for mortgage for new rental so its def a thing.

I don't know the rate but they'll give you some credit for it in your debt to income ratio.

Edit: Isorry misread. I agree, in that scenario it makes no sense.
post 1642434763 07-08-2021, 03:20 PM
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Originally Posted By soaponarope1⏩
$6k/month won't cover the mortgage on that at 3% not including property taxes or insurance. And no, I'm not going to apply for a loan that would make me shell out that kind of cash monthly, I don't like having large bills.
yes, that is the problem. His friends lied and it got through underwriting successfully OR they've always had room mates and counted it as household income...technically possible! I did not lie and obtained a 1.2M loan on a single income at a higher DTI than I would ever have guessed possible.

When I refinanced one of my properties I only needed to show two years of room mate income to add to my income. I think the misc is being rigid about this...
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post 1642434803 07-08-2021, 03:21 PM
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Originally Posted By FChumChum⏩
My mortgage agent said I can use projected rent as part of the calculation in applying for mortgage for new rental so its def a thing.

I don't know the rate but they'll give you some credit for it in your debt to income ratio.

Edit: Isorry misread. I agree, in that scenario it makes no sense.
makes no sense
They won’t even count sales commissions unless you’ve been in the industry for 2 years, why would they give any credit for a rental that’s never happened and isn’t guaranteed to?

Edit: didn’t see your edit before I responded
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post 1642434923 07-08-2021, 03:23 PM
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Originally Posted By rectifryer⏩
Think it through partner....there is much more risk with a high principle loan than a high interest.... I'd way rather buy when principle is down then refinance when interest is down. You don't get that option with a high principle loan....

Buying during low interest periods is not a good idea if it comes with a high principle.
Maybe but that is more based on whether or not the intention to sell in the soon to near future(1-10yrs). If the rates are higher your paying even more over time of owning the home. Over time, the value of homes always go up over the course of a true 30yr mortgage. Paying less on the interest is less overall than the compounded interest of a high rate even if the home is a higher principle, albeit how high will make the difference.

But if I am looking to sell in the near future, I agree that rates won’t matter, I want the lowest price possible.
I probably banged your mom.

Eat the whole animal like a real man.
post 1642434983 07-08-2021, 03:25 PM
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Originally Posted By rectifryer⏩
Apply for it and see for yourself. .
yeah I'm sure he wants to pull a hard inquiry for no fukking reason aside from to prove some abject retards wrong
Originally Posted By rectifryer⏩
I was able to obtain one in a similar manner.
Oh yeah? How similar? How close to 72k/year are you in income, and how close to 1.5m for a home did you qualify for, and with how much down?
Originally Posted By rectifryer⏩
Its up to the bank whether or not they can sell the loan, .
no fukking chit. who the fukk else would it be up to?
Originally Posted By rectifryer⏩
.but every time some rando loan originator who works in a specific part of the industry thinks they have insight in the whole industry -- can't see the forest for the trees.
show me YOUR credentials *******
Originally Posted By rectifryer⏩
I'd way rather buy when principle is down then refinance when interest is down.
And I'd like to have bought TSLA at $84 (adjusted for split), sold at $800, and then bought back in at $535, but good luck timing the market lol
Originally Posted By rectifryer⏩
I did not lie and obtained a 1.2M loan on a single income at a higher DTI than I would ever have guessed possible.
ok, now I get it, you're just trolling. Fukk, you're good!
"It won't get better, just different."
post 1642435143 07-08-2021, 03:27 PM
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Originally Posted By 5x10⏩
makes no sense
They won’t even count sales commissions unless you’ve been in the industry for 2 years, why would they give any credit for a rental that’s never happened and isn’t guaranteed to?
From my mortgage agent

"if I am buying property with no tenant yet, there is an issue right? Or could be an issue? (re: DTI ratio)"

"Not an issue. The lender allows to use a proposed rental income. So you can buy as many as you like, up to 10 properties."
post 1642435213 07-08-2021, 03:29 PM
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Originally Posted By chino3⏩
not a single fact was seen
lmao at you thinking I'm trolling while also drowning in this from day to day
Boycott foodservice industry crew
post 1642435243 07-08-2021, 03:29 PM
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#131
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Originally Posted By FChumChum⏩
From my mortgage agent

"if I am buying property with no tenant yet, there is an issue right? Or could be an issue? (re: DTI ratio)"

"Not an issue. The lender allows to use a proposed rental income. So you can buy as many as you like, up to 10 properties."
That's for investment properties, not renting a room out.
Originally Posted By rectifryer⏩
lmao at you thinking I'm trolling while also drowning in this from day to day
thank you for editing my post to be a more concise response to your absolute mindless dribble.
"It won't get better, just different."
post 1642435373 07-08-2021, 03:31 PM
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Originally Posted By chino3⏩
That's for investment properties, not renting a room out.
today I learned you can't live in your investment property

if it makes you feel better I have to correct every LO I come across. They all think their company's guidelines are law for everyone...
Boycott foodservice industry crew
post 1642435473 07-08-2021, 03:32 PM
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Originally Posted By FChumChum⏩
From my mortgage agent

"if I am buying property with no tenant yet, there is an issue right? Or could be an issue? (re: DTI ratio)"

"Not an issue. The lender allows to use a proposed rental income. So you can buy as many as you like, up to 10 properties."
never heard of it
I had to show 2 yrs worth of tax returns on my 2 rentals, when applying for a 3rd, in regards to my dti
They wouldn’t even take my word for the current rentals
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post 1642435693 07-08-2021, 03:36 PM
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Originally Posted By rectifryer⏩
yes, that is the problem. His friends lied and it got through underwriting successfully OR they've always had room mates and counted it as household income...technically possible! I did not lie and obtained a 1.2M loan on a single income at a higher DTI than I would ever have guessed possible.

When I refinanced one of my properties I only needed to show two years of room mate income to add to my income. I think the misc is being rigid about this...
Lmao i know these guys personally and went to their house. 5 bedrooms, 3 rented out. They asked me to move in so I know the details.

They put down 2%. That's it. Loan officer did the rest.
post 1642435993 07-08-2021, 03:41 PM
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Originally Posted By 5x10⏩
never heard of it
I had to show 2 yrs worth of tax returns on my 2 rentals, when applying for a 3rd, in regards to my dti
They wouldn’t even take my word for the current rentals
I've been able to use projected income for rentals (single family, not owner occupied), but when I bought my current house this year, the lender didn't give 2 chits about my signed lease agreements, I had to show extensive payment history with additional verifications. (one guy pays via venmo, and venmo doesn't provide non excel statements, so despite the amount landing in my bank account each month matching that lease, I still had to get a written letter from that tenant lol). But yeah, the guy below is definitely telling the truth:
Originally Posted By rgnx⏩
Lmao i know these guys personally and went to their house. 5 bedrooms, 3 rented out. They asked me to move in so I know the details.

They put down 2%. That's it. Loan officer did the rest.
tempted to neg
"It won't get better, just different."
post 1642436163 07-08-2021, 03:43 PM
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Originally Posted By chino3⏩
tempted to neg
Banks are handing out loans like candy recently. It's the truth. Why the fuk would i even care enough to lie about this?

2% down to buy a house. thats it. fact. ok maybe 3-4% but still. it's way down there.
post 1642436283 07-08-2021, 03:45 PM
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Originally Posted By chino3⏩
I've been able to use projected income for rentals (single family, not owner occupied), but when I bought my current house this year, the lender didn't give 2 chits about my signed lease agreements, I had to show extensive payment history with additional verifications. (one guy pays via venmo, and venmo doesn't provide non excel statements, so despite the amount landing in my bank account each month matching that lease, I still had to get a written letter from that tenant lol). But yeah, the guy below is definitely telling the truth:



tempted to neg
back in the subprime days, all you need for income proof was three letters of reference by your customers (friends) saying you did xyz (landscaping)
What’s reasonable for a landscaper to make every month?
5-6k?
Uw was good with it
We allowed a 50% dti
So you could get a 300k house, 0 down, with 3 letters of reference and 1 open credit trade line with 12 month seasoning (think target credit card)

So if you wanted to buy a rental back then, state more income!
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post 1642436323 07-08-2021, 03:45 PM
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Originally Posted By Anachron⏩
The bolded is because people in the past have tried ( and succeeded ) "being creative" with vapour lease agreements.
True, but you would think with that income being reported on my taxes it would've helped. idk
Originally Posted By rgnx⏩
Banks are handing out loans like candy recently. It's the truth. Why the fuk would i even care enough to lie about this?

2% down to buy a house. thats it. fact. ok maybe 3-4% but still. it's way down there.
because *******s love to lie on the internet. don't ask me WHY
"It won't get better, just different."
post 1642436463 07-08-2021, 03:48 PM
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Originally Posted By chino3⏩
True, but you would think with that income being reported on my taxes it would've helped. idk


because *******s love to lie on the internet. don't ask me WHY
but to be so upset that people can buy a house with 2-4% down when it's an extremely common occurance.

seems odd lol
post 1642436733 07-08-2021, 03:52 PM
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Originally Posted By rgnx⏩
but to be so upset that people can buy a house with 2-4% down when it's an extremely common occurance.

seems odd lol
he also thinks that what happened to him is due to some universal standard that all underwriting must adhere to rather than just policy where he applied to LMAO

common for loan originators....they eat their own dog food.

then he comes in here and shows us all the loops he jumped through for a 300k house HAHAHAHAHAHAHA
Boycott foodservice industry crew
post 1642436813 07-08-2021, 03:53 PM
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maby bro , houses in my area that sold for 800k 12 months ago are now selling for 1.2mil + who really knows the future.
post 1642436893 07-08-2021, 03:55 PM
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Originally Posted By rgnx⏩
but to be so upset that people can buy a house with 2-4% down when it's an extremely common occurance.

seems odd lol
Because people AREN'T buying 1.5m homes with 2% down with $6k/month income. It's so uncommon, it's just straight up not a thing.
Originally Posted By rectifryer⏩
he also thinks that what happened to him is due to some universal standard that all underwriting must adhere to rather than just policy where he applied to LMAO

common for loan originators....they eat their own dog food.

then he comes in here and shows us all the loops he jumped through for a 300k house HAHAHAHAHAHAHA
Ok copecel, whatever helps you sleep in your car at night LOL
"It won't get better, just different."
post 1642437253 07-08-2021, 04:02 PM
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Originally Posted By chino3⏩
Because people AREN'T buying 1.5m homes with 2% down with $6k/month income. It's so uncommon, it's just straight up not a thing.



Ok copecel, whatever helps you sleep in your car at night LOL
You should get a job at wells fargo LMAO
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post 1642437363 07-08-2021, 04:04 PM
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tears will be biblical, cant wait
post 1642437403 07-08-2021, 04:05 PM
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Originally Posted By rectifryer⏩
You should get a job at wells fargo LMAO
lets see pics of you 1.2m home
"It won't get better, just different."
post 1642437703 07-08-2021, 04:11 PM
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Originally Posted By rectifryer⏩
didn't get it, sold both my properties and decided to rent

no matter what, when the panic dies down then so will demand. Anyone who denies that is lying to your face.
uh huh. I hate this place some times lol
"It won't get better, just different."
post 1642437993 07-08-2021, 04:15 PM
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Originally Posted By rectifryer⏩
didn't get it, sold both my properties and decided to rent

no matter what, when the panic dies down then so will demand. Anyone who denies that is lying to your face.
This is true, all my cashed up bros are just waiting.
post 1642438033 07-08-2021, 04:15 PM
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Originally Posted By TugOfPeace⏩
lol wut? things are not really that out of reach, you're exaggerating. if you go into prime real estate in places where people are flocking to after the pandemic, yes, your rhetoric may apply, but there are plenty of places that still have reasonably priced homes/condos. I can buy a 1-2 bedroom in Chicago pretty easily for example, and that's a major city. their prices haven't changed much at all during the pandemic.
Yes they are.

1. Chicago is only cheaper in the ghetto , especially when comparing rent prices.

You retards really think rent in any major city where there’s good jobs isnt 1500+/ month ?

Condos are probably in the 350-500k range for a one bedroom in a old building like here.

The only saving grace is Chicago is a Midwest Mecca city so the IBEW reigns supreme there with mark share.

I think they’re at about 50/$hr or so on the check for journeyman.

You’re delusional if you think somewhere like Chicago is that much cheaper than California unless you’re comparing it to the Bay Area.

There’s a lot of wealth there.

Not as stupid as the clowns who think Florida is cheaper/ better in every way.

The average San Diegian probably spends 45-60% of their net income on rent/mortgage a month , Miami is still ahead of San Diego for rent/housing burden in the US. It’s literally 1. on the list.

Don’t believe me take a look for yourself



The grass isn’t greener outside of California clowns. Moving doesn’t mean **** if your wage is still gonna be trash relative to COL. you’ll be in the same position as you where in California.

Inflation is ****ing everyone everywhere.

That’s why I was gonna go to WA if San Diego didn’t work out because that’s the best union pay to COL ratio in the country because of no state income tax and the fact union tradies make a lot more there. Seattle is easily the best city to live in as a union tradesman , especially an electrician.

It’s Also the state id flee to with wealth if I was trying to avoid gouging State/local level taxes. Not ****ing Florida lmao

Pnw>>>>>>>>>>>>>>>>>>soflo
post 1642438043 07-08-2021, 04:15 PM
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#149
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Originally Posted By rectifryer⏩
didn't get it, sold both my properties and decided to rent

no matter what, when the panic dies down then so will demand. Anyone who denies that is lying to your face.
lmfao.

the misc never disappoints.

*thingsthathappenedgif*
post 1642438113 07-08-2021, 04:16 PM
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#150
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LMAO, there is no FUKing way a bank is giving out JUMBO loans for homes that are 1.5m.

My sister bought a 1.5m house and the amount of info and proof of income needed was crazy and she owns a business that does 15 Million and year with 30-40% profit margins so she has the money and they still made it extremely hard be able to get the loan. My sister also has over 800+ credit.

Doesn't surprise me that Miscers know guys or have a jumbo loan them self with a 65k income and 3% down, LMAO get the fuk outta here.
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