Leaving Brooklyn For The Burbs

2nd place got reduced to 2.7, i guess as of this AM. not much of a chop if you ask me. we went to see it when it came on, it's very nice but still seems overpriced on a psf basis given how narrow it is (they try to sell it as having more usable space given no interior support walls). the bathrooms are super mod but super tiny. it's been on the market for a while now.

Posted by: bklyndoug at March 17, 2008 11:42 AM in response to Overpricing Not Working in Carroll Gardens

12:21, these "sideliner" posts are so tired. i take from your comments that NYC real estate will just continue to go up. this is the same flawed logic that has led us into this credit crunch. this is the same credit crunch that has undermined some of the more profitable ways in which wall street has generated profits over the past decade, which will greatly affect bonuses next year (not to mention employment levels). prices have to come down at some point to be more in line with real household incomes. the question is when.

Posted by: bklyndoug at March 17, 2008 12:29 PM in response to Overpricing Not Working in Carroll Gardens

We had no problems either. Got a 30-yr fixed at 6.25% in the burbs, though it was locked back in may. FICOs over 720 and putting down over 50%.

What was interesting was the new temporary jumbo limits they set in place ($729,750). At first we didn't see much rate advantage between $400K and the new limit. But we started seeing better rates under the new limit around the time we locked, particularly on ARM products. I think more and more banks will start offering a bit better rate once they get accustomed to it, though it may be that the temporary status of the new limit keeps them from changing their business practices.

Posted by: bklyndoug at July 17, 2008 3:41 PM in response to Who is trying to get a Mortgage and what problems you are facing?

What - Am surprised to say that your Q was too generic and I wonder if the responders stating that they've had little trouble are all looking for loans on a Coop/Condo or Sgl Family with a loan amount under $729,000 (or $790,000).

As far as I can tell trying to mortgage a 3 family house even if you're living in it as your principal place of residence is getting much harder. Not only with the limited (and shrinking) number of banks prepared to entertain such loans but also seeing the interest premium over 1 family loans increasing.

If you bank with Citibank you'll find the bizarre situation where CitiMortgage (as 1st mortgagor) will loan on a 3 family however Citibank who handle HELOC's will not. (although they did up until 3 months ago)

Posted by: 99luftballons at July 17, 2008 3:44 PM in response to Who is trying to get a Mortgage and what problems you are facing?

I am trying to get a 30y fixed rate for $417K / 10% down and it's a nightmare as I am self-employed...
Tried with a mortgage broker who was treating me as a "difficult" case and now trying to get a FHA (government) mortgage through a regular bank...
It's not easy at all.

Posted by: abitbol_d at July 17, 2008 4:29 PM in response to Who is trying to get a Mortgage and what problems you are facing?

"What - Am surprised to say that your Q was too generic and I wonder if the responders stating that they've had little trouble are all looking for loans on a Coop/Condo or Sgl Family with a loan amount under $729,000 (or $790,000)."

The reason I posted this question, I wanted to get a snap shot of mortgages now. I know people still have access to capital.

"I am trying to get a 30y fixed rate for $417K / 10% down and it's a nightmare as I am self-employed..."

I know the "self employed" thing is hard. Most banks have remove S/E and Stated products.

"As far as I can tell trying to mortgage a 3 family house even if you're living in it as your principal place of residence is getting much harder."

HELOC's are dead. Did you know most of the HELOC's given in the last couple of years are non preforming. Most of them might be written off.

Thank you for responding! I hope you have good luck and no I not schizoid.

The What

Someday this war is gonna end...

Posted by: what at July 18, 2008 2:08 AM in response to Who is trying to get a Mortgage and what problems you are facing?

Hey what,

While you arent busy prophesizing Armageddon, how about some useful advice?

Wait or buy?

When?

Where?

Listings that provide value?

Inquiring minds want to know.....

Posted by: slick at July 18, 2008 2:47 AM in response to Who is trying to get a Mortgage and what problems you are facing?

What - you are wrong. I just posted above that the Bridge Loan I was approved for is also a HELOC, which was complete news to me. And its for several hundred thousand. We didn't even ask for it. It was just handed to us.

Posted by: Architerrorist at July 18, 2008 9:37 AM in response to Who is trying to get a Mortgage and what problems you are facing?

What - you are wrong. I just posted above that the Bridge Loan I was approved for is also a HELOC, which was complete news to me. And its for several hundred thousand. We didn't even ask for it. It was just handed to us.

I think people with good track records are getting the red carpet treatment. I've had 2 helocs and 5 mortgages with clean records in the past 12 years.

Posted by: Architerrorist at July 18, 2008 9:39 AM in response to Who is trying to get a Mortgage and what problems you are facing?

Thought you'd told us many months ago you were a mortgage broker yourself. "What" gives?

Posted by: NeoGrec at July 18, 2008 5:38 PM in response to Who is trying to get a Mortgage and what problems you are facing?