HELP!! Mortgage Geniuses (and people with a Crystal Ball)

By Ray Cox

Real Estate Agent with ERA Brokers Consolidated

December 08, 2008 09:11 AM

I watch TV and read newspapers, and spend way too much time on the internet reading about the economic crisis/lending crisis/recession etc etc. I still can't figure out two things that are making my life as a Realtor tough in St George UT.

Here are my question to all the MORTGAGE PROPHETS out there:

1) When will jumbo mortgages be reasonably priced again?

2) When will investors (real investors, with real down payments, who actually qualify) be welcomed back to buying activity by lenders? More specifically, when will landlord types who have more than 4 mortgages on there rental properties, have fairly priced options to buy more. I've got clients right now who want to take advantage of the "great deals" on real estate, who have large down payments, and want to add rentals to their long term portfolio.

Look forward to your wisdom.

Ray Cox

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Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Interesting perception. I have not seen any difficulty with buyers getting loans unless of course they do not have good credit.

Dec 08, 2008 11:23 AM

Douglas Earl, J.D.

ERA Brokers Consolidated / Cox Magnesen Team - Saint George, UT

Ray - that is a good point about the plight of the cash-poor land barron - I've seen plenty of investors with cash in hand coming to St. George right now (and HAVE BEEN coming into town for several months) to pick up great deals on homes for use as rental properties. Over the last 30-60 days it seems like the door has shut on the investor who >4 rentals w/ loans being able to take advantage of the buyer's market. More often than not, I'd guess these are buyers who are "safer" loans than the avg. 1st time buyer but who have been effectively barredfrom contributing to the recovery of the real estate market by the 4 mortgage limit.

I'd be really curious to know if the "4 mortgage limit" rule that basically all lenders are using now has any statistical /factual backing. . .

Dec 09, 2008 10:46 AM

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Ray Cox

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