Corona Virus

[trueblade]

Isle of Palms parking lots already full, traffic heavy during Memorial Day Weekend.

IOP is one of the beaches near Charleston.

https://www.live5news.com/2020/05/23/isle-palms-parking-lots-already-full-traffic-heavy-during-memorial-day-weekend/

[Paintballr]

1 hour ago, Wes21 said:

That is absolutely not correct.

This^

 

had my gf’s sister and fiancé who have basically 0 credit history get approved for a loan and their credit score wasn’t anywhere near what that original post was and this happened last week

[Ja Rhule]

29 minutes ago, Paintballr said:

This^

 

had my gf’s sister and fiancé who have basically 0 credit history get approved for a loan and their credit score wasn’t anywhere near what that original post was and this happened last week

Which bank was that?  I bet it was not a bank but some small mortgage company that have to take on additional risk in order to get revenue.  What’s going to happen is that mortgage company will sit on that loan for a long time because they bank won’t buy it.

https://www.post-gazette.com/business/money/2020/05/05/mortgage-banks-credit-score-loan-borrowers-home-lenders-COVID-19-down-payments/stories/202005010026

Edited May 23, 2020 by Ja Rhule

[4Corners]

Just talked to a friend who is an ICU nurse in CMC uptown. She told us they are filling back up again to capacity with coronavirus patients. 

[4Corners]

Trump golfing today if anyone is scoring at home. 

[NanuqoftheNorth]

NM

Edited May 23, 2020 by NanuqoftheNorth

[Ja Rhule]

2 hours ago, Wes21 said:

That is absolutely not correct.
 

“He said one institutional investor informed the bank Thursday that until further notice it will require borrowers to have a minimum 740 FICO score for approval of any cash-out refinance mortgage applications for conventional loans.“
 

https://www.post-gazette.com/business/money/2020/05/05/mortgage-banks-credit-score-loan-borrowers-home-lenders-COVID-19-down-payments/stories/202005010026

 

HHAngel Oak Mortgage Solutions of Atlanta, another big non-QM lender, said it temporarily stopped making low-documentation home loans. It started doing so again last week, but with changes. A borrower needs to provide 24 months of bank statements from their business and have a minimum FICO score of 700. Before, only 12 months were needed and borrowers needed only a 600 credit score.

https://www.latimes.com/homeless-housing/story/2020-05-07/mortgage-lending-tightens-coronavirus

Edited May 23, 2020 by Ja Rhule

[LinvilleGorge]

4 hours ago, Ja Rhule said:

Nah, it won’t this time.  You need to have ~740 score to buy a house today.  The banks are being very careful.

The banks are being a little more careful, but not THAT careful.

At the end of the day, our economy is going to contract for awhile and it's inevitably going to pull the housing market with it. Things are being kept afloat currently because of economic intervention and delusional optimism that we're emerging from this. When the SHTF again this fall... it's gonna get ugly.

[Ja Rhule]

4 minutes ago, LinvilleGorge said:

The banks are being a little more careful, but not THAT careful.

At the end of the day, our economy is going to contract for awhile and it's inevitably going to pull the housing market with it. Things are being kept afloat currently because of economic intervention and delusional optimism that we're emerging from this. When the SHTF again this fall... it's gonna get ugly.

Almost all banks lend to only prime right now.  No more lending to subprime for foreseeable future. Some banks stopped doing HELOC no matter what credit score is.

Edited May 23, 2020 by Ja Rhule

[LinvilleGorge]

6 minutes ago, Ja Rhule said:

Almost all banks lend to only prime right now.  No more lending to subprime for foreseeable future. Some banks stopped doing HELOC no matter what credit score is.

And you think this is going to help stave off a housing market crash? That's just going to further stall the market. Some people are going to have to sell and it's going to be a total buyer's market. That's going to drive values down. Just because a credit crisis caused the last housing market downturn doesn't mean that's the only way a housing market downturn occurs.

[SmokinwithWilly]

I'm sitting back waiting as well to purchase property. If and when the market falls, it will be a great time for investing. 

[LinvilleGorge]

2 minutes ago, SmokinwithWilly said:

I'm sitting back waiting as well to purchase property. If and when the market falls, it will be a great time for investing. 

Hence why I've made the decision to sell. I'd rather be sitting on a big ass pile of cash right now than a big ass mortgage.

[Ja Rhule]

3 minutes ago, SmokinwithWilly said:

I'm sitting back waiting as well to purchase property. If and when the market falls, it will be a great time for investing. 

It won’t fall in Charlotte.  If that’s where you plan on buying.

[LinvilleGorge]

2 minutes ago, Ja Rhule said:

It won’t fall in Charlotte.  If that’s where you plan on buying.

I think you're gonna be wrong. I don't think it will fall as steeply or as long as it did in the sub-prime mortgage crisis, but it's definitely going to contract. If you plan on selling in the next 2-3 years like we were, you better sell this summer.

All the current economic bandaids and economic optimism is based on this pipedream optimism of no second wave. It's a house of cards.