From what I understand from first hand knowledge... Is that the above mentioned housing situation is not at all uncommon. A lot of the people seem to be pooling resources accross extended family and friends. This appears to be a cultural norm for them and a concept that is most uncommon for Americans.
Where do talented US kids want to work? Finance sector or law. That has been one of the biggest growth sectors since the 81-2 recession.
Our most talented individuals are trading paper so we have to bring in foreign talent to keep things running. Pay people more and people will pursue those fields.
Gov't policy is geared to depressing wages. This cuts corporate profits and executive compensation.
I'm no socialist, but America will be stronger when average wages are higher.
I'm no socialist, but America will be stronger when average wages are higher.
I think America would be stronger if all else stayed the same and top 0.5% was much lower. A massive worth discrepancy damages the feelings of equality which are needed for a democracy to function correctly. It's good for some people to have a higher net worth, because they are more capable or work harder.
I think current conditions make people realize their upward mobility is severed. This fuels gambling, be it the lottery, Stock Market Speculation, Vegas, or buying a condo in Vegas.
Not to worry! Microsoft is now shipping around 400 people a year (starting in September) to Vancouver BC to get around visa limitations. Mind you these are mostly new grads. They will work there untill the visas are approved. This will definitely slow down the number of foreigners coming to the area. I am sure they will all end up here eventually but it will be much more spread out over time.
prime mortgage (full doc) has always required 2 year job history in same line of work, 2 year of w2, 2 months bank statement and 2 month paystub. then there's credit restriction, if you don't have sufficient credit history or enough credit lines (regardless of your score), you are also not able to qualify. last is your residential status, if you're student visa, work visa, or foreign national, you are also subject to more conditions. This of course was the standard until alt-a and subprime flooded the market.
with all the crappy lending guidelines, essentially you don't really need 2 years and 4 credit lines for history, and along with loose stated/stated guideline, you don't need to verify asset or cheat by using "VOD" or figure out a way to abuse "gift funds". as for income, one phone call to the so-called "employer" and all they have to say is 3 things. Your name, when you started working, job title, DONE. loan funds.
I am assuming when they say lending guideline tighten, immigrants without at least 30-50% down is almost impossible to get a loan (like how it was before).
Oh, anyone know World Savings? They were hot lender for immigrants and one of the reasons why Option ARM became a popular program. Base on some reports, they apparently have one of the lowest default rates, and being a lender of Option ARM only, it was pretty damn amazing. They have been providing Option ARM since mid 90's I believe...
Anyhow, 50% down = no questions ask. 30% without credit or domestic job = possible. World Savings was essentially the only option non-citizen/p.resident had for the longest time.
ING of course killed everyone. they were offering below market 5 year ARM without verifying asset (they don't even want you to write the asset on application), stated income without job history (1 day at the job is all you need!). All you need is a social, you don't need to even have work visa. At one point, they were able to do 80/20 with outside second WITHOUT any add-on. Imagine this, 100% loan as if you're putting down 20%. It was amazing...
Reviving this thread...
Recent immigrants tend to be pretty sensitive to price drops -- so, it will be interesting to see how the eastside market behaves this summer.
Comments
My guess is it's not the rate that has changed, but that it has become alot easier for these collectives to get financing.
AMEN! Sing it Brother Alan!
So true...so true....
Immigration in just about every form is killing local sources of talent.
Outsourcing is more expensive than you think.
Our most talented individuals are trading paper so we have to bring in foreign talent to keep things running. Pay people more and people will pursue those fields.
Gov't policy is geared to depressing wages. This cuts corporate profits and executive compensation.
I'm no socialist, but America will be stronger when average wages are higher.
I think America would be stronger if all else stayed the same and top 0.5% was much lower. A massive worth discrepancy damages the feelings of equality which are needed for a democracy to function correctly. It's good for some people to have a higher net worth, because they are more capable or work harder.
I think current conditions make people realize their upward mobility is severed. This fuels gambling, be it the lottery, Stock Market Speculation, Vegas, or buying a condo in Vegas.
I know of at least one such person who had to back off from buying a new home & lose his earnest money -- because he couldn't get a 100% loan.
without credit history, without 2 year employment, without resident status, good luck with mortgage application.
Is this really true? Also, what does "resident status" mean here (just a 2-year stay or need to have a permanent-resident/green card )?
with all the crappy lending guidelines, essentially you don't really need 2 years and 4 credit lines for history, and along with loose stated/stated guideline, you don't need to verify asset or cheat by using "VOD" or figure out a way to abuse "gift funds". as for income, one phone call to the so-called "employer" and all they have to say is 3 things. Your name, when you started working, job title, DONE. loan funds.
I am assuming when they say lending guideline tighten, immigrants without at least 30-50% down is almost impossible to get a loan (like how it was before).
Anyhow, 50% down = no questions ask. 30% without credit or domestic job = possible. World Savings was essentially the only option non-citizen/p.resident had for the longest time.
ING of course killed everyone. they were offering below market 5 year ARM without verifying asset (they don't even want you to write the asset on application), stated income without job history (1 day at the job is all you need!). All you need is a social, you don't need to even have work visa. At one point, they were able to do 80/20 with outside second WITHOUT any add-on. Imagine this, 100% loan as if you're putting down 20%. It was amazing...
Recent immigrants tend to be pretty sensitive to price drops -- so, it will be interesting to see how the eastside market behaves this summer.