Real Estate Blog - I have buyers with 30% down is anyone lending?

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I have buyers with 30% down is anyone lending?

I have buyers with 30% down is anyone lending? I'm talking South Florida.

Who is out there that can get me a loan for these people?

It is such a difficult situation in this current Economy to get financing for buyers right now.

Are any of you having success getting loans for customers?

If so, who is lending and if you are are they well known banks or are they the smaller, less knowns?

If you have information that can help me here in south Florida, please email me...no bogus info please.

I have foreign buyers as well as US buyers who I have as customers.

Please advise.

http://www.KarenMonsour.com

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 06/16/2009 10:05 PM

Comments (13)

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13 Comments on I have buyers with 30% down is anyone lending?

JUN

Sorry, can't help you there, Karen. Actually, I am finding the lending very liberal - perhaps a bit too liberal - up here in Ontario, Canada.

Hi Karen,

I have found that some of the local banks are more flexible than the bigger well known banks here. They meet by committee.

Bob,

Thanks for the info. Some of my customers are in fact from you neck of the woods... I have many customers from Canada.

Thanks for posting

Monique,

Where are you located? What state? Our smaller banks are lending more than the larger ones, however it's still tough to get a loan...even with people that have money to put down and a great credit score....

Wells Fargo and Pulaski will loan but seem to have tightened up their criteria. Are you running into problems with their credit history/rating or property appraisals? Now that the lenders have to use only the 10 approved appraisers on their list, we are seeing many houses that don't appraise. But if it's just the loan part, you might take Monique's suggestion and try local. I have noticed that they are trying harder to work with people. Better rates, better service, faster closing and the personal touch that many of us like.

Karen - I think the Banks/ Lenders are all playing games! I think the reason the Banks/ Lenders are not borrowing any money is because they were borrowing money for all the years before the crash that they didn't have then and still don't have!

JUN

No way of knowing because there's a lot more involved than 30% down.

We're getting loans financed with Chevy Chase, Chase, Wells Fargo, George Mason, BofA, 1st Mariner and some locals, all types of loans, FHA, VA, Conventional 10%+ down, USDA, etc.

Royal Bank of Canada is doing alot of business in Panama City Beach. Alot of it depends on what they are trying to buy with 30% down. We have not been having any troubles with local lenders here also. 30% down should be easy if the buyer is qualified.

Maria,

None of the above. They went to their bank, they were offering them 6.385% rate. I now have them with Justin Miller, my favorite mortgage guy. Job stability with both husband and wife (10 years same job), good credit. I just think maybe I'll wait to see what Justin has to say...he's usually dead on!

Bob,

I am tired of this bank debacle. I listened to Obama speak today at 1 pm...this is going to be going on for a while I think. Obama said he's going to reform the banks, etc...

People with cash are buying though. Thank goodness.

Lenn,

The problem here in So. Flo. us that there are so many homes in foreclosure, the banks have no money to lend...now trying some of the smaller banks is just what I intend to suggest.

Thanks.

Jeff,

Do you know if there are any of those banks down here? Or do you have a local number that I could call to see if they have a branch here in Broward County?

Thanks

Up here in Port St. Lucie we are getting funding still. I hope it continues.

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