Sometimes a blog is a great tool to let out a rant. I rarely use it for that but that's going to be the case here. I have a very well qualified buyer who can't seem to buy a condo for 10% down becasue of all the new rules that seem to get implemented monthly both at a national and local level. It appears that mortgage insurance companies are the latest entity to require almost 80% owner occupancy to close a deal. I can't believe I just had to cancel a deal over mortgage insurance. This developer seems to have done everything right and will now be the unfortunate victim of the overreaction we've seen to the condo market over the past year or so. Fortunately my buyer has other choices...this poor seller and the agent attachd to him must wait for a 20% down or cash buyer. With these particular units aimed at first time buyers, that's going to be a long wait. It's another example of cutting off our nose to spite our face. Grrrr!
I'm all for sensible overhaul of lending rules, but this is getting ridiculous.
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