Has anyone been having problems with their clients getting loans or refinancing from banks especially when the banks are saying that their that debt to income ratio currently excedes the amount that the bank will approve. I currently had one client who was 1% over what the bank would allow. They wouldnt approve the loan for the stinking little 1 % difference. Thats like nothing. I remember when banks where financing 125% over the cost of the properties. The banks where also doing that on car loans. So now the are being very strict about who they give their money to.
Los Altos, CA
They've gone too far and yes, I've seen banks get so tight they won't back down. They've also come back with terms and conditions that both the buyer and seller need to document (fund sources, payoffs, etc) to the point that even a clean regular sale is a pain.
Nov 13, 2010 07:17 AM
Rainer
225,920
225,920
Steven San Filippo
SRES
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