I just read an article that mentions one large bank in particular is getting rid of 100% financing and is doing some drastic changes. It makes sense as the lenders were making loans to those that probably shouldn't have had a home loan for the last 4-5 years or so. They could justify it because money was cheap and the appreciation would bail out even the hardest situation if they didn't do an equity line a buy a new Mercedes! Even if they did that sort of thing some time they still had some more equity left over! It was too good to be true for many people and they were fueling the economy borrowing against their homes and buying buying buying.
Now that that has slowed down look for things to change a bit in the near future.
Call me old fashioned again but if you can't afford a 30 year loan then you should re think what you are purchasing....Yes that came from a Broker.....and yes that is how I make my living selling homes but good advice is good advice even if it means selling less homes!
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Regards,
Rick Goates
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