Yesterday we had four mortgage panelists from RBC Bank Venture, First Federal, Harbour Light and Bank of America speak to us Realtors. In a nutshell: Credit quality and collateral risk are driving points of decision of approval or not. Still money out there. Primary home loans up to 95%, Secondary up to 90% and INvestment at 80% or lower. For Condo loans need local lender due to master deeds, budgets and knowledge of what is going on. Occupancy is hot button on second home loan. If using rental to qualify on investment property up to 75% or less of what reputable rental company projects will be used or preferably documentable rental history. If you sell a condo furnished, important to state in contract that it has no value. Jumbo loans will more likely stay in house.
Bottom line: There is money out there for the right buyer. Good luck. Respectfully submitted, SUSAN OCHSNER
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