Is anyone else having a hard time keeping up? Just when you think you learn the new rules of lending, they change. You study program guidelines, check out lender websites, grill your account execs, and tattoo new Fannie Mae manuals on your forearm to no avail. I'm just too slow.
OK. 100% No Doc programs for investors couldn't last forever; I get that. But what happened to cash-out refis over 75% LTV? Are there any 100% loans left? For folks like us in Bradenton, Florida who have been tagged with a 5% CLTV penalty for being in a declining market, I guess not. Isn't the whole country in a down market?
And what's up with the appraisals? I thought 5 comps would be delightful, but turns out most lenders want 8 recent sales within 30 yards of the subject property that have sold in the last 72 hours. It's nuts.
I just want to be part of the solution and get qualified, stable buyers into one of the 4,100 homes listed in Manatee County. Is that too much to ask? Is anyone else feeling this or am I the only one feeling like a turtle? Maybe I should start using carrots instead of bowling balls to catch these hares!
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