Quote:
Originally Posted by Lakesrider
Wifi, I read through the while post intending to post that exact some thing. We had lots of folks look at our condo down in Nashua while it was for sale. No buyers. The realtors told us none of them cold get a lone....Banks are still holed up and very nervous about lending even though they got gazabillions from the Gov't.
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Not entirely true. Banks will lend. Heck I had no trouble at all getting a mortgage on the place that I bought this year. However the fundamentals are simple - good debt to income ratio, 20% cash down, and decent assets above and beyond the down payment. Sadly many spend as much as they make, save little if at all and are carrying significant debt. Yes unlike in the recent past, these individuals are now being passed by as to risky and rightly so. Even if a bank gets 'gazabillions' from the Gov't, making a loan that is likely to default doesn't do anyone one any good.