Quote:
Originally Posted by Blake
it's pretty bad, all things considered. the dow jones hit a 12-year low today. it's weird to think the average was over 11000 just a year ago and we're looking at an average of low-6000 today. there are blocks of houses that are either for sale or foreclosed with no end in sight. it's not that there aren't buyers, it's just that if you don't have 20% or more to put down on a mortgage, there isn't a bank in the land that will even look at what you have to offer, unless you have near perfect credit and high LTV. it's pretty crazy...i hope this is a once in a lifetime event. whole states are near bankruptcy!
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Banks here will do 95% financing, I don't know what kind of banks you are looking at...?
BTW, don't you want a low LTV instead of a high one? (I am assuming you are talking about Loan To Value, as in the amount of the loan compared to the value of the asset you are borrowing againt?)
Around my area I would say it is not too bad (midwest). Not too many foreclosed homes, but then again I think people in the midwest are *generally* smarter about their finances and live within their means... or it could just be that everything is cheaper here. Of course there are always outliers to every rule (like me who pretty much spends as much as I make at this point in time)