Mortgage lending is being further restricted in the State of Florida.  Was it Ivan? 

 

The following restrictions have been added by some of the National Lenders:

 

·        No condos of any type (what about South Beach?)

·        No investor loans

·        No second homes

·        ONLY primary residences

 

……….should I stop there??

 

·        90% loan to value on all mortgages- max

·        Townhomes/patio homes limited to 80% (what about Boca!!)

·        Minimum credit score is 660

·        A few more that are too technical and not that interesting

 

 

Good thing Grandma paid cash! All kidding aside, this is going to kill the Florida market to the point of a dismal and slow recovery.  These restrictions along with the overall credit nightmare is going to push Florida over the edge.  We might even see small boats carrying senior citizens to Cuba, instead of the other way around!  Ok, not funny.

Au revoir

 

– Dale Robyn Siegel