Tight and Tighter

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Just when you thought it couldn't get worse, this note was sent to mortgage brokers from one of the biggest players remaining in the Florida market.

Effective tomorrow 10/1, we will no longer offer financing on the following transactions in Florida:
Second Homes
Condominiums regardless of occupancy
Investment Properties
LTVs greater than 90%
Borrowers with credit scores below 660 regardless of automated decision
Max DTI allowed 45% regardless of automated decision

I'm glad nobody has yet countered any of my lowball offers. They will regret it.

Comments

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