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The Watercooler
Anybody work in the residential mortgage market?
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<blockquote data-quote="InsaneCdn" data-source="post: 552954" data-attributes="member: 11791"><p>That is TOTALLY crazy.</p><p></p><p>Now, granted, rules are a bit different here, but... for us, a <em>property value </em>under about 80 grand is subject to more stringent "percentage" limits... like, if you want to get a mobile home, you can get a mortgage, but you HAVE to put down at least 25% (some want 35%)... on a standard residential home, you can get a mortgage with 10% down. The theory is that these "cheaper" living options are harder to get rid of if the bank has to repossess. But... you should still be able to get a morgage. And if I have a house worth 150 grand and want a 25 grand mortgage, it's a non-issue. (they won't go below 10 grand due to the costs of setting up a mortgage)</p></blockquote><p></p>
[QUOTE="InsaneCdn, post: 552954, member: 11791"] That is TOTALLY crazy. Now, granted, rules are a bit different here, but... for us, a [I]property value [/I]under about 80 grand is subject to more stringent "percentage" limits... like, if you want to get a mobile home, you can get a mortgage, but you HAVE to put down at least 25% (some want 35%)... on a standard residential home, you can get a mortgage with 10% down. The theory is that these "cheaper" living options are harder to get rid of if the bank has to repossess. But... you should still be able to get a morgage. And if I have a house worth 150 grand and want a 25 grand mortgage, it's a non-issue. (they won't go below 10 grand due to the costs of setting up a mortgage) [/QUOTE]
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The Watercooler
Anybody work in the residential mortgage market?
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