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Dear Realtor, Builder & Sales Partners,
 
I had many phone calls today to simply ask me if Bank of America had money to lend.  That answer is YES!   Our rates on non-conforming loans (over $417K) should beat anything in the market as well. 
 
There was confusion generated in the market by news of JP Morgan Chase eliminating in Florida as of today 10/1/08 several types of lending. The news stated no more lending on 2nd homes,  no condos regardless of the occupancy, no investment properties, no deals with less than a 660 score, maximum debt to income of 45%.  This does NOT relate to Bank of America.  We frankly last Friday begin to offer again 90% financing with PMI on 2nd homes and condos and 95% with PMI in declining markets on primary residences only. (certain restrictions apply so call us for a quote)
 
The efforts of Congress and the Treasury to stabilize the financial markets have been great however as we know an agreement was not reached as of yet.  The challenge they continue to face is how to ensure the continued flow of credit as credit availability is essential to a functioning economy.  Until liquidity returns to the market the financial volatility we are witnessing may continue.  We trust their delay means a better plan of action.  While I cannot speculate on other lenders I am confident in Bank of America's ability to be there for you and your clients.
 
Enjoy our October Newsletter and the Pumpkin Cheesecake!
 
Posted by Gordon Robinson on October 3rd, 2008 2:04 PMPost a Comment (0)

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