We had a productive day via the internet today. It seems that activity is edging up ever so slightly on our Lake Lanier websites and on our Cumming Foreclosure Homes site. Is the Home Buyer Tax Credit program driving this activity?
One of the sticking points for second-home buyers and investors on Lake Lanier has been the strict requirements on getting approved for loans in those categories. Banks are holding firm on 20% down on second home purchases. But is this still the norm? It seems that there are rumblings in the market about potential softening on this requirement. Potentially, loans that might be available with only 10% down for second home purchases. I even heard the suggestion of using a home equity line on a primary residence to raise the 20% cash down payment for a second home! Folks, the wonder years of zero down, no doc, 5% down, etcetera on second-home loans is a thing of the past. Or is it?! Please let us know what you're hearing from your lenders!
www.LakeSidneyLanierHomes.com
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