4:12 P.M. on September 29th, 2008
The so-called "bailout" package has failed to pass the house. The stock market has closed down more than 700 points. This is the largest point drop ever. The sky is falling? Credit markets have dried up? No money available for mortgage loans? Not true. Below is an e-mail just received from a mortgage broker that I refer to:
"As of today, I can do 95% financing for Residential so long as the loan amount is at or less than 417,000. I don’t know how long that will continue. Condos are limited to 80% LTV."
Homes may be purchased now at 2004 prices, and maybe even 2002-2003 levels!
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