|
If it's not your primary residence you're going to have to jump through some insane hoops, compared to 4+ yrs ago, to get a mortgage. I paid cash for two properties in spring '08 and havent been able to aquire a mortgage for either. The loan to value is well under 60% and one is generating income now. It appears the income to debt ratios for approval have gone way up and I'm told if you don't have 12 months of cash reserves the banks wont lend to you. Might be better for you to look at private lenders or hold out until the market improves. I'm waiting for things to calm down before I start looking again. Unfortunately, I think the market's going to get way worse before it gets better.
|