2007-11-03 21:01:46 · 3 answers · asked by Brian J 1 in Business & Finance ➔ Renting & Real Estate
Yes, 100% financing was on the market a decade ago. What changed in the last decade were the criteria used by lenders to approve such mortgages. Ten years ago, one had to have nearly stellar credit to qualify for that type of mortgage. Lenders relaxed those criteria about five years ago, based upon the silly assumption that real estate values would continue to climb rapidly, and that their initial 100% financing would quickly turn into a 85% LTV, based upon real estate value increase.
They learned last year that their assumption was not only silly, but dead wrong.
2007-11-04 01:37:33 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Folks lived more within their means.
Housing prices were much lower.
2007-11-04 04:32:39 · answer #2 · answered by yakrafter 2 · 0⤊ 0⤋
100% refinancing hasn't gone away dear, it's just harder to find, and you can STILL get it if you are very high in your credit scores.
100% refinancing was routinely available to most everyone at the first of this year.
Do your research!
2007-11-03 23:14:40 · answer #3 · answered by Expert8675309 7 · 0⤊ 2⤋