[quote=bearishgurl]
That’s awesome to hear, SK. You’re a good “friend.” Luckily, for him, your friend was only seeking a 30% LTV mtg in a prime area of SD. Do you think he still would have “qualified” for the $875 (P&I only?) mtg had he been seeking a >=40% LTV mortgage in a 400-500K area?
[/quote]
Absolutely. This was a loan program that required 75% LTV or less. Incidental that it was in a prime area, it just had to appraise. If he could have somehow got his 20 troy pounds of gold into the bank, he would have qualified for a 15 year loan. (BTW, banks cannot, by law, have different lending standards based on things like “prime” v. “not prime” areas.)
