Cash buyers are prevailing in this market and sellers pay close attention to no-financing contingencies! Over 65% of transactions closed to date in 2011 were cash transactions. Lenders have tightened up their mortgage policies demanding higher down payments and stricter qualifying for even to most credit-worthy buyers.
As a matter of fact, through all of 2010, 3 of the major lenders provided over 1/2 of all US mortgages, according to the fourth quarter 2010 Mortgage Lender Ranking from MortgageDaily.com. Wells Fargo, Bank of America and Chase originated 56% of last year's business. The number of FHA-backed loans also rose from around 19.1% in 2009 to 19.8% in 2010. US lenders closed on about $1.530 trillion in 2010, down from $1.970 trillion in 2009. Well's Fargo remained #1 with $387 million.
If you are considering a purchase and require financing, be sure to check our resources. For Mortgage Info, click here. Or talk with us about lenders who understand this market and what it will take to get your financing accomplished.
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