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smeagolsfree

Chase to open loan office in DT Nashville

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The condo market may not be totally dead in DT Nashville as Chase Home loans is hiring lenders. This is according to the NBJ

http://nashville.bizjournals.com/nashville.../02/story5.html

The article goes on to say that the FHA limit has been increase to 432,500 frim 226,000 in Nashville. "Chase says it can approve projects for developers through FHA with only a 3% down payment from buyers."

This could be good news that some areas of the country are coming out of the slump. It all remains to be seen what happens the rest of the year.

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It sounds like the banking industry still hasn't learned a lesson from the bad lending practices of the past few years. If I were running a bank, there's no way I'd lend money to anyone with only 3% down. Sometimes I wonder just how many idiots are out there.

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JPMorgan Chase is actually one of the few large American banks that mostly and smartly managed to avoid this whole subprime mortgage mess. They were one of the few large banks not dealing with major problems of their own when Bear Stearns started to go under, that's how they were in a position to acquire Bear Stearns with no competition. Remember, this mess is largely due to banks lending too much money to people with risky credit histories, not lending money to people with no or little money down. All that being said, I do agree that it's not a great idea to lend money with little or no money down. Chances are if you can't afford to put a decent percentage down, you might not be able to afford the purchase.

Also, if I'm reading the article correctly, the "down payment" has nothing to do with the individual mortgages, it's more of a security deposit buyers give to the developer to guarantee that they're actually serious about buying the condo. The loan in question is the overarching loan that Chase would make to the developer to build the entire development.

Anyway, this is good news for high density development in central Nashville.

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Thanks for the clarification. Do either Tony or Alex have 3% yet?

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Thanks for the clarification. Do either Tony or Alex have 3% yet?

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