Whose fault is the recession?

[Fly Rod]

Originally Posted by Raven

the average credit score is 650 or lower

I'm not saying what the average credit score is, I'm saying what it takes to get a loan from a local bank in my area, a score of 700 or better, 20% down on residential, 25% on commercial and some banks will charge you a higher interest percentage for commercial or a mix use commercial/residential. Before a bank will release monies for a Condo loan the units must be 71% sold or under agreement which means that if a person wants to buy and move in quickly he/she would have to pay cash if the Condo units do not meet the 71% and banks are not releasing monies on existing Condos if there is not a maintenance escrow/reserve account of which a lot of Condos never had before instead if they needed work to be performed they would attach special assessment charges to each owner above and beyond their monthly Condo fee.

Maybe banks in your area are accepting credit scores 650 or less, but I doubt it. Now a mortgage company may accept a lesser credit score.