We received news on Friday that at least one local Cape Cod lender, Cape Cod Five, is reinstituting 90% loans for second home buyers. (NOTE: Contact Meryl Watson for details: firstname.lastname@example.org). This was made possible because no title insurance companies would insure more than 80% loans but now at least one company is willing to offer the coverage.
95% Financing is Available for Cape Cod Condos
My initial reaction is positive because this will hopefully ease some of the pent-up demand by encouraging condo buying Baby Boomers and others who have been on the Cape Cod vacation home buying sidelines recently to get back into the game. I confess to a twinge of, “Oh no, here we go again,” but overall I am glad to see this happen and think that this will be good for the Cape Cod real estate market and economy in general.