The Wealthy & Their Mortgage Problems

The part of this article that really stuck out to me in the article was about second homes.  Unfortunately many in the past and still in the present try to convince someone that the property they are buying will be a second home so they can get a better rate. 

So many people do this and have ruined it for the rest of us. 

“Susan Bruno has a client who was turned down for a mortgage twice — despite an 800 credit score, more than adequate down payment and plenty of income. The problem was that the client wanted to buy a second home. And because the client would not, could not, swear that he would occupy the home at least 75% of the time, lenders weren’t interested.”Mortgages for second homes have been tough to get the past couple of years,” said Gumbinger. “A lot of second-home areas, like in Florida and Arizona, are among the most challenging markets.”

http://money.cnn.com/2010/01/20/real_estate/mortgage_woes_for_wealthy/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29