I spoke with 3 local lenders in Sevier County, TN in the last couple of days who service loans in Gatlinburg, TN, Sevierville, TN and Pigeon Forge Tn. I asked them about mortgage lending and why money was "so tight" and "not available" for those even with good credit scores. All three of them looked at me like I was on another planet....
One said "it's a revolving door here--we're getting all kinds of re-financing and new loans...there's money to lend here!
Another corrected me, saying that her bank (WELLS FARGO) was continuing to offer 90% loans on vacation homes or second homes!
It is so important to go right to the source, and not rely on the infomercials that cable TV has become to find out what's really happening in a specific market. Lenders here are saying "bring it on" and wanting to use their experience and creativity to address all kinds of challenges. Never hurts to get the information!
Contact Wells Fargo, BB&T or SunTrust (at (865)429-6400 here in town to get more info!
I love these mountains and know you do, too. Let me help with no-obligation information if you're just starting your search, or top-knotch service to complete a transaction!
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