Citi Mortgage, a division of Citibank, is cutting their loan to value limits on second mortgages to 85% ltv in areas of the country that are deemed to have declining markets. This is just another symptom of the the mortgage meltdown this country is experiencing. Chase has cut their lending limits to 75% ltv on second mortgages. Six months ago both of these lenders would lend up to 100% of the value of your home.
Lenders are cautious now. You need to do your homework now if you are trying to get mortgage financing on a home. Just because you want to do something, does not mean that the banks will be willing to work with you.
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