Lending guidelines at Bank Of America may get even more strict next month. I was just informed that Bank Of America will require 40% down for a condo purchase in Daytona Beach. This may not be 100% accurate and I'm trying to verify this information right now.
This will not help the Daytona Beach condo market! There are very few buyers that have 40% to put down on a condo purchase. I'm hoping that this new policy does not apply to all condo purchases and only applies to buyers with damaged credit. I will update this post when I have more information.