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News you can use January 17, 2008 -- Mortgage interest rates are hovering around 5.75% for conventional loans up to $417,000. FHA loans, to a maximum of $362,790 in most areas of Maryland, carry the same rate. Jumbo loans, with balances exceeding those of conventional mortgages, are around 6.75%. January 15, 2008 -- Lenders are restricting their underwriting via appraisals. If an appraiser submits that a house is in a declining market, the lender will require 10% down payment instead of 5%, regardless of the borrower's qualifications. And, appraisers are using comparable sales for the last three months, not the past six as they have historically, to reflect the new conservatism. |
NELLIE ARRINGTON, CRS |
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