I spoke to a very reliable lender today from Bank of America (BOA) (she's been in the business over 24 years) - she mentioned that effective May 17, 2008 - All of the counties in MD will be considered a declining market....now for some agents, buyers and sellers this might not be news..... It was for me - thanks to the Media, I thought all of the United States was a declining market, so I guess there's still hope~ Okay, so what does this all mean??? From my understanding, it will effect purchasers who apply for conventional loans..... again, what a surprise, I didn't know lenders were still doing conventional loans!! (Okay, so now I'm kidding, but seriously).....the decline will effective the amount of funds the buyers will need to put down on their purchase ~ from my understanding, prior to May 17 if a purchaser needs 20% down, he or she will now need 25% down, after May, 17 - I'm starting to wonder why anyone will want to do a conventional loan, why not go FHA, since it's available to almost anyone...... I was so surprised at some of the upcoming changes that the lender was sharing with me, I thought others would like to find out more too - so if you're untested in the upcoming changes that will effect all of MD - please email Nancy Raphel with Bank of America (firstname.lastname@example.org) with your comments or questions, I'm sure she'll be happy to share all the facts with you - I was very enlightened, to say the least!
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