There is an update to tell you about in our mortgage industry! This comes from the spur of tightened mortgage guidelines and it is something to watch for here in our Florida market.
Many mortgage investors now are paying closer attention to the appraisals. Specifically the area on the URAR that outlines the conditions of property values. (This is in the middle of page 1 of the URAR in the Neighborhood Section).
Some investors on conventional product are reducing the maximum LTV by 5% whenever the appraisal states that the subject property is in over supplied area or an area of declining property values.
My advice is to pay VERY close attention to this area of your appraisal and be sure to check with your lender on their specific requirements.