Q: What is going on in the mortgage market today?

A:  Things are changing rapidly.  You can still obtain loans at 5% or 10% down.  But the lenders are looking very carefully at the appraised values and your credit scores on these higher value loans compared to if you put 20% or more down.  Underwriters have much more stringent requirements for the appraisers and comparisons that they can use to evaluate properties.  Many of the loan programs are changing and some have been discontinued so there are more limited choices of loan types to fit a buyer’s needs.  We will likely continue to see changes until the banking industry stabilizes.  In the meantime, this is a great time to buy with interest rates below 6% and sellers are VERY MOTIVATED!