Getting Easier to Get Big Loans

By Elizabeth Razzi
Sunday, May 18, 2008; Page F01

The gears of the mortgage market are starting to unlock for borrowers needing big loans. In expensive markets such as Washington, that covers most people looking to refinance or move up from an entry-level home.

Just in the past two weeks, interest rates on the new "conforming jumbo" mortgages -- for amounts between $417,000 and $729,750 -- have come down enough to make a difference to borrowers. And mortgages allowing down payments of just 3 to 5 percent are coming back to the market for borrowers who have good credit.

"The bottom line is rates are lower than they were," said Kevin Connelly, a vice president at BB&T.

Source: Washington Post. View Article.

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