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Underwriting guidelines are tight, but banks still making home loans.

Publication: Mississippi Business Journal
Publication Date: 26-JAN-09
Format: Online
Delivery: Immediate Online Access
Full Article Title: Underwriting guidelines are tight, but banks still making home loans.(Banking & Finance)

Article Excerpt
Despite gloomy news on the economic and real estate fronts, banks in Mississippi are making home mortgage loans. As a sign of the times, however, underwriting guidelines have changed concerning credit scores, loan-to-value ratios, appraisals and down payments. Bankers say they are taking a closer look at potential borrowers, but it is a good time to purchase a home or refinance an existing mortgage.

Hancock Bank is seeing a strong refinancing volume with most applicants being approved, according to Daniel J. Zoble, mortgage division manager. He sees refinancing and lowering payments and/or total...

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