The use of interest-only loans for home purchases was unheard of just a few years ago, but in the last year these loans have exploded, giving many home buyers leverage against escalating home prices and enabling them to buy homes. Interest-only loans are loans in which borrowers pay only the interest due for a specified time. The District of Columbia topped a list of the 20 states/districts with the highest percentage of interest-only loans during the period of January to June 2005, according to data released by LoanPerformance. During that time, 52.3 percent of home purchase loans in the Washington, D.C., region were interest-only. Virginia followed with 43.8 percent of all loans as interest-only for the same period; Colorado had 43.7 percent; Arizona had 43.1 percent; and California had 41.8 percent. The rest of the top 20 states with the highest percentage of interest-only loans for the first half of the year in decending order were: Maryland, Nevada, Washington, Oregon, Minnesota, ...
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