New Mortgage Rules - March 2011
You will need 20% down and possibly MORE! This is a reminder to anyone who is planning on making a purchase this year with less than 20% down. The amortization rules coming into effect as of March 18th will reduce your qualifications by about 7.5%.
So, if you are currently pre-approved for a $400,000 mortgage, you will likely qualify for only $370,000 after the new rules come into effect. Remember that you only need to write an offer and submit it for financing to have yourself grandfathered, you do not need to complete on the purchase before March 18th.
So, if you are currently pre-approved for a $400,000 mortgage, you will likely qualify for only $370,000 after the new rules come into effect. Remember that you only need to write an offer and submit it for financing to have yourself grandfathered, you do not need to complete on the purchase before March 18th.