Spruce Grove Mortgage Broker: Krista Rumberg
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New Mortgage Qualification Rules

Posted on
October 25, 2017 by

New Mortgage Qualification Rules

New mortgage rules have been announced impacting all conventional mortgages where borrowers have 20% or more for a down payment.The changes will reduce your buying power by approximately 20%. These rule changes will be effective January 1st, 2018 so there isn’t much time left!

Example

Household Income

$100,000/yr

Two Car Payments

$900/mth

Qualifying Today

$700,000

Qualifying in January 2018

$550,000

A family that currently has a household income of $100,000 and two car payments = $900/month currently qualifies for a purchase of up to $700,000.

On January 1 after rule changes the same family will qualify for a purchase price of up to $550,000

Have questions? Don’t wait, call me now.