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!
Two Car Payments
Qualifying in January 2018
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