Changes in mortgage financing coming soon!
April 19th 2010 marks a new start to mortgage financing rules, home buyers looking to purchase a new home will be facing tougher qualification standards:
- The changes will be limiting home buyers from getting 95% LTV (5% DownPayment) to 90%LTV (10% DownPayment)
- All Buyers will face the same qualifications as a 5 Year Fixed Mortgage, regardless if they choose a lower or looser term
The Market is very strong at the moment and these new rules are to prevet any sort of housing bubble or economy downturn.
Please call us to get your pre-approval before the deadline.