Qualifying for a Home Loan is Getting Easier!
Good news out of Fannie Mae… the debt-to-income ratio when qualifying for a Conventional Home Loan is being raised from the current 45% to 50% come July 29th, 2017.
This could mean additional buyers now qualify for a Conventional Loan versus having to go FHA. The main benefit of Conventional is a lower ongoing Mortgage Insurance rate, plus no upfront Mortgage Insurance Premium tacked onto the initial loan amount.
Many other factors still remain in place to qualify, however. Credit scores & history, employment history, down payment & reserve funds, etc will continue to play a role.
If you’ve been on the fence about Buying a Home, this could be a good time to dip your toes in the water. Interest rates have settled down nicely after a climb to begin the year. Inventory levels of homes for sale remains at a shortage though so expect competition.
We are here to answer any questions you may have and assist you no matter when the time is right for YOU. Please give us a call @ 623-203-2264 to schedule a Private, No Obligation “Pre-Move Consulation” to determine your true options.