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.

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We are located on the Northwest corner of 75th Avenue & Thunderbird Road in Peoria, which is anchored by Basha’s Grocery Store. We are on the end of the center towards 75th Avenue and just across from BBVA Compass Bank (suite 9). You’ll see our sign on the building. Come on in, we would love to see you.