But what do the NEW rules really mean?
The changes should not mean much has changed- but here is the short version- they are changes whose purpose is to insure that borrowers of monies for mortgages have the ability to repay said mortgages.
With that said- the changes that are rolled out today should not intimidate you from continuing or beginning your home search. What they should do is encourage you to be prepared- talk to a lender- actually a FEW lenders- and working with your financial history, financial present and financial future (crystal ball magic these lenders have)- Working with what you know come up with a home shopping budget that makes financial sense for YOU!
Just remember the NEW magic number when working on your budget- 43%- stay under that and be able to verify income and it will be as if nothing ever changed- Many people will simply be saying….New Rules- What New Rules?
Happy House Hunting in Eastern and Central Connecticut. If you need a REALTOR® to list your current home, or are looking to buy or rent in the Eastern/Central or Shoreline region- Give Dawn a call/text 860-575-5001 at Heritage Properties spc