MORE CHANGES!!!!!
To all realtors and mortgage professionals alike, 2010 will prove to start with a major shift toward even further tightening mortgage guidelines. As of January 15th 2010, FHA looks like they will be straying away from anything equal to or greater than 50% debt to income ratio. Although maybe a necessary evil in light of high default ratios on newer FHA loans, it also becomes another reason for lots of the main investors on the street to turn down deals...
As a word of advice, adjust your pre-qualifications now for any clients that may be looking to buy in the near or far future and may be pushing this debt to income ratio threshold. It will save you time, stress and heartache!
Happy New Year!
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Senior Mortgage Banker in Bergen County, NJ with 7 years experience in all forms of real estate financing.
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