Don’t Miss The Home of Your Dreams! You will have 18 to 20% less buying power after January 1st.
The federal government is changing the qualification rules on conventional mortgage qualification as of January 1st. A conventional mortgage is when you have 20% or more down payment. Now you can no longer qualify at the at
actual rate you will pay, You have to qualify at fictional rate 2% points higher. That means if you earn $80,000 per year instead of qualifying to buy a $518,000 home you will only be able to purchase a home worth $420,000.
This is what that would look like in terms of actual homes you could buy.
|Before January First 2017
After January First 2017
- List Price $419,900
- 2 Storey Duplex in West Creek
- Built in 2005
- 2.5 baths
- Undeveloped non-walkout basement
- Backs onto power lines and rear lane
- 1914 sq. ft.
- View this home here