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Breaking News: New Mortgage Rules

New mortgage rules were announced today! Major changes are as follows:

  • Maximum 25 year amortization (from 30 years)
  • Refinances allowed only to 80% (from 85%)
  • Debt service ratios have been lowered
  • High-ratio mortgages (less than 20% down) will not be allowed on purchases over $1 million

If you have been sitting on the fence about purchasing a home, now would be a good time to connect with a mortgage professional!  If you would like a recommendation, I would be happy to refer you to one!

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