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!