Ready or Not ... Here They Come!
During the last few weeks, there has understandably been some reluctance on the part of hopeful potential Home Buyers to jump into the Home Buying Market. I've heard many familiar explanations beginning to crop-up again.
Do any of the following sound familiar?
- It's back-to-school time. Our focus is on school and school activities
- Summer Vacations were in play
- There's limited inventory
- Job growth & Job stability is in question
- The Government Shutdown
- Potential Government Default
As though all the recent disruption and uneasiness hasn't been enough, there are more Mortgage lending changes coming in the next few months too.
What are some of the Mortgage changes on the horizon?
- Tighter Underwriting Standards ... in regards to Down Payment requirements and Loan-To-Value limits.
- Debt-to-Income Ratios will be reduced with upcoming changes in play, after examination of the industry and Mortgage Reform discussions.
Mortgage Changes: Ready or Not ... Here They Come! They say timing is everything. Those hoping to become Home Buyers have once again been provided ample reason to jump into the housing market sooner than later. Their time frame for action is the next 3 months. As of January 10th, 2014, and after ... the new Mortgage Lending changes kick-in and additional challenges will come into play.
* Hoping to Buy a Home or Refinance in a Lincoln-Way Community, Will County, or elsewhere in the Chicagoland area? Contact me NOW! I'll put my 36 years of experience and expertise hard to work on your behalf.
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