“Higher Rates and Lower Debt Ratios Will Mean Less First Time Home Buyers Approvals”
Last week, one of the lenders that I work with had decided to reduce their debt ratios for new mortgages going forward in anticipation of the mandatory reductions that go into effect 1/14/14. If there is already one, over the next few months others, others will follow.
In some markets across the country, first time home buyers are a key component to the real estate market and if some of these home buyers cannot qualify, home values will be affected.
So far I have been able to help almost everyone that wanted a mortgage, but over time this will change. Anyone that is on the fence, get them off, otherwise some will lose out and have to continue renting, even though they want to own a home in the future.
image courtesy of jscreationzs/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.