How Does Qualified Mortgage Ruling Affect You?

Thanks for joining me today. I have some important news that will affect you. On January 10th, the Qualified Mortgage Ruling will come into play. What is that? Banks and lenders want to make sure you have every ability to repay your loan, so they are making the underwriting process tighter.

One of those ways is with the debt to income ratio; they are lowering it to 43%. How does this affect you? You may have qualified in previous years and not even known what your debt to income ratio was; you could have been over 43%.

Here at Gateway Funding we are holding off on the Qualified Mortgage Ruling until Fannie Mae updates. Fannie Mae has seven years to update; that means they could update a month from now, three years from now or seven. It's important that Qualified Mortgage Ruling doesn't prevent you from getting that new home, so give me a call today and we can figure out where you are.

You can call me at 619-209-7123 or email me a sharos@gatewayfunding.com