Many people are wondering what is going on since the government announced new rules for mortgages. If you are looking for a home, you can still buy a home, you are not in trouble. This simply means that you might not be able to afford the bigger home you wanted but at least you can still get a new home. The new rules came into effect in order to protect you. This way you will be able to manage your mortgage more effectively. Too many people get a mortgage for the new home and can't afford all of the extra things that life throws at us.
This just means that you can still get a new home instead of renting and in a few years, once you get some equity in your home you will be able to buy that bigger or more expensive home. You will still get today's low-interest rates but you have to qualify at the higher rate.
If you have any questions or would like to discuss this in more details, just give me a call and we can chat. Feel free to share this if you know someone might benefit from this.