From: Joe Couturier Bcc: dvcongdon@aol Subject: More Mortgage - TopicsExpress

From: Joe Couturier Bcc: dvcongdon@aol Subject: More Mortgage Guidelines Changes Are Coming Date: Fri, Oct 18, 2013 4:38 pm Good Afternoon! FOR ANY OF MY CLIENTS CONSIDERING A MORTGAGE ... READ AND HEED ... MORE GOVERNMENT MORTGAGE CHANGES There are substantiated rumors that more changes to mortgage guidelines are coming. I know, just when we get used to how things work…...BAM! Time to redirect what is approvable. Some details about the changes that will have the largest impact on your buyer’s approvals are described below. 1. I have grown to love the 3% down conventional loan. It is a GREAT alternative to FHA (since now FHA PMI is paid for the life of the loan.) But, the 3% down conventional loan is going away on November 16th. The minimum required down payment for conventional loans will be back to 5%. 2. Debt-to-income ratios are one of the single most important calculations to determine eligibility of a buyer. This is calculated by adding up all month debts (including the proposed housing payment) and dividing by the monthly income. We typically were confined to 45% or less. Starting January 10th, this is getting restricted to a maximum of 43%. ****Government loans should not be effected by these changes**** These changes are going reduce the buying power of many clients. If you have any clients that may be looking to get the biggest bang for their buck, please ask them to call me as soon as possible, so we can confirm their pre-approval and get them under contract before these dates! Buyers on the fence or waiting until after the holiday season may want to rethink their goals. After these changes go into effect, they may end up buying tens of thousands of dollars less. (Any new mortgage applications made on these dates will be susceptible to these new guidelines.) Please spread the word or call me with any questions you may have. I hope you have a great weekend and I look forward to working together again on our next transaction! Joe Couturier Mortgage Professional Morgan Financial P~321-757-3570 F~321-757-9730 morganfinancial.net

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