DU 8.0 changes are headed our way. One of the major changes will be to the DTI limits allowed on AUS desicion loans. 45% will be the standard with DU allowing up to 50% with strong compensating factors.
If you are looking to buy this year you need to get with your loan officer very soon to make sure you are properly structured. Remember if you own a home already and want to buy a new primary you must qualify with both mortgage payments unless you currently have 25% + equity in your current home. With the new rules you will need to qualify for both mortgage payments and incude all other liabilities on your credit report and will not be able to exceed 45% of your gross monthly income.
Dont delay, get qualifed to purchase and start looking today. From the time most buyers start looking until they finally have an accepted offer and are in escrow it is taking an average of 45-60days. So plan accordinly.
You can apply online @ www.MORROWMORTGAGE.com
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