MORTGAGES change often, but with new rules coming in January 2014, from the Consumer Protection Financial Bureau, they may result in more changes than you expect. These changes are supposed to protect the Home Buyer and Lender from risky loans. In the process they may make it harder for potential Home Buyers to obtain a loan and/or result in higher payments.
In an article published by RISMedia, Marilyn Kalfus gives her insight, and opinion, on why 'Getting a Mortgage Could Get Tougher'.
For those in Charles, Calvert and St Mary's Counties, MD, who would want to use the 100% financed, USDA, Rural Development Loan, you will also be watching to see if the Rural Development areas will be reduced in mid-January. If these Areas are reduced you will need to speak to your Lender about the next best type of Loan for you. Instead of No Down Payment you may find you need at least 31/2% in Down Payment, along with your Closing Costs.
I am qualified to help YOU buy or sell your home, or real estate investment. YOU need a Buyer’s Agent, or Listing Agent, to represent YOU.
ASK A QUESTION HERE RealEstate@MargaretC.com
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This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.