With the recent announcement by the government to its changesin Mortgage Financing that will take effect on April 19. I thought I would highlight one of the changes in particular.
What will the Posted rate be that will be used to qualify clients on April 19?
This is still in discussions with the government so it is a great time to act now.
For Example:
Average family income of $80,000
Currently they can qualify at 3.75%
New qualifying rate at April 19,2010 5.5% ( I am using a guess here )
Today they would qualify for approx a $422,000 mortgage
On April 19......
They will only qualify for a mortgage of $339,000 .
That means they are loosing out on 83,000 in purchasing Power. Get the most purchasing power by acting before April 19, 2010
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