Earlier this month, The Washington Post wrote an article regarding Fannie Mae raising its debt-to-income (DTI) maximum by 5 percent. What does this mean for people who want to buy a home? In short, it means that there is now more opportunity as the main deal-killer for buying a home has always been an applicant’s ratio of debt to monthly income.
In some way or another we all have experienced the struggle of trying to balance that ratio. Managing to cover rent, pay bills and still chip away at our credit card debt or school loans is a real struggle. But, with Fannie Mae raising that ceiling to 50 percent, there is more opportunity for those who saw the value in investing in an education, or didn’t expect to have to pay that medical bill, or simply made some bad financial decisions. Whatever the reason for the debt, this increase is positive for homebuyers and now you can be one. So get ready because by August of this year, your chance of qualifying to buy a home just went up 5%.
To read the article reported in The Washington Post, check out the link below
Author:Rick and Teri Brenkus Phone: 702-526-2298 Dated: June 9th 2017 Views: 289 About Rick and Teri: Rick and Teri Have been top producers for over 30 years in the Las Vegas area and have been ranked i...
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Rick and Teri Have been top producers for over 30 years in the Southern Nevada and have been ranked in the top 50 agents in the US by the Wall Street Journal out of over 1.3 million agents. They have sold over 4,000 homes in both stable and challenging markets. Their strategies and incredible systems to represent buyers and sellers can not be matched! Sellers enjoy netting top dollar in the least amount of time with their massive marketing and ability to stay ahead of the curve! This Top Producing Team has consistently been in the top 1% of agents Nationally for the last 30 years. They are national speakers and are highly sought after by many who want to get to the next level in their business. They also serve on Professional Standards at the Greater Las Vegas Association of Realtors and are Senior Faculty Instructors. Their list of credentials are endless!
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Creating a budget can be difficult, especially when you’re budgeting
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