Mortgage Rule Changes

[Gen1GT]

When the rule change happens (for mortgages) on Apr 19th (I think that`s the date), is it going to time out based on purchase agreement date, or by closing date?

 

[CarrieKoch]

QUOTE (Gen1GT @ Apr 7 2010, 08:37 PM) When the rule change happens (for mortgages) on Apr 19th (I think that`s the date), is it going to time out based on purchase agreement date, or by closing date?


From what I know you have to have your mortgage commitment in place by then. All paperwork signed for the mortgage, but property can close later.

 

[RobMacdonald]

You will be okay if you have an approval in place prior to the 19th. However, some rules are changing the rules early. There are changes with the self employed programs effective April 9th with a couple of the major lenders. Additionally, it`s very difficult getting a high ratio rental approved already.

But if you have an approval in place, then you`re okay to close after the 19th.