This week Fannie Mae, the country’s largest source of mortgage funds, announced that it would ease its debt-to-income ratios come July 29th of this year. It will raise the debt to income ceiling from 45 percent to 50 percent. Fannie Mae also made changes earlier this year to make it easier for buyers with significant student debt to purchase their first time homes.
This comes at a time when a lot of buyers are still afraid of the market. Having lived during our last recession many people are still nervous about another bubble. While none of us know what is going to happen, we can say that lenders are still qualifying buyers much more strictly than they did in the early 2000’s. Prices have gone up drastically but that is also because of the Nation’s low inventory levels.
It is hard to say what will happen in the Real Estate world in the next couple of years but The Elite Team is always here to help you navigate it. For more insights click here ( http://realtormag.realtor.org/daily-news/2017/06/12/12m-new-households-1m-fewer-homeowners) article from The National Association of REALTORS® .
And, as always, don’t hesitate to contact us at www.BestFlagstaffHomes.com with any questions or thoughts!