In 2012 the max amortization was reduced from 35 years to 25 years so the qualification dropped from $640,000 down to $510,000…
OnOctober 17, 2016, the qualification dropped from $540,000 down to $430,000 based on a family income of $80,000 and only 5% down payment.
Our clients continued to buy houses after the change in 2012 and they will still continue to buy houses. However, now more than ever clients may need help from an experienced mortgage broker like Dan.
Call or email me and we can discuss your purchase options and amounts.