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Rules and Guidelines for Home Buying are always constantly changing. Here are a few changes you need to know in 2016, DC, MD, and Northern VA Home buyers, buying with FHA, VA or Conv Loans
FHA Loan Update
Has released new rules on how they will count deferred qualifying student loan payments, at the end of 2015 they tightened standards after a lot of complaints they have reduced levels. If you are a client that was previously denied a FHA mortgage due to deferred student loan debt, it may be time for you to reconnect with a lender to get re-pre qualified,
If you have a pq letter you may want to have your lender redo it – it may and can change your qualifying amount, this is for mostly deferred loans, reduces outstanding loan balance requirement from 2% to 1%, but can make a difference.
VA Loan Update
There are new rules on how Veterans, Active Duty, and Govt Employees can have 2 (TWO) VA loans at one time, Call me for details this mostly only works well for relocating from a smaller house to a larger home for primary residence and preferably more than 50 miles away. A lender would need to pull your current COE- Certificate of Eligibility and Debt to income ratio – to see what you would qualify to buy.
Conventional Loans Update
George Mason Mortgage and McLean Mortgage are two of the lenders now offering 3% Conventional loans guidelines (there are a few others)
First time buyers only or for those who have not purchased in 3 years,
Preferably no previous bankruptcy or foreclosure at all
No max income requirement like VHDA and Down Payment assistance loans for DC and MD
Minimum credit score 620
Must be primary home not for investment
No mortgage insurance, payment should be cheaper than fha
3% down, must be own funds can not be credited or gift.
The season will be busy this year so having a pre-qualification and the a pre-approval will be vital for a successful home buying process in DC, MD, and VA.
For more info on these programs and to start your pre-qualification process contact DeAndrea DeeDee Jones at email@example.com or thru GreatDCMetroHomes.com.
Home Buyers Marketing II, Inc a DC, MD, VA Real Estate Brokerage Company.