As of April 6th, the mortgage stress test will lighten up allowing an easier time for buyers to get into the market.
Right now, you must qualify at “Benchmark Rate” which is currently 5.19%. With the new rules, you will be able to qualify at the median rate being offered + 2% (right now, rates are around 2.79%). This will allow borrowers to increase the loan amount they qualify for!
Are you, or is someone you know, a first time home buyer trying to get into the market? This spring will be your chance!