How To Buy A Condo #4

KEEP UP TO DATE ON FINANCING RULES

 

Staying up to date on changes to real estate financing rules will help you be ready to move when the right buying opportunity presents itself. Recent changes include shorter amortization periods on government insured mortgages (down to 25 years from 30) and the requirement that investors buying rental properties put down a minimum of 20% (up from 5% - some exceptions apply)  There has also been talk about a possible increase in down payments for all home buyers from 5% to 6% or 7%, as well as more rigorous mortgage qualification requirements for condo buyers.

 

Another proposed change would require lenders to include 100% of condo fees when they tally a borrower's monthly expenses.  (Currently they use just 50% of these fees in their formula.)  This change would make it more difficult for people--especially first-time condo buyers--to qualify for a mortgage.

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Aaron Moss

Aaron Moss

REALTORĀ®
CENTURY 21 Assurance Realty Ltd.
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