Our In-house mortgage broker recently sent out an email relating to the confusion that many people have over the new Mortgage rules that were implemented March 18, 2011. It turns out that a lot of people are of the impression that they now need 15% as a down in order to qualify for a mortgage or buy a home - well evidently as it turns out that information is false. It is the amortization period that will be reduced from 35 to 30 yrs, which when put into perspective for the average purchaser who buys within their means this change is almost irrelevant !!!.
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