New Government Regulations for Mortgages Clarified
- Purchasers will require an accepted offer to purchase in their hands dated no later than March 18, 2011 to qualify under the current rules to keep the 35 year amortization.
- The purchase of the new property must complete within 90 days of March 18, 2011 to keep the 'old' terms (35 year amortization)
- The exception is builder's projects or construction of single family dwellings where we can hold the rate for 12 - 24 months, once we have an approval we can keep the 35 year amortization, but an accepted offer to purchase must be in place by no later than March 18, 2011.
This entry was posted on February 3rd, 2011
| Posted in Mortgages