Health & Fitness
Low-Income Will Find it More Difficult to Get Mortgages in the Future
The new qualified mortgage rules will change the number of people who can get a mortgage.
Now that the “qualified mortgage” rules have been put into writing and the debt ratio of 43% is going to be common place going forward, many will not be able to qualify for a mortgage.
So, what do these families do? Rent forever? Find higher paying jobs, that don’t exist? We have a nearly 8% unemployment rate and a much higher rate if you include those that are under-employed, what do these families do?
Once interest rates start moving upward, less and less potential homeowners will be able to qualify for a mortgage and their American dream is gone.
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When there are less folks coming into the market place to buy homes, what happens to real estate values?
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By: Amilda Dymi
"In recent years data have shown the legacy of the housing crisis was disproportionately negative on low-income and minority homeowners. New findings indicate another crisis in the making for these buyers."