This article from the National Association of REALTORS, explains about the debt to income ration, and I' afraid, if you're self-employed, or an independent contractor you might find getting a new loan this year challenging.
They say the new "deal" is to protect the borrowers, but looks to me like the lenders will come out ahead on this one. See what you think.
New Mortgage Rules Roll Out - What Will Be the Impact?
Rutherford County NC: Karen D. McCall, Broker, REALTOR, e-Pro, shares her techspertise, promotes properties, and helps you buy and sell real estate in Western North Carolina. I had to take down our fish tank, the new virus protection keeps them from running. Heavy sigh.
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