Question: What if I purchase a new build or resale home, with a possession date after January 1st, 2018? What Mortgage qualifying rules apply to me?
Answer: As long as you have a firm purchase agreement, dated/signed, before January 1st, 2018 you qualify under the Mortgage rules changes before January 1st, 2018.
As long as your purchase agreement is a firm, legally binding, dated before Jan 1st the pre-existing Mortgage qualifying rules apply.
There might be Mortgage conditions to fulfill as part of your approval (income verification, sale of existing home, verification of ID’s etc etc). Regardless of the outstanding conditions, the sale agreement is firm BEFORE January 1st, 2018, pre-existing qualifying rules apply.
Question: What if I have my home listed for sale?
Answer: Your buyers will qualify under the existing Mortgage rules, should the purchase agreement be firm, legally binding, before January 1st 2018.
If you’re home is still for sale, without a firm purchase offer, on or after January 1st 2018 the buyers of your home will have to qualify under the new Mortgage rules.
Do you have other questions?
Let me know
Cheers,
Chad Moore
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