Mortgage Rules Change Today

First-time buyers will be held to higher standard

Mortgage money a little harder to some by as of today. The feds new guidelines for borrowing kick in, including a so-called stress test to determine if first-time buyers will be able to service the debt if their financial circumstances change or rates rise. The bottom-line is first-time buyers will have to qualify for a loan at a higher rate then the’ll actually be paying. Realtors say it may mean first-time buyers will have to adjust the kind of property they are going to buy based on the overall price, or secure an additional down payment in order to qualify.