New mortgage lending rules effective July 9th

New mortgage lending rules were announced this morning and will come into effect on July 9th. These rules will affect new home buyers and current home owners looking to refinance.. They are as follows. 1. Amortizations reduced to 25 years from 30 years 2. Refinancing limited to 80% of the home value (was 85%) 3. Properties purchased at over $1 million no longer eligible for mortgage insurance 4. GDS and TDS set at 39% and 44% If you are currently pre-approved or are looking to refinance, please contact me right away to ensure your ability to qualify remains intact.