Financing Changes

In the last few days big changes in condo financing have occurred. So big, in fact, that if you have a condo pre-approval letter that is more than six months old, it is no longer valid. I urge you to go immediately to your lender and learn the facts as they relate to you now.

For example, if you want to finance a condo for 80% or more, you no longer can, as of this week. The financing rules just changed. So if you were planning to pay a 20% down payment on a condo and finance the other 80%, you no longer can. This is very bad news for a lot of would-be new home owners! Don't let this change in financing stop you from buying. Maybe there are Mass Housing programs for you that you qualify for. If you are a low to moderate home buyer, check online or ask your bank or credit union about Mass Housing programs. According to the Massachusetts Association of Realtors magazine I was reading the other day, there are many programs for many types of buyers. Get the facts. There is good news for buyers, it may just be a little harder to find as of this week.