Are you still looking to buy a home during the COVID-19 pandemic? You’re in luck: Today we’re joined by Jennifer Hernandez of Legacy Mutual to update you on the various loan changes that have taken place in our market. In general, credit requirements are tightening, and there are important limitations you need to be aware of regarding FHA, conventional, and jumbo loans.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
0:55—Why credit requirements are tightening
1:25—New credit requirements for FHA and conventional loans
3:06—The new maximum debt-to-income ratio for all loans
4:15—Why there are fewer buyers in the marketplace and how that impacts sellers
5:23—Jumbo loan changes
6:33—How a split loan can help certain buyers
7:28—Wrapping things up
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’re here to help.