If you’re looking to buy a new home in 2018 you’ll want to make sure you’re familiar with the new mortgage rules. A new minimum qualifying rate has been set, also known as the “stress test” which impacts uninsured mortgages (mortgage buyers with a down payment that is 20% or more of their home price).
Potential home buyers wondering how their buying power has been affected by these changes can reference this mortgage infographic below to help get a sense of what their affordability will be based on income.
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