Calling all Glendale First Time Homebuyers...financing getting tougher...

...For those who are sitting back before buying Glendale Real Estate, get moving or you might miss out on your chance to buy altogether! Starting December 12th 2009 the Debt to Income ratio requirement for Fannie Mae guidelines will be strictly reduced from 65% to 50% for agency loans. What this means, in a nutshell, that you will qualify for less of a loan based on how much outgoing debt you have every month when you add your mortgage payments, taxes, insurance, student/auto loans and minimum credit card payments. For example, you could afford an 80% loan for a home purchase of $650,000 now you only would qualify for a purchase of $490,000! Reducing your purchase power in this market might squeeze you from buying a home above Glenoaks Blvd to a condo on Monterey Ave. Even going FHA is going to get more difficult due to their guidelines tightening and their down payment requirement increasing to an estimate 5% by year's end. Call me now to get preapproved or refi! 818-317-8300.