This is great news for both purchase and refinance loans at the conforming loan level, up to $636K in Orange and LA counties.
* Debt-to-income ratios up to 50% from previous 45% max
* Loan to Value for ARM loans up to 95%
* One year's tax returns required for self-employeds
* Disputes on credit report do not need to be removed
* Timeshares now treated as installment debt vs. mortgage loans
* Student loans in deferment or income based payments accepted as reported on credit report
* Alimony payments reduce income vs. being taken as a debt against income
* Mortgages and/or debts paid by others are excluded from debt calculations
These make qualifying for a mortgage much easier for many.
Big news in my office is the new addition to my team of my daughter Katie, who is a loan officer in training. Keeping it all in the family!