Are you thinking of living in the Washington, D.C. Metro area? Are you thinking of putting your DC home on the market? Currently, it’s not a bad idea to start looking for new homes around DC. Plus, if you wait to sell, there’s a strong likelihood that there won’t be as many qualified buyers out there. Read on to discover why now is a good time to buy or sell.
It looks like loan limits will start decreasing soon. Starting in 2014, a conventional loan over $417,000 may be considered a Jumbo Loan. Jumbo loans are problematic for a few reasons. They typically have higher interest rates, difficult underwriting and significantly larger down payments.
Although interest rates are down now, there’s no guarantee that the rates will stay as they are now. Higher interest rates will make it more difficult for homebuyers.
“Ability To Repay Rule”
The “Ability To Repay Rule” could make it much more difficult for lenders to provide homebuyers with loans, if enacted at the start of next year. This Rule will affect homebuyers who have a debt to income ratio that’s more than 43%.
Ready To Start Searching For Washington, D.C. Area Homes?
Let me know if you’re interested in buying real estate around the Washington, D.C. area. Our agents can also provide you with information on buying, selling and DC market statistics. Get in touch with us today to learn more.