Please share with anyone who may benefit!
As many of you know the Federal Government Stress test for people that have 20% or more down payment/equity is in place. The stress test rate is approx 5.39% compared to a 5 yr fixed rate at 3.39%. Again the stress test interest rate is used to qualify only. This test reduces client's buying power.
I have access to one lender who is still able to qualify clients at 3.39% rather than the higher rate.This is great news but the sad news is this lender is changing to the stress test rate starting Monday.
Please, if you know of anyone who may be interested in buying a home or refinancing a home in the next 120 days please have them reach out to me so we can pre approve them for their maximum purchasing power prior to Monday!
Thank you