Since the new mortgage qualification rules came in to effect in October 2016 it makes it more difficult for you to qualify for a mortgage. This is because you now have to qualify for your house at a higher interest rate. Your payments are still lower but it just makes it tougher to get a mortgage so here are three tips as to how to get around those qualification limitations.
1. You could get someone to co-sign for you (mom,dad, aunt, uncle, or grandparent). That just allows you to buy a home that you can still afford but can't necessarily qualify for under the new rules.
2. Buy a home with a basement suite. You can actually afford to spend more on the purchase price of a home if it has a basement suite for additional income so that would help you get into the market as well.
3. Buy a smaller starter house; maybe one that needs fixing up that you could fix up. Improve it and then maybe sell in six months. Take the extra money and put it down on the home that you actually want.
Those are just three options as to how to qualify in this tough money market.
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