What Rising Rates Mean For Home Buyers and Owners As 2017 Approaches

As 2016 draws to a close, it’s a good time to reflect and look ahead to what 2017 may bring. The Trump Administration’s plans to cut taxes and prioritize spending on infrastructure have already started to impact the housing market and mortgage marketplace. Many of the trends we’re already seeing at the end of this year are expected to continue to affect home financing in 2017. Let’s take a look:

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Fannie Mae Loan Updates Are Good News for Buyers

Fannie Mae recently announced changes to conforming loan guidelines and all of the updates are potentially very good news for borrowers. In fact, a recent Forbes article stated that “mortgage financing will become more available to more home buyers as a couple of game changing underwriting guideline enhancements come online.” It’s important to understand what has changed and what it means in terms of qualifying for a mortgage. Here are some highlights:

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Day One of ATR/QM

Today is the day for ATR/QM and every lender’s head has been swimming with acronyms, ratios and percentages to get their people ready. To simplify matters (if that’s possible), the primary issues at hand are broken into three distinct categories:

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