So far, we haven’t seen any lenders officially announce tighter lending guidelines prior to the government’s April 19 mortgage rule changes. That said, don’t be surprised if some lenders do—once the new qualifying rate is announced.
As we approach April 19, there’s a chance lenders and insurers may start scrutinizing applications for high-ratio refinances, high-ratio rentals, and purchases with only 5% down.
If you have a borderline credit score, a borrowed down payment, or high credit utilization, expect lenders and insurers to look extra closely at your ability to repay and net worth.
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