Sunday, June 21, 2009

Changing rules could make it harder for transferees' to buy a home.

The new rule limits the amount of income that can be counted as "trailing income" to qualify for a home loan. Trailing income is the projected income that a spouse who is moving with the transferee will make once they secure a job. With a challenging job market lenders are assuming that the spouse (or 2nd income partner) might not find a job quickly or make as much as they previously did. This will cause some people to rethink a move and may cause some the inability to get a loan. Click here for the entire article on the new rule found in the Seattle Times.

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