Self Employed? Wanting to Purchase - This is Important to You!

For those self-employed people who are wondering about purchasing a home... new rules from the government will affect you.

From a local mortgage broker, Rod Kurtz: I still have a few lenders currently willing to do stated income for now. If you have any self-employed income clients looking to purchase a home you mayWant to let them know that things are changing. If they have 35% down payment then this will not be a problem but ,clients who only have 10% for down payment, will need to get going before things change.

Based on this article, the changes will be phased in over time.

http://www.financialpost.com/personal-finance/Flaherty+tightens+mortgage+rules/4119505/story.html

Jane