August 1st new changes are coming for financing residential property and you need to be aware. Most of our local lenders and the title companies are prepared. All of this is being done to protect you from predator lenders and lazy ones. The Dodd Frank Bill has some very good things included for you as a buyer but when the government is involved it becomes complicated and sometimes silly.
I want you to be aware and talk to your lender before you are ready to purchase a home so you understand the process. It is not making it more difficult for you to quality for a loan. It is adding work for your lender and title companies which always means more time to close.
Be aware! I highly recommend you use local lenders in your area and not depend on someone on the internet or someone's best friend. It will take professionals that are very good to make this work smoothly. They can get the same rates and most likely reduce your lending costs.
You have been warned!
Have an awesome summer,
Rob
