The government recently came out with new rules for first-time home buyers.
In the simplest form it means two amazing things for you.
Number one your purchase price or your borrowing power has increased by 6%. That might not mean a lot, but if you were qualified for $500k, you're now qualified for $530k.
Number the cost to carry your mortgage by up to 10%, if you choose. Instead of your monthly mortgage of $2,500 it is now $2,250.
What do you think of these new rules?
