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Be prepared...tougher lender rules are around the corner!

In my November issue of Door County Community and Real Estate Newsletter I wrote about new lending requirements that will make it more difficult for some to qualify for home loans.  The new rules will impact the self-employed the most with deeper and tougher income analysis.  In addition, lower debt to income ratios will be required to qualify for a home loan.  The new law protects the consumer by allowing the borrower the ability to sue the bank for making a loan to the borrower that he/she did not qualify for that lead to his/her default.