Buyers Tag

Wondering what’s up with all the talk about new mortgage rules bouncing around? As of Jan. 10, the Consumer Financial Protection Bureau (the new bureau taking over HUD) has released a new set of rules for lenders to follow when determining whether or not a homebuyer is financially ready to purchase a home.

Lenders have seven years to comply with the new rules, but certain changes are already in effect - including the rules regarding the ability to repay and new qualified mortgage standards.

The changes were passed to hold lenders liable for bad loans, as well as to protect borrowers from loans they can’t afford. Sounds like a good deal, right? Here’s what you can expect the next time you purchase a home:

Condo living isn’t for everyone. Here are some cases to consider if you’re thinking about moving to a condo community in Jacksonville.

You should reconsider if condo life is right for you if...

1. You don’t play well with others.

It’s close quarters all around if you choose to live in a condo community, with neighbors above, below and on all sides. Even if you get lucky with the location of your unit, be prepared to see neighbors every day - and to deal with their eccentricities. This may not be much different than living next to home owners in a regular neighborhood, but depending on how well you get along with the other people living in your community, you may find yourself wanting to exchange loud music, barking dogs or scattered toys for more personal space.