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There will be mortgage guideline changes that will affect San Jose borrowers. Big changes are taking place this weekend as Fannie Mae has released new guidelines this week for approving loans starting December 12th. You must have a credit score of at least 620, and your total debt including the new housing payment cannot exceed 45% of your gross income. Also, if you plan to use a stock or mutual fund account as down payment or reserves, they'll only allow 70% of the actual value, and if you plan on using a retirement account to qualify, you'll only get 60%. Rates took a turn for the worse last Friday when the unemployment report came out better than expected. I've been saying for a while now that we have been spoiled with low rates and they won't last forever. In fact many experts predict that rates will rise when the FED ends it commitment to buying mortgage backed securities at the end of March. In the meantime, the window of opportunity is still open with the 30 year fixed rates this week hovering around 4.75%. Who's the next person that comes to mind that needs to see this video and get this information? Please share this video and forward it to them right now so they can get the help they need.

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