Good to know info about the market
*The economy gained 431K jobs in March, close to the 475K that had been expected. The Unemployment Rate fell from 3.8% to 3.6%, the lowest level since early 2020.
*Incomes are rising, which is always good for real estate. Average Hourly Earnings were an impressive 5.6% higher in March than a year ago.
*Starting July 1, credit bureaus will no longer report medical collections that have already been paid, which should eliminate up to 70% of medical debt on consumers' credit reports.
*High-net-worth Buyers now have an alternative that enables mortgage qualification based on financial assets only up to $2.5M in loan size.
*On the Asset Qualifier loan, no income or employment has to be disclosed on the mortgage application and a Debt Ratio is not even calculated. Excellent credit of 720 is required.
*After funds are used for closing, the Buyer must have $500K in financial assets as well as enough money to cover five years of monthly debt expenses.