New regulations for home buyers impacts Metro Detroit

There are three new regulations that will impact how many homes in metro Detroit and it could be the next one you buy.

First, student loans. If you've got em, it's going to be harder to buy a house. Some people who were pre-qualified six months ago now may not qualify.

Second, truth-in-lending law. The laws have changed and it could mean that the closing process takes a bit longer. Advisors are recommending buyers add time to their purchase agreement.

Finally, the appraisal. It's going to be tougher than ever to pass the appraisal test.

VIDEO: Brian Seibert, president of Waterford-based Michigan First Mortgage, talked about these topics with Murray Feldman. See how these three will impact you in the video above.

Click here for more from Michigan First Mortgage.


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