Home buyers face new, stricter mortgage rules

(KPLR) – The stringent new mortgage rules which the federal government put into effect on January 10 are creating havoc for banks and potential borrowers.

In the first month if the new regulations, it’s estimated 10-15 percent of borrowers who would have been given loans last year are now being shut out.

Chris Purcell, Senior VP of mortgages at First National Bank of St. Louis talked with Elliot Weiler about the rules, their implementation and where lenders will go from here.


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