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Qualified Residential Mortgages - New Rules Effective April 2012!
Are You Aware of the New Lending Laws Changing in April 2012? Do you know what will be required to obtain a Qualified Residential Mortgage?
I was minding my own business this morning getting ready for work and listening to the news, but stopped in my tracks when the TV host said, "and lenders will require a minimum of 20% down on home mortgages..."
What?! 
The speaker went on to explain that as of April 2012 new lending laws will establish a QRM or Qualified Residential Mortgage.  These new rules include:
minimum of 20% downpayment minimum equity of 25% to qualify for refinancing minimum equity of 30% to qualify to pull cash out of your real estate minimum credit score of 740  There is a lot to this bill (233 pages to read at your leisure).  Some of it makes good sense (ratios will be limited to 28/36; no negative amortization, no bankruptcies for 3 years, adjustable mortgage caps of 2%/6%, and more).  Other aspects are highly restrictive (no 30 day lates, no 60-day lates for 2 years, 50% of downpayment must be buyer's own funds, high equity positions and high credit standards, and more).
At this time, the plan is ... more

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