cfpb: Are the New Lending Rules Friend or Foe? - 01/16/14 03:11 AM
Financing a home just got more complicated, but borrowers can prepare themselves with some education and guidance.
Effective January 10, 2014, the Consumer Financial Protection Bureau is requesting that lenders follow the new Ability-to-Repay and Qualified Mortgage (QM) rule, which is intended to reduce the chances of a loan default.
Under this rule, the borrower cannot spend more than 43 percent of their income on debt in order to be considered for a mortgage loan, and lenders will need to take the sum of all borrower debt (such as student loans, car payments, credit cards, utilities, housing costs, support payments, etc.) … (2 comments)

 
Diana Kai -  Kai Realty, Tucson Real Estate  |  520.616.3426 (Kai Realty)

Diana Kai - Kai Realty

Tucson Real Estate | 520.616.3426

Tucson, AZ

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Kai Realty

Address: 6088 W. Arizona Pavilions Drive #2, Tucson, AZ, 85743

Office: (520) 616-3426

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