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New Mortgage Rules - Don't Panic
Are you in the market for a house and worrying about whether it will be harder to get a mortgage after Jan. 10, when new federal rules kick in? Don’t fret. For most people the rules won’t make much difference. Looking back at 2013 about 5% of the loans we did would not meet the qualified mortgage standard.
The rules put out by the Consumer Financial Protection Bureau require lenders to make “a reasonable, good-faith determination” that borrowers can repay their loans. For so-called qualified mortgages, there are additional standards which give their issuers legal protection against charges of inappropriate lending. Qualified mortgage loans are no longer than 30 years and have fees and points totaling no more than 3 percent of the loan’s value. Lenders managed to win a reprieve on another piece of the standard, which is that a borrower’s total debt payments (including credit cards and student loans) can’t exceed 43 percent of income. Loans eligible for purchase by Fannie Mae (FNMA) or Freddie Mac (FMCC) or for insurance by federal agencies don’t have to meet that debt-to-income standard until 2021.
 
The conservative Heritage Foundation argues that the rules “unleash predatory regulators” and unfairly restrict borrower's choices without dealing with what it says are the real causes of the ... more

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