qualifying: New Rule - 43% Debt Ratio
- 01/17/13 02:10 AM
The Consumer Financial Protection Bureau (CFPB), has new rules with implementation by mortgage lenders to begin January 21, 2013 - Martin Luther King Day. In the spirit of that day, "I have a dream" that Dodd-Frank will someday be repealed, but for now we have to wake up and get to work trying to comply with it. Among other rules in the 800 page legislation set for the January 21st deadline there is the Definition of a Qualified Mortgage. The largest focus so far seems to be on income documentation and the allowed debt ratio. No stone can go unturned when … (0 comments)
qualifying: Converting a principle residence to investment property
- 08/13/11 07:01 AM
A multitude of homeowners are in a less than desirable equity position, otherwise known as "upside down", "underwater", "negative equity", etc. This presents a little problem in the concept of selling a home and transferring the equity to become a "move up" buyer. People feel stuck in their current home, but with a little creativity and determination, you can absolutely make the move and get on with your life and be better financially for it. There are many reason why the need to move arises - up-sizing, downsizing, new neighborhood, reduce the commute, increase in income, whatever. But the main reason why right now would … (2 comments)
The Consumer Financial Protection Bureau (CFPB), has new rules with implementation by mortgage lenders to begin January 21, 2013 - Martin Luther King Day. In the spirit of that day, "I have a dream" that Dodd-Frank will someday be repealed, but for now we have to wake up and get to work trying to comply with it. 
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