Sheesh! I just read a new article on Bankrate.com explaining that regulators are considering how to implement another of the Dodd-Frank "reform" provisions.
This one would set forth the terms for a Qualified Residential Mortgage - QRM. Among the qualifications under consideration are:
- 20% down required on a home purchase
- House payment may not exceed 28% of income
- Total debt not to exceed 36% of income
- May not have been 60 days late on ANY payment within the past 2 years
The only "saving" factor in all this is that FHA loans would not fall under QRM regulations. I'm not so sure that forcing the majority of home buyers into a government loan spells "safety" for taxpayers, but...
The other high point to all this is that there will be a comment period before the regulator's recommendations are put into practice.
It's just one more thing to be aware of and keep an eye out for - so you can add your comments when the time comes.
You can read the whole article at: http://www.bankrate.com/finance/mortgages/rule-could-make-mortgages-harder-to-get.aspx?ec_id=brmint_newsalert_20110331