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July 3, 2019

 

As this video explains,  Federal laws put into effect in 2014 and  supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages.”

They provide stable loan features for consumers and improve legal protection for lenders who follow the guidelines.

These guidelines require lenders to assess each borrower’s ability to repay their mortgage loan.

As of 2014, guidelines require that a borrower’s monthly DEBT – including mortgage – be no higher than 43% of their monthly gross INCOME

The laws also define unacceptable loan terms:

  • interest-only loans
  • terms over 30 years
  • negative-amortization loans that increase principal over time
  • most balloon loans

do not meet the Qualified Mortgage guidelines.

The laws aim to provide consumers with objective guidance about reasonable debt from the CFPB and in return, to grant lenders who follow that guidance with higher levels of protection from lawsuits.

Ask your lender about Qualified Mortgage options for your home purchase.

When you’re ready to start searching for homes visit www.TucsonHouseHuntOnline.com to search homes for sale just like a real estate professional.

If you have a home to sell in Tucson, visit www.GetMyHomeBuyer.com and Save $1000’s when you list and SELL pay ZERO commission.  List – SAVE $ Sell!

If you have questions or are ready to sell, call or text  at 520-428-1499 or email at John@JohnGSellsHomes.com

www.GetMyHomeBuyer.com List – SAVE $ Sell!

 

About the author 

JohnGiammarco

JohnG has been a licensed Real Estate professional for over 20 years in three separate states. He has a master's degree in business and has to many personal real estate transactions to count. With this much experience it's safe to say JohnG knows a thing or two about how to sell a home. He is dedicated to helping homeowners discover the truth about the real estate industry and the COMMISSION LIE, many agents and brokers perpetrate in order to earn an income at your expense.  He says "if your paying a commission to sell your house your paying way to much!"

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