New Rules for Qualified Mortgages Arrive

Posted Leave a commentPosted in In the News, Market Reports, Mortgages

New rules for qualified mortgages took effect last week. Many lawmakers and mortgage industry leaders are showing concern that these rules could greatly restrict mortgage credit and negatively impact the housing recovery. These new rules for qualified mortgages are commonly referred to as QM rules. These are mortgages that meet the ability to repay rule whereas borrowers spend no more than 43% of their income on debt. The purpose is to protect consumers so that they aren’t placed into mortgages they are unable to pay. But the overall effect could reduce access to credit for homebuyers. There will be fewer […]