12/12/2020
More changes coming for the Mortgage Industry in 2021!
The CFPB has voted to relax certain rules surrounding "Qualified Mortgages" allowing more access to affordable mortgages for lower income families.
Is there some risk? For lenders yes, for potential homeowners no. I've always educated folks who thought buying a home was too expensive on one fact:
If your paying RENT...you ARE paying a mortgage. It's just not yours...
Hit me up if you have questions.
The U.S. consumer watchdog on Thursday finalized two rules relaxing mortgage-lending requirements regarding a borrower's ability to repay, in a bid to boost the range of products available to lower-income, riskier customers.