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Qualified Mortgage

What Is A Qualified Mortgage?

What Is A Qualified Mortgage? Unlimited Mortgage Lending
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.  
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Check if you Qualify for a Loan

Before you start shopping for a home, you need to know exactly how much you can actually qualify for.

Answer 6 simple questions to make sure that you meet the simple basic requirements to qualify for a mortgage.  Once in our “Exclusive Pre-Qualifying Mortgage Calculator,”  all you have to do is plug in your numbers to see if you qualify.  This calculator is based on the income, debt, and purchase price that you enter and will show you if you qualify or not for a Conventional Mortgage Loan or an FHA (Federal Housing Administration) Mortgage Loan.

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