{"id":4195,"date":"2017-01-07T01:09:04","date_gmt":"2017-01-07T06:09:04","guid":{"rendered":"http:\/\/wp2.fastforwardstories.com\/?p=4195"},"modified":"2017-01-07T01:09:04","modified_gmt":"2017-01-07T06:09:04","slug":"what-is-a-qualified-mortgage","status":"publish","type":"post","link":"https:\/\/trumantitle.com\/2017\/01\/07\/what-is-a-qualified-mortgage\/","title":{"rendered":"What Is A Qualified Mortgage?"},"content":{"rendered":"<p><script src=\"https:\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_responsive_padding\" style=\"padding:56.25% 0 0 0;position:relative;\">\n<div class=\"wistia_responsive_wrapper\" style=\"height:100%;left:0;position:absolute;top:0;width:100%;\">\n<div class=\"wistia_embed wistia_async_2lfadmmoys dnt=1 videoFoam=true\" style=\"height:100%;position:relative;width:100%\">\n<div class=\"wistia_swatch\" style=\"height:100%;left:0;opacity:0;overflow:hidden;position:absolute;top:0;transition:opacity 200ms;width:100%;\"><img src=\"https:\/\/fast.wistia.com\/embed\/medias\/2lfadmmoys\/swatch\" style=\"filter:blur(5px);height:100%;object-fit:contain;width:100%;\" alt=\"\" aria-hidden=\"true\" onload=\"this.parentNode.style.opacity=1;\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>As this video explains, &#160;Federal laws put into effect in 2014 and &#160;supervised by the Consumer Financial Protection Bureau&#160;define lending practices and loan terms for a new category&#160;called &#8220;Qualified Mortgages.&#8221;<\/p>\n<p>They provide stable loan features for consumers&#160;and improve legal protection for lenders&#160;who follow the guidelines.<\/p>\n<p>These guidelines require lenders to assess&#160;each borrower&#8217;s ability to repay their mortgage loan.<\/p>\n<p>As of 2014, guidelines&#160;require that a borrower&#8217;s monthly DEBT &#8211; including mortgage &#8211; be no higher than 43% of their monthly gross INCOME<\/p>\n<p>The laws also define unacceptable loan terms:<\/p>\n<ul>\n<li>interest-only loans<\/li>\n<li>terms over 30 years<\/li>\n<li>negative-amortization loans that increase principal over time<\/li>\n<li>most balloon loans<\/li>\n<\/ul>\n<p>do not meet the Qualified Mortgage guidelines.<\/p>\n<p>The laws aim&#160;to provide consumers with objective guidance &#160;about reasonable debt from the CFPB&#160;and in return, to grant lenders who follow that guidance&#160;with higher levels of protection from lawsuits.<\/p>\n<p>Ask your lender about Qualified Mortgage options&#160;for your home purchase.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As this video explains, &#160;Federal laws put into effect in 2014 and &#160;supervised by the Consumer Financial Protection Bureau&#160;define lending practices and loan terms for a new category&#160;called &#8220;Qualified Mortgages.&#8221; They provide stable loan features for consumers&#160;and improve legal protection for lenders&#160;who follow the guidelines. These guidelines require lenders to assess&#160;each borrower&#8217;s ability to repay&hellip;<\/p>\n","protected":false},"author":51,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is A Qualified Mortgage? - Warrensburg, Higginsville, Lexington, MO | Truman Title, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trumantitle.com\/2017\/01\/07\/what-is-a-qualified-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A Qualified Mortgage? - Warrensburg, Higginsville, Lexington, MO | Truman Title, Inc.\" \/>\n<meta property=\"og:description\" content=\"As this video explains, &#160;Federal laws put into effect in 2014 and &#160;supervised by the Consumer Financial Protection Bureau&#160;define lending practices and loan terms for a new category&#160;called &#8220;Qualified Mortgages.&#8221; They provide stable loan features for consumers&#160;and improve legal protection for lenders&#160;who follow the guidelines. 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