{"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:\/\/cloud02.titletapsites.com\/inspiredca\/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_bemnd9i5c7 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\/bemnd9i5c7\/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":60,"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":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/posts\/4195"}],"collection":[{"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/comments?post=4195"}],"version-history":[{"count":0,"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/posts\/4195\/revisions"}],"wp:attachment":[{"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/media?parent=4195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/categories?post=4195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cloud02.titletapsites.com\/inspiredca\/wp-json\/wp\/v2\/tags?post=4195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}