All about Mortgages: Friday Facts 524

Rates are great, but getting a mortgage isn’t easy:

  • RIS Media notes that FHFA is limiting Fannie Mae and Freddie Mac loan purchasers to “Qualified Mortgages”.  Beginning on January 10, 2014, they will not purchase a loan that is subject to the “ability to repay” rule if the loan is not fully amortizing, has a term longer than 30 years, includes points and fees in excess of 3% of the total loan amount
  • NAR’s Realtor Magazine’s article, “Retirees face unique loan qualifications”, illustrate the challenges facing this demographic.  Lenders increasingly are looking for a consistent monthly income in line with their usual debt to income standards.  Social security is always counted.  Fannie Mae guidelines permit lenders to increase that income by 25% if the beneficiary isn’t paying taxes on it.

 

Everyone wants to know if the mortgage tax deduction will be preserved:

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