On January 10th the government rolled out new restrictions on what terms could be in a mortgage. These rules included:
-debt to income ratios being stopped at 43% -loan terms can not be greater than 30 years -upfront points and fees are limited to no more than 3% with some exceptions for certain types of loans.
According to this study 1 in 5 mortgages completed in October 2013 would have been declined due to QM. We are professional mortgage advisers and we will help you navigate this ever changing market. We will give your situation the attention it deserves and provide the best solutions towards reaching your goals. We look forward to serving you.