Usually the mortgage industry and consumer watchdog groups don’t agree on the rules and regulations within the housing industry, but the latest iteration of changes to lending rules has both sides of the aisle applauding.
Six different government agencies weighed on the new Qualified Residential Mortgage rule that will loosen the restrictions on homebuyers who don’t make a twenty percent downpayment. Now the QRM rule is more in line with the directive set forth by the Consumer Finance Protection Bureau that stipulates borrowers’ debt-to-income ratio must not exceed 43 percent, but there isn’t a requirement for a minimum downpayment. CBS News has a nice summary of the changes and Inman News also picked up the story from an industry point of view.
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