As a mortgage broker for close to 4 decades, I’ve seen loan programs (and lenders) come and go. Some of the population fit into the traditional “Box” as a W-2 employee where income to qualify for a loan is obvious and easily documented. Many potential borrowers fall into the business owner, ... » Learn More about Exploring the Possibility of No-Doc Mortgages
Ability to Repay
Basics of Ability to Repay Mortgage Regulation
The Ability to Repay mortgage rule section of the Dodd Frank Regulations works in conjunction with the Qualified Mortgage (QM) regulation. At a minimum, creditors generally must consider eight underwriting factors: (1) current or reasonably expected income or assets; (2) current employment ... » Learn More about Basics of Ability to Repay Mortgage Regulation