Bradford Miller Law, P.C. Chicago Real Estate Attorney, Chicago Short Sale Attorney: Harder to get a mortgage in 2014

Monday, November 4, 2013

Harder to get a mortgage in 2014

On January 10, 2014 new rules by Fannie Mae and Freddie Mac will go into effect that limits the borrower's monthly debt payments to 43% of their income. In addition, the fees lenders can charge on the mortgage origination cannot exceed 3% of the mortgage value. So what does this mean in the real world? Its going to be harder to get a mortgage and if you need a small mortgage (lets say $50,000), good luck finding a lender willing to help you if they are limited to 3%. It wont be worth their time. Maybe this will get reformed because I would think this would hurt lower income areas where prices tend to be much lower.

Posted by Bradford Miller Law, P.C.

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Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law and estate planning. This is the chicago real estate law blog. If you are interested in reading about landlord tenant law, visit that blog at http://chicagoltlaw.blogspot.com/. If you are interested in estate planning, visit http://chicagoestateplanning.blogspot.com/. The law firm's main website is www.bradfordmillerlaw.com.

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