Jacqueline A. Salcines, PA
786-671-3887
Call for an appointment

Blog

Jacqueline Alicia Salcines

QUALIFIED MORTGAGE RULE WENT INTO EFFECT JANUARY 2014.

HOusekeys-200x3002.jpg

Ever since the real estate bubble burst, securing financing for the purchase of real estate has been challenging. Tighter loan restrictions and fewer, more strict lending programs have stymied many real estate purchasers. The Qualified Mortgage Rule went into effect on January 2014 to address these issues but how are homebuyers impacted by this new rule?

The New Qualified Mortgage Rule is a new program designed to make sure borrowers can repay their loans. It is also known as the "ability to re-pay loan" rule. As defined by the Consumer Financial Protection Bureau, the program calculates the loan applied for at a 30 year term, with points and fees paid by borrower. Whatever this number equals, it can not exceed more than 3 percent of the total loan amount. Lenders are required to provide proof that the borrower has the ability to repay the loan and must confirm the debt to income ratio, which must equal no more than 43 percent.

While lenders had already tightened their restrictions significantly after the mortgage debacle. this equates to additional documents from borrowers to cover the lenders and their liability. Self-employed borrowers will have a hard time getting a mortgage if they do not have a long history of consistent income. It also impacts buyers looking for jumbo loans, over $417,000.00, making it more difficult to qualify for such loans.

The bottom line is to start with a real estate attorney and the right banking professional. As a team, we can find the right loan for you and make sure that banks are working within required guidelines and restrictions.

At my firm, I am both an accountant, lawyer and realtor. I work closely with each and every client that is looking to take out a new loan, as well as our banking partners, to make sure they have their credit in order as well as their finances in order to find the best program for them.

No Comments

Leave a comment
Comment Information

Memberships & Affiliations

    • Avvo Clients choice Award 2017 Jacqueline Alicia Salcines
    • Top Contributor Award 2017 Jacqueline Alicia Salcines Avvo
    • Reviews Jacqueline Alicia Salcines Avvo
    • The fund member
    • Avvo rating 10.0 Superb Top attorney Real estate
    • Avvo Clients choice 2015 Real estate
    • Avvo Top Contributor 2015 Real estate
    • The Florida Bar 1950
    • Avvo rating 10.0 Jacqueline Alicia Salcines Top attorney
    • 2018 Top Lawyers
    • WWL | Who's Who Legal
    • Old Republic | National Title Insurance Company
    • Coral Gables Chamber of Commerce developing Business Building Community
    • District Court Of Appeal State of Florida
    • BBB Accredited Business
    • Preferred Legal Plan A new Wave of Legal Representation
    • U.S. Legal Services 1974
    • ARAG
    • Pre-Paid Legal Services, INC. And Subsidiaries
    • TVC Pro-Driver
    • Broward 1925 County Bar Association
    • Coral Gables Bar Association
    • Real Property Probate & Trust Law Section 1950
    • U.S. Women's Chamber of Commerce
    • CABA Cubon American Bar Association
    • Untied Badge
    • The Fund Solutions
    • DADE County Bar Association 1916
    • LegalShield
    • 2018 |ARAG | Elite Service Award
Email Us For a Response

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

706 South Dixie Highway
Second Floor
Coral Gables, FL 33146

Phone: 786-671-3887
Fax: 305-669-5283
Map & Directions

Monday 8:30AM–5:30PM
Tuesday 8:30AM–5:30PM
Wednesday 8:30AM–5:30PM
Thursday 8:30AM–5:30PM
Friday 8:30AM–5:30PM
Saturday Closed
Sunday Closed