Get Your Home Loan Funded In 2014
To safeguard mortgage borrowers from defaulting on their loans and protected from harmful practices, the Consumer Financial Protection Board (CFPB) developed new lending rules that took effect in January 2014.
One of the new provisions limits debt-to-income ratio including mortgage payments to 43 percent or less. The guideline says that the borrowers’ debt payments, including the mortgage, should not exceed 43 percent of his or her income.
As a borrower there are 7 things you should consider to determine how much house you can offered , obtain the home loan, and still live comfortably and worry free of defaulting on your loan.