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Feds list new mortgage rules

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Friday, January 11, 2013

The government released new mortgage rules, which may make it easier to get a mortgage from a community bank or credit union instead of a large bank.

The government’s new mortgage rules, released Thursday, included a key standard — consumers can’t get a “qualified" mortgage if they have debts exceeding 43 percent of their income. But the Consumer Financial Protection Bureau proposed an exemption for small creditors, which could give them an advantage, especially when they lend to low- and moderate-income communities.

The consumer watchdog made clear the advantages of getting a qualified mortgage as it released the rules during a news conference in Baltimore. Homeowners with these types of loans have to meet stricter standards, but these mortgages will probably have lower rates and fewer fees. And banks will enjoy certain legal protections.

Read more at The Bend Bulletin.

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