“On Jan 10, 2014, the Dodd-Frank Wall Street Reform & Consumer Protection Act will go into effect ending such features as the interest-only loan and amortization terms over 30 years. Another casualty will be the Conventional 3% down option. Most buyers in this down payment range go with FHA, so this is not a huge loss. However, there is a segment of 3% down buyers with good credit that will really miss this program. The biggest change of all that you might hear about though is a 43% cap being placed on the “debt-to-income” ratio. Fortunately, this rule will NOT apply at this time to any Fannie Mae, Freddie Mac, FHA, or VA loan that gets an automated approval.”
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