Dodd-Frank Wall Street Reform & Consumer Protection Act

“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.”

Call us today and let us help you reach your real estate goals!

404-808-1528

annak@kw.com

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