New Mortgage Laws - KMPH FOX 26 | Central San Joaquin Valley News Source

New Mortgage Laws

Important mortgage info is out and especially important for people looking to refinance or buy a new home.

New mortgage rules hit today.

The rules are designed to protect borrowers from abusive lenders and to lower the risk of defaults and foreclosures.

Lenders must now determine that a borrower has the income and assets to make payments throughout the life of the loan.

This means lenders must take a close look at a potential home–buyer's paycheck, credit card debt, car payments and other expenses.

Borrowers should also have a debt–to–income ratio lower than 43 percent.

Lenders cannot offer risky features, like terms longer than 30 years, interest–only payments, or too–small minimum payments.

But the new rules do *not* require a minimum down payment — so first–time buyers have a better chance at getting a loan.

Borrowers should contact their bank or lender with questions about the new requirements.

  • Local NewsLocal NewsMore>>

  • Valley Family Gives Backs On Daughter's First Birthday

    Valley Family Gives Backs On Daughter's First Birthday

    Brooklynn Harold has seen her share of doctors in the first year of her life. She was born with clubfoot and is now on the road to recovery. To celebrate her first birthday her parents decided not to shower her with gifts but instead to seek donations to help other kids with clubfoot.Her mother Jill Harold says her daughter has made great progress thanks to the orthopedic unit at Children's Hospital Central California and the staff at Valley Orthopedic. They asked family and friends to hold o...More >>
    Brooklynn Harold has seen her share of doctors in the first year of her life. She was born with clubfoot and is now on the road to recovery. To celebrate her first birthday her parents decided not to shower her with gifts but instead to seek donations to help other kids with clubfoot.Her mother Jill Harold says her daughter has made great progress thanks to the orthopedic unit at Children's Hospital Central California and the staff at Valley Orthopedic. They asked family and friends to hold o...More >>
  • Two People Found Dead In Their Clovis Home

    Two People Found Dead In Their Clovis Home

    Clovis Police say two people were found dead inside their home near Fowler Avenue and Tollhouse Lane. Detectives say both people were shot and killed Friday afternoon.More >>
    Clovis Police say two people were found dead inside their home near Fowler Avenue and Tollhouse Lane. Detectives say both people were shot and killed Friday afternoon.More >>
  • VALLEY DROUGHT 2014: Illegal Pot Growers Are Using Thousands of Gallons of Water

    VALLEY DROUGHT 2014: Illegal Pot Growers Are Using Thousands of Gallons of Water

    Valley Drought 2014 has all of us making sacrifices to save water. However, officers from the California Department of Fish and Wildlife say they busted a marijuana grow where the bad guys wasted thousands of gallons of water.
    More >>
    Valley Drought 2014 has all of us making sacrifices to save water. However, officers from the California Department of Fish and Wildlife say they busted a marijuana grow where the bad guys wasted thousands of gallons of water.

    More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KMPH. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.