text: With the Ability to Repay rule, lenders must determine whether or not a borrower can really afford the loan. The borrower will have to give them financial information and the lender will have to verify that information. There are eight types of information that lenders generally must consider.
  What is your monthly payment amount on all the other mortgage loans you get at the same time you get this loan?
  “Qualified mortgages” have to meet the Ability to Repay rule. They have a cap on how much of your income can go towards your debt, which is generally 43 percent.
  The new mortgage rules went into effect to protect you and your property value as much as they went into effect to protect the people who truly can’t afford to buy homes. The hope is that you will be protected, lenders will be protected and future borrowers will be protected with the new mortgage rules.
  For more information on the new mortgage rules, click the audio link below to listen to the full Ilyce Glink Show on WSB Radio, or go to iTunes and download the show to your handheld device.
  
  Ohhhh, I love a good spotlight technique example Jan and this is great! Thanks for playing at Global Design Project this week and good luck for the Guest Artist pick!