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>>

  • Ebola Ruled Out For Sacramento Patient

    Ebola Ruled Out For Sacramento Patient

    We have updated information on a story we first brought you on Wednesday about a patient in Sacramento being tested for the Ebola virus. State health officials say the man had some symptoms at this Kaiser Permanente hospital.More >>
    We have updated information on a story we first brought you on Wednesday about a patient in Sacramento being tested for the Ebola virus. State health officials say the man had some symptoms at this Kaiser Permanente hospital.
    More >>
  • Teen Dies Five Times and Lives To Tell His Story

    Teen Dies Five Times and Lives To Tell His Story

    A teenager from Madera Ranchos says he's lucky to be alive. Kenny Holland died when he went into cardiac arrest five times in fourteen minutes.
    More >>
    A teenager from Madera Ranchos says he's lucky to be alive. Kenny Holland died when he went into cardiac arrest five times in fourteen minutes.

    More >>
  • Man Leaves Dog In Hot Car For Hours, Gets A Ticket

    Man Leaves Dog In Hot Car For Hours, Gets A Ticket

    The dog days of summer are a real danger for dogs whose owners leave them inside hot locked cars.Animal control officers say, "Don't do it. It's against the law!"Parked cars in the hot valley sun are deathtraps for animals.On a 90-degree day, the interior temperature of a car can reach as high as 160 degrees in less than 10 minutes.Clovis officers say a man left his dog in locked truck for more than 2 hours in a parking lot near Nees and Willow.When our KMPH Fox 26 news photographers arrived...More >>
    The dog days of summer are a real danger for dogs whose owners leave them inside hot locked cars.Animal control officers say, "Don't do it. It's against the law!"Parked cars in the hot valley sun are deathtraps for animals.On a 90-degree day, the interior temperature of a car can reach as high as 160 degrees in less than 10 minutes.Clovis officers say a man left his dog in locked truck for more than 2 hours in a parking lot near Nees and Willow.When our KMPH Fox 26 news photographers arrived...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.