There may come a time next year when heading to a community bank or a credit union for a mortgage may be more attractive than approaching a large bank. The government’s new mortgage rules, released Thursday, included a key standard — consumers can’t get a “qualified” mortgage if they have debts exceeding 43% of their income.
QM rule may bolster credit union, small bank lending
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Fannie Mae adds web-based income calculator for mortgage originators
The new option is designed to better serve borrowers with nontraditional sources of income, including self-employed workers.