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#1875889 - 12/04/13 03:54 PM required minimum term??
BankRegGuy Offline
Member
Joined: Sep 2011
Posts: 74
I have seen several times now that the loan must be longer than 5 years? Is that the case even if the the loan is fully amortizing?

Where is that coming from?

Scenario that I am thinking of was someone consolidated some credit cards and secured it with their mh and only wanted a term of 3-4 years.

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Ability to Repay/Qualified Mortgage Rule
#1875896 - 12/04/13 04:01 PM Re: required minimum term?? BankRegGuy
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
The 5 year limitation applies to balloon loans.
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The opinions expressed are mine and they are not to be taken as legal advice.

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