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#2127282 - 04/20/17 04:37 PM ATR Balloon 2nd
MScarn6942 Offline
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Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
I just want to double check - if we have a 2nd balloon mortgage, it's still subject to the ATR rules on balloon loans, right? We'd have to prove ATR if the balloon comes due within the first 5 years?

Thanks!
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Ability to Repay/Qualified Mortgage Rule
#2127298 - 04/20/17 05:17 PM Re: ATR Balloon 2nd MScarn6942
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,236
Galveston, TX
Lien position is not an ATR determining factor.
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#2127301 - 04/20/17 05:25 PM Re: ATR Balloon 2nd MScarn6942
MScarn6942 Offline
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Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
That's what I thought - thank you!
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"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

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