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#2127282 - 04/20/17 12:37 PM ATR Balloon 2nd
MScarn6942 Offline
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Registered: 08/12/15
Posts: 368
Loc: 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 01:17 PM Re: ATR Balloon 2nd [Re: MScarn6942]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 61557
Loc: Galveston, TX
Lien position is not an ATR determining factor.
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#2127301 - 04/20/17 01:25 PM Re: ATR Balloon 2nd [Re: MScarn6942]
MScarn6942 Offline
Gold Star

Registered: 08/12/15
Posts: 368
Loc: Land Lacking in Lakes, IL
That's what I thought - thank you!
_________________________
"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

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