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BankersOnline.com Forums Dodd-Frank Final Rules Discussions Ability to Repay/Qualified Mortgage Rule 62 mo balloon???
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#2142941 - 08/21/17 08:14 PM 62 mo balloon???
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,110
South
We have a customer who wants to use a rent house (investment property) for a consumer purpose of consolidating some credit card debt.

So this is a consumer purpose using investment RE. We know it is TRID and ATR but does it need be the 62 mo balloon?

Thanks

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Ability to Repay/Qualified Mortgage Rule
#2142949 - 08/21/17 08:31 PM Re: 62 mo balloon??? beegee
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,105
OK
If it's going to be a balloon, then in a nutshell, yes.
_________________________
I'm fixin' to fix that.

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#2142950 - 08/21/17 08:32 PM Re: 62 mo balloon??? raitchjay
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,110
South
Thx! That is my understanding also - consumer purpose secured by dwelling.

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