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What Do the Ability-to-Repay and Qualified Mortgage Rules Mean for Borrowers?

These mortgage regulations could mean that borrowers may not have as many lender options when choosing a mortgage. Because the majority of lenders sell their mortgages to government-sponsored enterprises such as Fannie Mae and Freddie Mac, they will need to change their approval standards to meet the new Qualified Mortgage Regulations and only approve mortgages that fall within these guidelines. Fannie Mae and Freddie Mac will not buy a mortgage that does not meet the Qualified Mortgage Rules. This may limit the number of lenders a borrower can look to when needing a mortgage. Borrowers who think they may not meet these new guidelines will need to find a lender who has the ability to keep their mortgages within their own loan portfolio. These lenders may be able to help a borrower obtain the financing they need to achieve their goals.

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