Getting a loan will be much harder now. This will greatly affect the housing market and 1st time buyers. You will need a lotta cash and a really high credit score. Self- employed folk … Good luck. I tried to tell you ..,,
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All posts for the day January 10th, 2013
Young Houma actress Quvenzhané Wallis nominated for Best Actress Oscar for Louisiana-shot Beasts of the Southern Wild! The film also picked up a best picture nomination, and Benh Zeitlin was nominated for Best Director! Like/Share to congratulate Quvenzhané, Benh and all who worked on the film!
Ability to Repay
In the years leading up to the financial crisis, lenders too often offered mortgages to consumers who could not afford them. Under the Ability-to-Repay rule announced today, all new mortgages must comply with basic requirements that protect consumers from taking on loans they don’t have the financial means to pay back. Among the features of the new rule:
Financial information has to be supplied and verified: Lenders must look at a consumer’s financial information. A lender generally must document: a borrower’s employment status; income and assets; current debt obligations; credit history; monthly payments on the mortgage; monthly payments on any other mortgages on the same property; and monthly payments for mortgage-related obligations. This means that lenders can no longer offer no-doc, low-doc loans, where lenders made quick sales by not requiring documentation, then offloaded these risky mortgages by selling them to investors.
A borrower has to have sufficient assets or income to pay back the loan: Lenders must evaluate and conclude that the borrower can repay the loan. For example, lenders may look at the consumer’s debt-to-income ratio – their total monthly debt divided by their total monthly gross income. Knowing how much money a consumer earns and is expected to earn, and knowing how much they already owe, helps a lender determine how much more debt a consumer can take on.
Teaser rates can no longer mask the true cost of a mortgage: Lenders can’t base their evaluation of a consumer’s ability to repay on teaser rates. Lenders will have to determine the consumer’s ability to repay both the principal and the interest over the long term − not just during an introductory period when the rate may be lower.
The LSMSA Foundation is seeking to fill four to five new Trustee positions by July 1, 2013. Trustees are elected for three year terms and must demonstrate a strong commitment to supporting the mission of the LSMSA Foundation, which is to develop and manage resources to enhance the work of LSMSA. Desired skill sets for the 2013 slate include, but are not limited to, finance, nonprofit accounting, nonprofit law, and nonprofit governance in the State of Louisiana.
The Foundation Trustees are separate from the LSMSA School Board of Directors, and operate to support the work of LSMSA through the raising of funds for facilities, programs, students, staff, and faculty at LSMSA. Additionally, the LSMSA Foundation is seeking volunteers to join Foundation committees. Committees seeking volunteers include: Advocacy, Development, Endowed Funds, Finance, Legal/ByLaws, and Public Relations. For more information, or to submit a nomination for either full Trustee membership or committee volunteer, please send name, contact information, and a brief biography explaining the nominee’s connection to LSMSA and their skills that might be helpful for the Foundation to:
1) Thank You: Common courtesy? Whether given in private or public, a sincere ‘thanks’ creates goodwill. Don’t forget your mother’s advice: “Say please.” People are always happier doing a favor than taking an order.
2) I Trust Your Judgment: Translation: “You have my permission. I believe in you. Now, go make it happen.” Feels pretty uplifting to hear that, doesn’t it?
3) I Don’t Know: We don’t have all the answers. And it scares us to death. That’s a perfect point to start a dialogue…over facts and fears. Facing the unknown – and seeking assurances and answers – bonds people like nothing else. All you have to do is first admit what you don’t know.
4) Tell Me More: “I’m all ears.” It’s the ultimate conversation starter! When you signal that you’re open and intrigued, the other party will respond in kind. Use phrases like “What do you think” or “What would you do” to acknowledge someone’s expertise. In doing so, you’re courting authentic suggestions, even if they challenge convention or skewer a sacred cow. If your interest is genuine, you may just fuel a productive exchange.
5) What I Hear You Saying Is: Ever wonder if someone has been listening to you? Be assured the person speaking to you is. So here’s a way to keep the ideas flowing. It implies that you’re engaged, increasing the likelihood you’ll get more detail. It also helps you gauge the other person’s preparation, reasoning, and seriousness.
6) I’m On It: You’re giving your full attention. You’re saying, “Relax. Don’t worry about a thing. I’ll see to it personally.” That response can disarm just about anyone. To express a deeper commitment, use “You have my word.”
7) How Else Can I Help You: It takes guts to speak up. People risk rejection, ridicule, or retaliation. Sure, you’ve discussed one issue. Chances are, this was just a test balloon to see how you’d react. And don’t be afraid to ask for help occasionally. When you’re humble and vulnerable, it humanizes you. It makes you one of them. And people trust those with whom they can identify.
I will give you the other 8 tomorrow!
Qualified Mortgages generally will be provided to people who have debt-to-income ratios less than or equal to 43 percent. This cap on debt ensures consumers are only getting what they can likely afford. Before the crisis, many consumers took on mortgages that raised their debt levels so high that it was nearly impossible for them to repay the loan considering all their financial obligations. For a temporary, transitional period, loans that do not have a 43 % debt-to-income ratio but meet government affordability or other standards such as that they are eligible for purchase by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) will be considered Qualified Mortgages. (Compliments of my friend Buck Denton, Loan South, 404.569.2949)
danetteoneal1
Danette O'Neal, PhD 