EPISODE · Apr 21, 2022 · 8 MIN
Episode 10: Breaking Down the Characteristics of Non-Qualified Mortgages - Are They Right for You?
from KP Talks Dollars and Sense · host Kevin Peranio
A non-qualified mortgage was defined as such by Dodd-Frank when that legislation was passed. Subprime loans absolutely wrecked Fannie, Freddie, and Ginnie and everything that was going on. And Fannie and Freddie used to buy loans that were considered subprime. So in part of Dodd-Frank, what they did is they define what is a qualified mortgage versus a non-qualified mortgage.A non-qualified mortgage has certain characteristics like possibly interest-only, maybe has a balloon payment, doesn't meet Fannie Freddie guidelines, for example, you could have a foreclosure today and buy a home tomorrow and you could do a non-qualified mortgage.The secondary market is cold, heartless and unforgiving. Don't ever forget that. And you're seeing it right now, the non-QM market. Stay up-to-date on all the latest news, updates, and exclusive content by following us on all of our social media accounts! https://linktr.ee/kptalksdollarsandsense#KPTalks
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A non-qualified mortgage was defined as such by Dodd-Frank when that legislation was passed. Subprime loans absolutely wrecked Fannie, Freddie, and Ginnie and everything that was going on. And Fannie and Freddie used to buy loans that were considered subprime. So in part of Dodd-Frank, what they did is they define what is a qualified mortgage versus a non-qualified mortgage. A non-qualified mortgage has certain characteristics like possibly interest-only, maybe has a balloon payment, doesn't...
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Episode 10: Breaking Down the Characteristics of Non-Qualified Mortgages - Are They Right for You?
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