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Are balloon mortgages allowed in owner financing, because of Dodd-Frank?

by med645_687_262 from Hillsdale, New Jersey. Apr 16th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes.. they are allowed.. Dodd-Frank does address balloon mortgages, however no final rules have been set in place... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 16th 2013
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Apr 16th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes. What you are referring to is the Qualified Mortgage guidelines which have been put into place yet.

Apr 16th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Clarification. Yes balloon mortgages are allowed and No the Qualified Mortgage has Not been put into place yet.

Apr 16th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

Yes Balloon mortgages are allowed

Apr 16th 2013
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Lawrence Thorpe (CommercialRefi)
#106 ranked lender in New York - 14 contributions

The Dodd-Frank Act has been called the most comprehensive set of U.S. regulatory reformmeasures since the Great Depression. Yet, more than two years after the Act was signed byPresident Barack Obama, only a third of Dodd-Frank's nearly 400 required rules have beenfinalized and only a third have been proposed. Are balloon mortgages allowed in owner financing, YES

Apr 16th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Yes for now.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Apr 16th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

you are confusing Dodd Frank with the QM rule. QM (Qualified Mortgage) will not allow for a Balloon payment loan. Therefore, it is unlikely that product will be abvailable once QM is finalized.

Apr 16th 2013
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