I’m under the impression that there is an exemption for verifying repayment ability within 7 years if you’re a lender that’s in a predominately rural or underserved area. 😆 (i.e. You can do 5 year balloons instead of 7 years and verify the 5 year repayment ability) unfortunately I’m having a hard time locating this exemption or whatever you’d like to call it. I can find it in the proposed guidelines, but that’s not really helpful right now.
Any help would be appreciated. 😯