If a family has. to spend more than 30% of their. income on rent, they are considered. ârent burdened.â. This document is for informational purposes only. This is not an application for affordable housing. you will receive an affordable unit. get more information or to apply online.  you will receive an affordable unit.
The Closing Disclosure will combine the disclosures currently provided in the HUD-1 settlement statement and any revised Truth in Lending statement. It is now a 5 page document compared to the current 3 page document. Critically, the Closing Disclosure must be provided at least 3 business days before the closing.
As I mentioned earlier, I am noticing that a lot of credit unions are failing to re-disclose the APR when required. More specifically, the APR is being re-disclosed on the final Truth in Lending disclosure document provided at loan closing. Obviously, this does not meet the timing requirements for re-disclosure. So, review your procedures to ensure that you are re-disclosing when necessary.