"Lenders will be required to verify and inspect borrowers’ financial records. The rules discourage them from saddling borrowers with total debt payments totaling more than 43 percent of the person’s annual income. That includes existing debts like credit cards and student loans...The rules limit features like teaser rates that adjust upwards and large “balloon payments” that must be made at the end of the loan period. They include several exceptions aimed at ensuring a smooth phase-in and protecting access to credit for underserved groups. For example, the strict cap on how much debt consumers may take on will not apply immediately. Loans that meet separate federal standards also would be permitted for the first seven years. Balloon payments would be allowed for certain small lenders that operate in rural or underserved communities, because other loans may not be available in those areas."