What is a qualified mortgage? What lenders and realtors need to know.

Straight from the CFPB ( Consumer Financial Protection Bureau ) these are the new guidelines that just took effect. One of the main things to remember is number two ,Any loan that meets the product feature requirements and is eligible for purchase, guarantee, or insurance by a GSE, FHA, VA, or USDA is QM regardless of the debt-to-income ratio (this QM category applies for GSE loans as long as the GSEs are in FHFA conservatorship and for federal agency loans until
an agency issues its own QM rules, or January 10, 2021, whichever occurs first).

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