Professional Alliance member Conrad Wouters reminds us that a new category
of mortgage loans referred to as Qualified Mortgages (QM) have
been created with specific rules effective January 10, 2014. The QM underwriting guidelines are very
specific and strict, which means in general homebuyers will need to provide more
documentation (subject to third party verification) and will have loan size
limitations set by debt to income ratios.
Being higher quality, the QM loans are designed to enable better rates
and lower fees than non-QM loans.
Candy is the president and former lead financial planner of Candy J. Lee Financial Planning and Money Management which she founded in 1992, until she retired from providing financial planning and investment advice to individuals June 1, 2016.
Professional Alliance member Conrad Wouters reminds us that a new category
of mortgage loans referred to as Qualified Mortgages (QM) have
been created with specific rules effective January 10, 2014. The QM underwriting guidelines are very
specific and strict, which means in general homebuyers will need to provide more
documentation (subject to third party verification) and will have loan size
limitations set by debt to income ratios.
Being higher quality, the QM loans are designed to enable better rates
and lower fees than non-QM loans. 
