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HUD Passes New 'Qualified Mortgage' Definition

HUD Press Release
December 12, 2013

paperwork new home ​The U.S. Department of Housing and Urban Development (HUD) passed a final rule for the ‘Qualified Mortgage (QM)’ definition which will affect mortgages beginning on and after January 10, 2014.  The new rule dictates that mortgage loans must:  “require periodic payments without risky features, have terms not to exceed 30 years, limit upfront points and fees to no more than three percent with adjustments to facilitate smaller loans (except for Title I, Title II Manufactured Housing, Section 184, Section 184A loans and others…), and be insured or guaranteed by [Federal Housing Administration] FHA or HUD.”  More…

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