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HUD releases its qualified mortgage (QM) definition


 

WASHINGTON – Dec. 12, 2013 – The U.S. Department of Housing and Urban Development (HUD) released its final ‘Qualified Mortgage’ (QM) rule that defines a mortgage insured, guaranteed or administered by HUD. The rule is effective Jan. 10, 2014, and applies to mortgages with a case number assignment on or after that date. HUD published its final rule in the Federal Register.

Overall, the rule mirrors earlier versions of the QM rule and QRM rule that apply to mortgages. The rules attempt to find a balance between “safe” mortgages that won’t lead to another real estate meltdown while still giving most homebuyers access to mortgage money.

For an overview of the changes, visit HUD’s website.

© 2013 Florida Realtors®

Related Topics: Mortgages