· The debt-to-income ratio is one of the most important factors mortgage lenders use to evaluate the creditworthiness of borrowers. It measures the size of your monthly debt burden relative to the size of your monthly pay. And in addition to your credit score and other financial information, it helps lenders decide whether you’re capable of taking on another loan.
The Qualified Mortgage Rule (QM), introduced in 2014, was designed by the Bureau of Consumer Financial Protection. (DTI) mortgages met the BCFP’s definition of a QM last year,
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Qualified Mortgage Rule: Limits on Debt-to-Income Ratios – General rule for Qualified Mortgage is 43%, a borrower’s DTI ratio must not be higher than 43%. There is a temporary exception granted for loans that are eligible to be sold or insured by Freddie Mac, Fannie Mae, FHA or VA. No other exceptions are allowed.
Higher debt-to-income ratio limits make it easier to get a mortgage, but there’s risk of financial stress further down the road. Learn more about high-DTI mortgages before you apply.
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The Qualified Mortgage Rule is part of the regulation mandated by the Dodd-Frank Act of 2010. It states that the borrower must pass an ability-to-repay analysis for their loan to be considered a "Qualified Mortgage," or "QM" loan.
The first kind of qualified mortgage is that in which the borrowers have a "back-end" debt-to-income (DTI) ratio of 43 percent or below using verifiable evidence that the borrower has income, assets, debt, and other obligations in accordance with the requirements established in the regulation.
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Debt-to-Income (DTI) is a lending term which describes a person’s monthly debt load as compared to their monthly gross income. Mortgage lenders use Debt-to-Income to determine whether a mortgage.
NAR supported a safe harbor to ensure the wide availability of affordable mortgage credit for qualified borrowers. Borrowers will still be able to get a private loan as long as the loan does not have risky features and the borrower’s total debt to income (DTI) isn’t over 43%.
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