qualified mortgage

Question 1

for a qualified mortgage, max DTI ratio is

Answer 1

43%

Question 1

for a qualified mortgage, are No-Doc loans/NINA loans allowed?

Answer 1

No

Question 2

for a qualified mortgage, are loan terms over 30 years allowed?

Answer 2

No

Question 3

for a qualified mortgage, are interest only loans/ negative amortization loans allowed?

Answer 3

No

Question 4

for a qualified mortgage, the use of ________ are prohibited

Answer 4

teaser rates

Question 5

for a qualified mortgage, it requires ARM to be underwritten to max interest rate that can be charged during the first ____ years of the loan term

Answer 5

five

Question 6

for a qualified mortgage, prepayment penalty fees are ______ except for certain fixed rate qualified loans

Answer 6

prohibited