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The final version of the qualified residential mortgage does not have the features of down payment of 20% is required.

What is a qualified residential mortgage?

This refers to the type of mortgage that meets certain requirements for lender protection and secondary market trading under the Dodd-Frank Wall Street.

Most time, the qualified mortgage belongs to the class of loans that have certain and less risky features that help make it more likely that you'll be able to afford your loan.

Hence, the final version of the qualified residential mortgage (QRM) has the following features

  • Points and fees paid by the consumer may not exceed 3% of loan amount
  • Debt-to-income ratio may not exceed 43%
  • No prepayment penalties are allowed

Read more about qualified mortgage

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