What is the max DTI with a Freddie Mac Loan with QM?
Much has been written about how QM will result in more credit denials for Home Buyers due to new Federally Mandated restrictions regarding Mortgage Loans. QM stands for Qualified Mortgages, a definition made in the Dodd-Frank legislation. It went into effect in Tandem with ATR, ATR stands for Ability to Repay. This basically codified how and what lenders must verify, document and consider when qualifying borrowers for Freddie Mac Loans under QM/ ATR. Freddie Mac is the common name for FHLMC, or the Federal Home Loan Mortgage Corporation.
Fortunately, the legislation gave the "agencies" such as Freddie Mac up to 7 years to come up with their own QM rules. So the quick answer is that the Max DTI (Debt to Income Ratio) for Freddie Mac continues to be 45% for qualified Borrowers.
Under QM, Freddie Mac loans are available up to $417K up to 95% Loan to Value.
The real point to this post is that you must work with a Loan Professional that knows the guidelines and rules so that you can get the right loan for the home you want. Calll the Loan Pros at VanDyk Mortgage at 866-900-2342 direct or apply online at vandykfunding.com.
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