Upfront points and fees for QM loan and non-QM loan

Introduction

This topic contains information on Upfront point and fees, including:

路QM loan requirements

路Non-QM loan requirements


QM loan

To make sure borrowers dont pay very high fees, a lender making a Qualified Mortgage can only charge up to the following upfront points and fees:

搂 For a loan of $100,000 or more: 3% of the total loan amount or less.

搂 For a loan of $60,000 to $100,000: $3,000 or less.

搂 For a loan of $20,000 to $60,000: 5% of the total loan amount or less.

搂 For a loan of $12,500 to $20,000: $1,000 or less.

搂 For a loan of $12,500 or less: 8% of the total loan amount or less.


Non-QM loan

Under the CFPBs rules, only Qualified Mortgages have a limit on points and fees. Lenders are not required to make Qualified Mortgages, so they can charge higher points and fees if they choose. 



AAA Lendings is a direct mortgage lender with over 20 years of lending experience. We have a group of experienced professionals providing services for home buyers and people with mortgage needs. We offer 100+ customized loan programs in conventional, FHA, VA, EZ qualified and foreigner national loans. We always put customer's needs first and provide the best customized solution for each customer.