Still no definitive answer on this. Our vendor is taking the conservative approach and considering the loan in my example to be covered by ATR.
The commentary specifically addresses odd days in regard to the maximum 30 year term for QMs. It says...
1. General. The 30-year term limitation in § 1026.43(e)(2)(ii) is applied without regard to any interim period between consummation and the beginning of the first full unit period of the repayment schedule. For example, assume a covered transaction is consummated on March 20, 2014 and the due date of the first regular periodic payment is April 30, 2014. The beginning of the first full unit period of the repayment schedule is April 1, 2014 and the loan term therefore ends on April 1, 2044. The transaction would comply with the 30-year term limitation in § 1026.43(e)(2)(ii).
Unfortunately, there's no similar language in regard to the 12-month construction term.
Is anyone else dropping their construction phases to 11 months or less to avoid ATR requirements?