Are the requirements for QMs for FHA or VA loans the same as for conventional loans?

1026.43

(b) Definitions. For purposes of this section:

(1) Covered transaction means a consumer credit transaction that is secured by a dwelling, as defined in § 1026.2(a)(19), including any real property attached to a dwelling, other than a transaction exempt from coverage under paragraph (a) of this section.


I don't see anything under paragraph (a) exempting those loans.

1026.43(e)(4) Qualified mortgage defined—other agencies. Notwithstanding paragraph (e)(2) of this section, a qualified mortgage is a covered transaction that is defined as a qualified mortgage by the U.S. Department of Housing and Urban Development under 24 CFR 201.7 and 24 CFR 203.19, the U.S. Department of Veterans Affairs under 38 CFR 36.4300 and 38 CFR 36.4500, or the U.S. Department of Agriculture under 7 CFR 3555.109.

• The Agency QM rules retain the current product feature limitations.

• For FHA loans, the standard points and fees test will apply. An FHA loan will have a rebuttable presumption if the APR exceeds the APOR by more than 2.00%.

• For VA loans, there is no points or fees test. There is also no APR/APOR test for rebuttable presumption.

• For USDA loans, the interest rate must be fixed, and the standard points and fees test will apply. There is also no APR/APOR test for rebuttable presumption.

Thanks Randy - we don't deal with government backed loans and I totally missed that section.