Qualified Mortgage Bond

About Qualified Mortgage Bond:

Qualified Mortgage Bond (QMB) is a bond the proceeds of which are used to finance the purchase, or qualifying rehabilitation or improvement, of a single-family, owner- occupied residence. Persons receiving QMB-financed loans generally must satisfy principal residence, purchase price, income, first-time homebuyer, and other requirements. The QMB and mortgage credit certificate programs enable lower- and middle-income individuals and families who otherwise could not afford homes to do so. Former IRC (check if this IRC provision is current here) §25.