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Houston Mortgage > Glossary >
Credit Repair > Q 1-10
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Qualified adoption expenses
For the adoption credit, reasonable and necessary expenses for adopting your child, including such expenses as adoption fees, attorney fees and other expenses. However, expenses paid for a surrogate parenting arrangement or expenses paid to adopt your spouse's child are not allowed.
Qualified retirement plan
A retirement plan approved by the IRS that allows for tax-deferred accumulation of investment income. Individual retirement accounts, Keogh plans and pensions are examples of qualified retirement plans.
Qualifying ratios
As calculated by lenders, the percentage of income that is spent on housing debt and combined household debt. The first qualifying ratio, called the front ratio, is the percentage of monthly before-tax income that goes toward a house payment. The back ratio is the sum of the house payment and all other monthly debt -- credit cards, car payments, student loans and the like -- divided by before-tax income.
Quitclaim deed
A document that transfers the grantor's interest in a title to property and is filed with a county recorder. It often is used among family members and can be used to clear up a gap in the chain of title.
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