We pass this along to you in an effort to keep you informed. This article was forwarded to us this week from various sources, especially the Realtor Action Center.
We’d love to hear from you. Comments are open for your opinion on the proposed 20% Down Payment requirement.
The National Association of REALTORS is encouraging its members to contact Congress about the proposed regulations governing Qualified Residential Mortgages (QRM). If approved, all homebuyers would be required to pay a 20% down payment when buying a home. This would have a detrimental impact on the real estate industry and the overall economy. Economic recovery depends largely on a housing market recovery; therefore implementing a new rule requiring a 20% or higher down-payment would stop the housing recovery in its tracks.
NAR asks that you consider contacting Congress today and ask them to please make it clear to the regulators that this was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.
It’s very easy to do; just go to the REALTOR Action Center and the website does everything else for you.