Can new home buyers afford a 20% down payment? Could you? Can you envision what this will do to limit the buyer pool if new regulations governing Qualified Residential Mortgages (QRM) take effect this year?
Neither can we. And neither can many elected officials in Congress who did not intend for these regulatory provisions to be so narrowly defined. We must continue our efforts to explain how detrimental the new QRM rules would be to the ongoing housing and lending crisis in America.
According to NAR Research, 60% of recent home buyers made less than a 20% down payment, and it would take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.
Please contact Congress today and ask them to make it clear to the regulators that this proposed regulation 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.
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Comments
I have the opportunity to visit the delegates from my state with other members of NAR last week, it was a great experience, and a lot of information, this is a big issue, We all know that the government wants to eliminate Freddy and Fannie, but we really need something in its place or a way to re-vamp the system, but keeping the low down payment.
Among other issues that we should talk to our congressman/woman and senators are: