WASHINGTON – May 19, 2011 – Could all buyers afford a 20 percent downpayment?
The National Association of Realtors® asks members to imagine what the real estate market would look like if every buyer needed a 20 percent downpayment to get a mortgage. How many potential buyers would miss out on the American Dream? And what would that do to a market already saturated with repossessed homes?
According to NAR, that 20 percent requirement is a very real possibility if the new regulations governing Qualified Residential Mortgages (QRM) take effect this year.
NAR says that Congress must understand the impact this rule will have on home sales, and it is asking all members to contact their personal senator and representative. The Call for Action email developed by NAR asks lawmakers to tell regulators that a 20 percent downpayment was not their legislative intent. Instead, regulators should implement a more reasonable Qualified Residential Mortgage (QRM) that will keep creditworthy buyers in the market and able to get a loan.
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This is important. What are your thoughts.
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http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260130
The National Association of Realtors® asks members to imagine what the real estate market would look like if every buyer needed a 20 percent downpayment to get a mortgage. How many potential buyers would miss out on the American Dream? And what would that do to a market already saturated with repossessed homes?
According to NAR, that 20 percent requirement is a very real possibility if the new regulations governing Qualified Residential Mortgages (QRM) take effect this year.
NAR says that Congress must understand the impact this rule will have on home sales, and it is asking all members to contact their personal senator and representative. The Call for Action email developed by NAR asks lawmakers to tell regulators that a 20 percent downpayment was not their legislative intent. Instead, regulators should implement a more reasonable Qualified Residential Mortgage (QRM) that will keep creditworthy buyers in the market and able to get a loan.
=========================
This is important. What are your thoughts.
========================
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260130
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