Did you know that there is a proposal before regulators to require a minimum of 20 percent down on all residential transactions? If allowed to take effect, these proposed regulations governing Qualified Residential Mortgages (QRM) would put home ownership out of reach for middle-income Americans.
According to research done by the National Association of REALTORS® (NAR), 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.
We just don’t need more hurdles. Please contact your Congressmen 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.