A new and costly rule called Qualified Residential Mortgage, is being considered by federal regulators. If the proposal passes it would require homebuyers to make at least a 20% down payment on a home purchase for the most affordable rates. Federal regulators have taken a law passed by Congress intended to prevent future banking collapses and turned it into an unintended penalty on homebuyers.
It’s a fact: many hard-working, credit worthy Americans have a difficult time saving for the down payment to buy a home. This proposal would create a high down payment hurdle for first-time and low-income home buyers and make refinancing much more expensive for credit-worthy home owners too. Everyone will suffer.
Please make your voice heard. You can help keep the Dream of Home Ownership Alive. Simply fill in your name and address in the provided form and hit “Send this message”. HUD’s comment period closes August 1, 2011 so please act before the deadline.
Learn More About Qualified Residential Mortgages and our efforts to repeal the requirement
Posted via Seattle Real Estate-Seattle Homes For Sale
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