Monday, May 23, 2011

Tell Congress: 20% Down Payments Put the American Dream Out of Reach

This morning I got this email from our real estate company, Prudential and we have been talking about this issue for a while now and this is happening, we got to stand and vote.....

Could your clients afford a 20% down payment? Could you? Can you envision what your prospective client pool will look like 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.

Please contact 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.

Personally I think this is crazy, yes to put more than 20% if you can, congratulations! And what about 1st time home buyers, people with limited down payment and people that can afford the house payment, have the income but just not 20% down, are you one of them?

What are your thoughts?


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