One of the great perks about being an American citizen is that (ideally) we get to have a say in how our government operates. We have representatives in Congress whom we can reach out to when we hear about something happening that might hurt us, the average citizen, or when we have a helpful suggestion. Well, this is one of those times when you need to get involved!
Congress is about to pass new regulations governing Qualified Residential Mortgages (QRM) which will require potential homeowners to make a 20% down payment in order to purchase their dream home. 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. These new regulations could prevent many from achieving the ‘American Dream’.
Clearly, this is not the impact Congress intended. We can reach out to Congress and ask that it make an exception to the new rules for homeowners. 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 — it’s for your future!