Realtors voices must be heard when it comes to the issue of Qualified Residential Mortgage. If this is allowed the rule will determine the way mortgage lending moves forward. Analysts at J.P. Morgan Securities suggest that mortgage rates could rise by as much as three percentage points for loans that are subject to risk retention. This would put the brakes on lending at a time when the housing market needs more people to buy homes.
So what does QRM mean for homebuyers? The proposal is calling for a minimum 20% down payment. I can tell you I didn't have 20% to put down the first time I purchased a home way back when. Can you imagine with today's financial instablity how many folks can even come up with 10%.
If Washington truly wants to kill the housing market they have found the answer. This initiative will shut out many credit-worthy borrowers. Contact your Senator today and let he/she know how you feel about this. Let's save the American Dream!
So what does QRM mean for homebuyers? The proposal is calling for a minimum 20% down payment. I can tell you I didn't have 20% to put down the first time I purchased a home way back when. Can you imagine with today's financial instablity how many folks can even come up with 10%.
If Washington truly wants to kill the housing market they have found the answer. This initiative will shut out many credit-worthy borrowers. Contact your Senator today and let he/she know how you feel about this. Let's save the American Dream!
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