Reproposed QRM rule eliminates down payment requirement
The relationship between home buyers and mortgage banks if fundamental to real estate. Nothing can be more of a barrier to home ownership then a big down payment requirement. The National Association of REALTORS® indicates that the average American family would need to save for 25 years to afford a 30% down payment on a home loan. Without a change in this requirement, the rule would have taken effect on January 1st, removing access to loans for half of America. The National Association of REALTORS® has been in congress fighting hard to strike the minimum downpayment requirement of 20% on [...]