NAR - 20% downpayment and stringent regulations unfair
A proposed rule by federal regulators to impose a minimum 20%
down payment, stringent debt-to-income ratio requirements and
rigid credit standards will deny millions of Americans access to
safe, low-cost mortgages, according to the National Association
of Realtors (NAR).
A proposed rule by federal regulators to impose a minimum 20%
down payment, stringent debt-to-income ratio requirements and
rigid credit standards will deny millions of Americans access to
safe, low-cost mortgages, according to the National Association
of Realtors (NAR).
This Author agrees.
This will cut-off first time homebuyers.
This will cut-off Buyers that are rebuilding their finances.
FYI.. over 40% of Homeowners that were foreclosed on were over 50 years of age.
Here's my plan.
If you want to buy a home that is.....
Under $125,ooo you will need 10% down.
Under $199,ooo you will need 15% down.
Over $200,ooo you will need 20% down.
This is a simple Plan that will make it possible for most families to have a home &
protect the U.S. loan guarantee programs (ie. taxpayers) from a huge future meltdown in the housing markets.
This will also stop Buyers from buying a home that is actually too expensive for their budget.
One, easy to implement Plan that will give American investors new confidence in our massive housing market.
Many thanks from Larry Tutino, Blog Founder
