Federal regulators are considering a new rule that would require a minimum
20% down payment for many home purchases. Just imagine how you or your children
would be affected if this proposal were to pass.
Would you be able to buy a home? For example, you would need
$80,000 up front for a $400,000 home. In the Washington DC Metro and Northern Virginia area this would only buy you a condo or townhouse.
Already a home owner? The proposed rule would hurt property
value appraisals by shutting many qualified buyers out of the market. Fewer buyers means less resales, which in turn leads to longer times properties are on the market, which leads to fewer sales comps for appraisers to use and slower rate of appreciation, which leads to lower overall home values in a given market area.
Help
keep the dream of home ownership alive by saying NO to the 20% down payment
requirement.
Regulators are trying to fix the root causes of the housing crisis, which is fully supported. But the proposed rule is the wrong solution. Strong evidence
shows that responsible lending standards and ensuring a borrower’s ability to
repay, not high down payments, have the greatest impact on reducing lender
risk.
Take action now. Regulators in Washington need to hear the voices of
home owners as they make their policy considerations. This is why your input is
so important. Please send a letter to the U.S. Dept. of Housing and Urban
Development (HUD) to ask that they drop the proposed 20% down payment
requirement and instead focus on sound underwriting standards.
Taking action is easy and takes just a few seconds of your time.
Source: National Association of REALTORS
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