Congressman Responds to Proposed 20% Down Payment

Congressman Sam Farr is Working with REALTORS

A few weeks ago, myself along with other Intero Real Estate Services agents wrote to Congressman Sam Farr to stop the mandatory 20% down payment with the proposed Qualified Residential Mortgage (QRM) regulation.

Farr agreed that, “if implemented, could severely impact potential homeowners and the real estate industry.”   Although the rule proposed the banks hold a part of the securities as they sold the packages to lender, which got us in the mess we are currently in, the fees occurred with capital in reserve would have passed to the banks in turn to the borrower/future home buyer.

Thank you for replying to my request and signing a letter which agrees “with Realtors that a 20% down payment would reduce the availability of affordable mortgage money for qualified borrowers.”  Let’s keep the American Dream alive and obtainable, as I am doing everything in my power to help educate Hollister residences on why they should buy real estate now!

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