From the St. Charles County Association of Realtors:
“In a victory for American Homeowners the Federal Deposit Insurance Corporation issued its final qualified residential mortgage (QRM) yesterday, October 21st. The revised rule requires lenders to rely on sound and responsible underwriting and not excessive down payment requirements. The original proposed rule would have required a 20 percent down payment for a mortgage loan to meet the QRM standard.
REALTORS across the nation joined with lenders, and housing advocates to stop the proposal that would have put homeownership out of the reach of millions of families. Experts suggest that the finalization of the rule without the down payment requirements will increase and deepen the availability of mortgage financing across the nation.”
Woo Hoo! Merry Early Christmas to Realtors, Lenders and Home Buyers alike! If you’d like to discuss this or talk to us about how to SAVE BIG with Sunshine Realty when selling or buying your home, give us a call NOW at 636-265-2801 and refer to this blog post :).
Thanks for reading and we look forward to speaking with you soon!