Are you a buyer worried about the 20% Down QRM Mortgages?
Don’t be. There is a lot of hype in the marketplace right now about this ruining the mortgage industry and killing the first time home buyer. I heard a VERY similar story of this first hand from a prominent mortgage pro a while ago and haven’t been able to put it in words… Until now.
I found a great article on another perspective on the new mortgage plan. To sum it up and put it into plain terms. The low down FHA and conventional mortgage products will not go away… The only thing that is changing is that there will be more risk on the banks side if the buyer defaults on one of these loans. IF the bank writes a mortgage with 20% down they won’t assume the risk..
Check out the entire story –> Dispelling the 20 Percent Downpayment Myth
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