Affordable Homes And Home Mortgages In Woodbridge Virginia
Congress Needs To Fix Pending Legislation The Would Knock 60% Of Potential Home Buyers Out Of The Market
If You Don't Act You Will See The Demise Of 3% Down FHA Loans
If You Don't Act Now You Might Need A Minimum 20% Down Payment Home Loan
This article is a call to action from a newsletter published by the National Association Of Realtors.
"Could your clients afford a 20% down payment? Could you? Can you envision what your prospective client pool will look like if new regulations governing Qualified Residential Mortgages (QRM) take effect this year?
Neither can we. And neither can many elected officials in Congress who did not intend for these regulatory provisions to be so narrowly defined. We must continue our efforts to explain how detrimental the new QRM rules would be to the ongoing housing and lending crisis in America.
According to NAR Research, 60% of recent home buyers made less than a 20% down payment, and it would take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.
Please contact Congress today and ask them to make it clear to the regulators that this proposed regulation was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan."
You must contact your congress members today by fax or certified mail if you want your voice to be heard.
DO NOT email your members. Emails from constituents are not read, they are dumped into software that scrubs them for keywords that get dumped into market research statistics.
I fax my members at their offices on Capital Hill all the time. They respond to every fax with a letter back to me, so I know the fax was read.
Remember, they only read faxes and certified mail.
To look up your members of Congress, go to www.House.gov and www.Senate.gov. Get their fax numbers. Type a single page letter asking them to fix QRM legislation so that you can get a home with an affordable down payment.
You can text or call Erick at 703-677-1120, shoot him an email right now
Don't forget if you have a home to sell Peggy James my listing specialist for Erick and Company can send you a free market evaluation of your home. Fill out this form or call our office at 703-590-2252. We service buyers and sellers in Lake Ridge,Woodbridge, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville, Quantico, Fort Belivor and Mount Vernon area's.