Time is running out for you to be heard. You have until August 1 to help our coalition of homeowners prevent an onerous new rule from taking effect that would significantly impact the ability of hardworking Americans to buy or sell a home. This rule would also likely effect home values in neighborhoods nationwide. If this new rule is finalized as law by the government, it would require home buyers to make at least a 20% down payment on a home purchase. If you are a homeowner wanting to sell in the future, a 20% down payment requirement would mean fewer buyers for your home, which means lower home values.
The federal regulators have taken a new law passed by Congress intended for banks to do a better job of securing loans and are trying to turn it into a penalty on home buyers. It’s not needed and simply stated—it’s bad for homeowners and buyers.
Frank, we feel strongly that you as a future buyer or seller needed to know this information. It’s a fact: many hardworking, credit-worthy Americans have a difficult time saving for the down payment to buy a home. If enacted, the new regulation will make it even more difficult for many Americans to buy their next or first home.
What can you do? Join us and take action now. Regulators in Washington need to hear the voices of homeowners as they make public policy. This is why your input is so important. We’ve made it easy for you to 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. It takes just a few seconds of your time. We have already drafted the letter for you with optional space for personal comments.
Thank you! We hope you will join us in our ongoing efforts to help current and future homeowners protect the most important investment you will make.
About the National Association of REALTORS® (NAR)
The National Association of REALTORS® (NAR) has been a champion of home ownership rights and opportunities for more than a century. Helping consumers become more informed, responsible home owners is important to the stability and value of the housing market – and your overall enjoyment of your home.