Congress is going to pass a 20% downpayment requirement. . . really?

Congress is going to pass a 20% downpayment requirement. . . really?

Congress has proposed a new "finanical reform" that would be part of the Dodd-Frank Act and mandate that a 20% down payment requirement for home buyers!  20% is a lot of money for most people and it seems to me that this would eliminate 85%+ of current home buyers - especially 1st time home buyers.

I have sold 50+ houses already this year and had a 20% downpayment on less than 5 of them.  What about you AR realtors (and lenders!). . . how do you think this will effect our current economic climate?  Do you think this will help or hinder real estate?

I would strongly suggest you write your Congressmen and women and tell them your thoughts - let them know we do not want this regulation passed!!!   As a new real estate business owner, I can't imagine how anyone would think this would stir economicy recovery, it's closer to a "non-stimulus" move.  Housing is a huge part of our economic recovery and a 20% downpayment requirement would crush any further movement toward recovery.

I am anxious to hear your thoughts.

Joy

Joy Daniels, GRI, ABR, CSP, e-PRO
JOY DANIELS REAL ESTATE GROUP, LTD
2793 Old Post Road, Suite 200
Harrisburg, PA  17110

(717) 695-3177  office - Call TODAY and let me help you find your dream home!

www.joydaniels.com

Joy@JoyDaniels.com - Email TODAY and let me help you find your dream home!

What is your home worth?  Find out at MLS Market Snapshot

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Comment balloon 7 commentsJoy Daniels • June 29 2011 05:52PM
Congress is going to pass a 20% downpayment requirement. really?
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Congress is going to pass a 20% downpayment requirement. really? Congress has proposed a new "finanical reform" that would be part of the Dodd-Frank Act and mandate that a 20% down payment requirement for home buyers! 20% is a… more
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