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