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Regulators movement toward mortgage requirements being met with opposition
May 13th, 2011 6:28am
Federal regulators have recently proposed a rule that would seek to define qualified residential mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act. However, this movement is being met with opposition from the National Association of Realtors, who claim that, in doing so, the regulators will be preventing many from attaining homeownership.
"As the leading advocate for housing and home ownership, NAR firmly believes Congress intended to create a broad QRM exemption - strong evidence shows that responsible lending standards and ensuring a borrower's ability to repay have the greatest impact on reducing lender risk, and not high down payments," said NAR president Ron Phipps.
Furthermore, Phipps relayed that, because down payments have often been the largest obstacle for potential homebuyers, increasing the amount required up front will divert many buyers to the Federal Housing Administration. This, in turn, will then raise the costs for these potential borrowers when the interest rates and fees are raised. As a result, many previously eligible borrowers would then be priced out of the market.
With the housing market showing increased improvement in many aspects during the last several years, the last thing NAR wants is for the forward movement to be halted because of this stipulation.
Even with unemployment rates on the decline, many borrowers would still be affected by the proposed rule. For instance, 50,700 more jobs became available in Houston in February 2011, representing a 48 percent increase. However, with higher down payments required, these new workers still might not be able to afford Houston properties.
Mortgage rates end year near record lowsAlthough the price of Houston real estate appreciated significantly so far this year, mortgage rates hovering at all-time lows could make the transition to homeownership affordable.December 27th, 2012 10:26am
Mortgage rates remain affordableWith fixed mortgage rates hovering near all-time lows, prospective buyers may be able to get a piece of Houston real estate with very affordable terms.November 1st, 2012 10:39am