Health & Fitness
QRM And How It Can Affect All Home Buyers And Slow Down Our Economy... Big Time
Qualified Residential Mortgage (QRM). If this passes all new homebuyers will have to save a 20% downpayment in order to buy a home. That could take 10 years!
I just got an email confirmation that Duncan Hunter (CA House of Rep) received my opposition letter against QRM. What is QRM you ask? Qualified Residential Mortgage.
Three federal agencies – the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency – are supporting a new rule for the QRM that would require prospective homebuyers to put at least 20 percent down (instead of the FHA 3.5%). For those seeking to refinance their mortgage, even more cash or equity would be required. To speak out contact Duncan Hunter at his website http://hunter.house.gov/