Time is running out to stand up for sensible mortgage rules. We only have until August 1 to tell regulators that they should rethink a proposed 20% minimum downpayment requirement.
Here's why the proposed rule is a bad idea:
It could lower home values. The proposed rule would hurt property values by shutting many qualified buyers out of the market. Fewer buyers mean lower home values.
It could affect your ability to buy a home. A 20% downpayment is often just too much to save, even for hard-working, creditworthy buyers.
Regulators are trying to fix the root causes of the housing crisis, which we fully support. But the proposed rule is the wrong solution. Strong evidence shows that responsible lending standards and ensuring a borrower’s ability to repay, not high downpayments, have the greatest impact on reducing lender risk.
Join us and take action now. Regulators in Washington need to hear directly from you, the homeowner, as they make their policy considerations. That’s why your input is so important. Please send an electronic letter to the U.S. Department of Housing and Urban Development (HUD) to ask that regulators drop the proposed 20% downpayment requirement and instead focus on sound underwriting standards.
Taking action is easy and takes just a few seconds of your time.