A new and costly rule called Qualified Residential Mortgage, is being considered by federal regulators. If the proposal passes it would require homebuyers to make at least a 20% down payment on a home purchase for the most affordable rates. Federal regulators have taken a law passed by Congress intended to prevent future banking collapses and turned it into an unintended penalty on homebuyers.

It’s a fact: many hard-working, credit worthy Americans have a difficult time saving for the down payment to buy a home. This proposal would create a high down payment hurdle for first-time and low-income home buyers and make refinancing much more expensive for credit-worthy home owners too. Everyone will suffer. 

Please make your voice heard. You can help keep the Dream of Home Ownership Alive. Simply fill in your name and address in the provided on this page  and hit "Send this message".

HUD’s comment period closes August 1, 2011 so please act before the deadline.

Learn More About Qualified Residential Mortgages and our efforts to repeal the requirement

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About the National Association of REALTORS® (NAR)

The National Association of REALTORS® (NAR) has been a champion of home ownership rights and opportunities for more than a century. Helping consumers become more informed, responsible home owners is important to the stability and value of the housing market – and your overall enjoyment of your home.

NAR is North America’s largest professional association, representing over one million members. NAR created the Home Owner Action Center to alert home owners across the country about a critical decision that will be made soon by the Federal government that will seriously affect down payment rules on home mortgages.

The ability to buy, sell and own property has defined our nation throughout its history. Numerous studies have shown the value Americans place in home ownership. According to the 2010 NAR Profile of Home Buyers and Sellers, first-time homebuyers cite the desire to own a home as the primary reason for their recent home purchase, and in the March 2011 Allstate-National Journal Heartland Monitor Poll nine out of ten home owners say they would buy their homes again. Americans still have a deep attachment to home ownership.

Please take a minute now to read more about the effort by NAR and more than 40 coalition partners to keep the Federal government from requiring a 20% downpayment on home mortgages. Requiring a 20% downpayment would shut the door to creditworthy homebuyers and threaten our economic recovery for years to come.