New Mortgage Lending Proposals will Decrease Dallas Home Ownership

June 24, 2011 by · Leave a Comment 

Mortgage Underwriting Standards in Texas

Senator Kay Bailey Hutchison is fighting for the American Homeownership Dream by working to  improve access to affordable housing, supporting community development, and increasing overall homeownership without imposing new tax burdens.  Everyone agrees poor underwriting standards contributed to the housing crisis over the past couple years and needs to be restructured, but not eveyone agress on the steps or solutions to ensure we are on the right road to recovery. 

Regulators from six federal agencies are currently drafting new rules that will ultimatley decrease homeownership by placing new lending roadblocks on residential loans.  Under the agencies’ proposal, a homebuyer will be required to pay 20 percent down to qualify for a Qualified Residential Mortgage.  Borrowers seeking a QRM cannot have missed two consecutive payments on any consumer debt with the past two years, and a borrower’s mortgage related debt cannot exceed 28 percent of income.  In addition, those looking to refinance will be required to have even higher equity levels. 

These new Mortgage  prosposals will have a significant negative impact on the Dallas Fort Worth housing market affecting those looking to buy a home in Dallas and owners needing to sell.  The six federal agencies have extended the period to submit comments on the QRM proposal to August 1, 2011.  If you would like more information on the QRM proposal by the  Office of Comptroller of Currency, Federal Reserve System, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Federal Housing Finance Agency, and U.S. Department of Housing and Urban Development, please visit QRM Credit Risk Retention Proposal.

Dallas Home Mortgage | Dallas Home Loans

If you need assistance with a home loan in Dallas, please contact DFW Urban Realty.  Our agents can assist with securing mortgage loans on Dallas homes, condos, townhomes, lofts, and high rises.  Whether you’re looking for a pre owned home, bank foreclosure or new home in Dallas, we’ve got you covered!

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