Fairhope- Local and National Realtors are fighting for you against raising mortgage loan downpayments

All across america, we Realtors are sending letters to our senators to fight against the raising of down payments for home mortgage loans...Please read below and follow the link to the full article

Mortgage industry fights to keep 3.5% down payments
Changes to the current Federal Housing Administration requirement of 3.5% down on home purchases, is a clear example of this well-meaning, yet misguided directive coming from inside the Beltway, they said.
"NAR strongly opposes increasing the downpayment for FHA," said National Association of Realtors President Ron Phipps. "The correlation between downpayment and loan performance is significantly less important than the linkage to strong underwriting, which FHA continues to have. FHA's foreclosure rate remains less than conventional mortgages, so we don't believe changes to the downpayments would do anything but disenfranchise many creditworthy homebuyers." READ MORE>>>