Many REALTORS® and other industry professionals are discouraging the 30 percent alternative as it would block the majority of the population from becoming homeowners.
According to NAR, recent research has shown that it would take the average American over 25 years to save enough money to buy a modest home with a 30 percent downpayment.
This alternative is, according to the proposal, not the preferred approach, and the agencies are asking for public feedback on the full proposal by October 30.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com