New Laws May Make it more Difficult to get Home Loans

Home buyers seem to be given the ‘short straw’ when it comes down to buying a new home now news is surfacing saying that people will only be able to buy a new home after they commit to a minimum 20 per cent down payment

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See more details in the WSJ – quote – In recent weeks, there has been concern in the banking industry that regulators will be strict in their definition, perhaps only allowing loans with a 20% down payment to receive the exemption. Most of the lending industry favors a broader definition.

If the law sets a benchmark minimum of 20% down payment that will exclude thousands of new buyers as they simply will not be able to meet the twenty per cent down payment

Read more here

http://blogs.wsj.com/developments/2011/02/02/us-sen-hagan-very-concerned-about-mortgage-rules/

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