Kansas City home buyers and especially renters, are you aware of the fact that new lending requirements (Starting NEXT MONTH) will require 20% down payments on mortgages in Kansas City?

Kansas City home buyers and especially renters, are you aware of the fact that new lending requirements (Starting NEXT MONTH)  will require 20% down payments on mortgages in Kansas City?

Yes, you read that correctly…20% down will be the new minimum requirement thanks to the new QRW Lending Rules.

Welcome to the new world of QRM: Qualified Residential Mortgage

The new QRM requirements currently exclude FHA mortgages. However, the National Association of REALTORS believes that higher down payment loan requirements will trickle down to FHA loans as well within  a year. Higher interest rates and added fees will be slapped on Kansas City home buyers using non-FHA mortgages and putting less than 20% down. Bottom line Kansas City home buyers, unless something dramatic changes in the next 12 months you will see the mortgage products requiring less than 20% down disappearing.

In this housing market…the worst ever…does it make sense to require substantially higher down payments?

This will also affect Kansas City Home Sellers. There will be a smaller pool of home buyers meaning home values may go down more.

Bottom line, the new QRW rules may become the new rule April 2011 and be in full effect April 2012.

RE/MAX sells more homes than any other real estate company.

For a reason...should we talk?

Let us know what you think or add to our blog by writing a comment. Do you have a real estate question for the Real Estate Wizards? Email us at RealEstateWizard@DowellTaggart.com

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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