Proposed revisions to the qualified residential mortgage rule announced today will help millions of people buy homes and strengthen the mortgage market, says NAR President Gary Thomas.
Home owners continue to face hassles with mortgages, particularly from servicers who are "sloppy" about loan paperwork and payments.
More home buyers say living near family members is not an important consideration for them when home-shopping. Property size, crime rates, school district, and length of commute ranked higher in a recent survey.
Prospective home buyers who don't have a long credit report may still be able to show lenders they're worth the risk by showing off their nontraditional credit.