BOSTON (Source: The Street By Joe Mont) — Hopeful homebuyers may soon need to shell out more money upfront before being approved for a mortgage. The public comment period concludes Monday for potential mortgage-related provisions spawned by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Among the potential outcomes is that homebuyers could be required to front a higher down payment — as much as 20% — before they can legally qualify for a mortgage loan.
Source: The Street By Joe Mont
07/29/11 – 08:30 AM EDT
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