Seven out of 10 renters feel owning a home is important

The 2011 National Housing Pulse Survey from the National Association of Realtors found 72 percent of renters think owning a home is a top priority for the future- an increase from 63 percent in 2010.

However, Americans say they are less excited about the prospect of owning a home if government proposals for a 20 percent down payment requirement are mandated. In fact, 77 percent of renters said they were less likely to purchase a home if they had to pay 20 percent up front, and 71 percent say the down payment requirement could have a negative impact on the housing market.

According to the QRM Rule as part of the Dodd-Frank Wall Street Reform and consumer Protection Act, Dod-Frank financial reform, mortgage lenders will retain capital reserves equal to 5 percent of mortgages, reported Fox News. Qualified residential mortgages, QRMs, are exempt from the rules, but require the 20 percent down payment. Currently, borrowers who do not have the 20 percent down payment must either take on higher fees and rates, or wait nine to 14 years until they can obtain the necessary down payment.

The survey found over half of working class homeowners reported that a 20 percent down payment would have prohibited them from purchasing a home, and 80 percent of respondents feel that uncertainty in job security is a huge or medium-sized obstacle in the purchase of a home.  

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