Remember the days when buyers could qualify for a mortgage loan by putting down 3 percent? How about the days when mortgage lenders passed out no-downpayment loans? Mortgage loan financing has changed dramatically since then.

Today, the majority of traditional mortgage lenders are requiring that future homeowners come up with a down payment of 20 percent of their home’s purchase price. That’s a lot of money, especially for the all-important first-time home buyer market. Consider that 20 percent down on a home valued at $200,000 would be a whopping $40,000.

A new proposal, though, could make the 20 percent down payment the new official standard for what are being termed “qualified residential mortgage” loans.

According to a recent report from CNBC, the federal Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have both agreed on a new rule stating that a 20 percent down payment is the minimum required to have a “qualified” residential mortgage loan.

Banks and lenders that give out loans without requiring a down payment of 20 percent would have to retain 5 percent ownership in the loan if they sell it to investors. The goal is to make banks more accountable for the mortgage loans they pass out.

Of course, the new rule, if it ever becomes federal law, could also make life more difficult for those homeowners who can’t come up with a down payment of 20 percent.

Some lenders might simply reject these homeowners, refusing to do business with anyone who can’t come up with the magical 20 percent down payment. Others might charge higher interest rates and fees to homeowners who lack enough funds for a 20 percent down payment.

One thing is clear; the days of easy mortgage financing are long gone. Today, lenders are more skittish than ever. They want to make sure potential homeowners can afford to make their mortgage payments on time. Part of that is making sure these possible buyers have enough financial stability to come up with a solid mortgage down payment.

What do you think of this new proposal? Would a law requiring 20% down on a home prevent you from buying? Give us your thoughts by clicking the comment link below…