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Jennifer Wilbur

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Coldwell Banker United - Heights

Jennifer Wilbur's Blog

Provide sellers and buyers with the service and Committee they deserve to purchase there next home. - I just wanted to post some information that you will find useful in todays economy To help 1st time home buyers with the process to Buy ther

NAR Call For Action: Tell Congress Urgent Action Needed on FHA Loan Limits


September 15th, 2011

 

September 15, 2011

NAR Call For Action: Tell Congress Urgent Action Needed on FHA Loan Limits

(Sept. 15) -- In just two weeks, the availability of safe, affordable, reliable mortgage financing will diminish. If this happens, many of your clients run the risk of being priced out of the American Dream of home ownership. Even worse, this could hold back the housing recovery. As REALTORS®, you know that well-qualified buyers don't need yet another hurdle to access affordable mortgage financing. We cannot let this happen. Not in this market. Not now.

The current FHA and GSE loan limits have been in place since February of 2008, when they were passed as part of the Emergency Stimulus Act.  Housing conditions have not improved enough to warrant letting the limits drop. 

The current loan limits are set to expire on September 30, 2011. Unless Congress acts, FHA and GSE loan limits will drop to 115% of local area median home price with a cap of $625,500  (from the current limit of 125% of local area median home price with a cap of $729,750).

More than 669 counties in 42 states and the territories would be negatively impacted by the loan limit change.  The average decline in loan limits would be more than $68,000.

Thus, it is with a sense of urgency and purpose that we ask you to join Coldwell Banker® and the National Association of REALTORS® and contact your Congressional representatives immediately.

Communicate clearly and as a powerful voice of expertise that a housing recovery depends on keeping mortgages affordable. Congress needs to prevent these higher loan limits from taking effect. Just follow this link to contact Congress today using the tools on the Realtor Action Center.

Thank you for your assistance in this important matter.


Coldwell Banker United - Heights
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Phone: (713) 869-0456
Fax: (713) 869-7570