The National Association of Realtors is a strong voice for supporting homeowners and speaking out politacally for measures that will help buyers and sellers. Below is a recent call to action from the NAR to all of it’s Realtor members to contact local representives regarding the FHA reform bill.
The increased loan limits for FHA that were included in the Economic Stimulus package are set to expire at the end of the year. NAR supports an FHA Reform Bill that includes realistic and permanent increases in the loan limits.
Early evidence shows that the increased FHA loan limits are providing a much needed infusion of stability, liquidity and security into the market. If Congress lets the new limits expire, the fragile housing market will once again be thrust into a period of turmoil. Don’t let Congress stop progress through inaction. Tell Congress that realistic loan limits that permanently help all areas of the country are needed now.
Brigham and I sent the following letter to Senator Hatch.
The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months. These new loan limits will offer much needed relief to more than 325,000 families this year alone. Dramatically reducing these limits at year’s end will push our nation’s fragile housing markets into turmoil once again. Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace.
FHA’s downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis. The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers.
As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference. Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state’s homebuyers and those wishing to refinance. These changes will also provide much needed stability to our local housing markets and economies.
Sincerely,
Brigham and Karmel Larson
