The National Association of Realtors is asking everyone to contact their Senators to request their support for two measures that would help facilitate real estate recovery.
- Freddie Mac/Fannie Mae GSE loan limits.
This measure would increase Freddie Mac/Fannie Mae loan limits. This vital measure would make lower cost mortgages available to more families who are trying to purchase homes in higher cost areas, and would boost the supply of mortgage money. Right now, Freddie Mac/Fannie Mae loans are not available to home buyers in more expensive real estate markets. Increasing loan limits will boost home ownership rate in many metropolitan markets.
- FHA Reform S.2338
FHA reform legislation would give homeowners safer and more affordable refinancing options . It would also increase the amount of available mortgage money to bring stability to real estate markets. Right now, FHA mortgage limits are too low for many markets. The proposed FHA Reform S.2338 would raise loan limits to $417,000. The bill would also reduce the required minimum 3% down payment to 1.5%. Current FHA loan limits are outdated for many metropolitan areas. In our seven county metro area, the FHA loan limit is $276,683.
Tags: real estate law