NAR Commends Congressional Action to Extend Higher Mortgage Loan Limits
Washington, DC - November 2, 2009 - (RealEstateRama) — The National Association of Realtors® thanked Congress for speedy action in passing a congressional resolution yesterday that would extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits.
“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
“Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,” McMillan said.
The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
The resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Contact:
Lucien Salvant 202/383-1176
Related posts:
- Many Home Buyers Need Higher Loan Limits, Upper-End Stalled
WASHINGTON, D.C. - January 16, 2009 - (RealEstateRama) — The drop in mortgage loan limits for conventional financing at the end of 2008 is hurting home sales and trade-up activity in higher price ranges across the country, according to the National Association of Realtors...
- MBA, NAR and NAHB Send Letter to Congressional Leadership Calling for Extension of Existing GSE and FHA Loan Limits
October 26, 2009 - (RealEstateRama) -- On Monday, October 26, 2009 the Mortgage Bankers Association (MBA), along with the National Association of Realtors (NAR) and the National Association of Homebuilders (NAHB) sent a letter to House Speaker Pelosi, House Minority Leader Boehner, Senate Majority Leader Reid and Senate Minority Leader McConnell calling for an extension of the current loan limits...
- NAR Joins Congressmen Mcnerney and Miller in Call to Stabilize Mortgage Market by Increasing Conforming Loan Limits Permanently
WASHINGTON, May 06, 2008. The National Association of Realtors®, in a letter to members of the U.S. House of Representatives, urged Congress to make the FHA and conforming loan limit increases permanent as part of the 2008 Housing Stimulus bill, which is expected to be marked up this week...
- Making FHA Loan Limits Permanent Crucial to Housing Recovery, Says NAR
Washington, DC - October 8, 2009 - (RealEstateRama) -- Making the current FHA loan limits permanent would ensure liquidity in the housing market and make mortgages more affordable for qualified buyers at a time when the market is showing signs of a fragile recovery, the National Association of Realtors® testified to the House Subcommittee on Housing and Community Opportunity today...
- HUD Announces New, Permanent FHA Mortgage Loan Limits
WASHINGTON - November 11, 2008 - (RealEstateRama) — U.S. Department of Housing and Urban Development Secretary Steve Preston today announced the new Federal Housing Administration (FHA) mortgage loan limits for single-family homes as prescribed by the Housing and Economic Recovery Act of 2008...
Comments
No comments yet.
Leave a comment